Think Enterprise - Quarter One

TE THINK ENTERPRISE

WE TAKE A LOOK AT THE

THE ALISON ROSE REVIEW NEW IOEE CENTRE OF EXCELLENCE

ROYAL AGRICULTURAL UNIVERSITY SPEAKING TO SPACE@ AND OUR

NEW IOEE DIGITAL OFFICES OPEN THE MENTORING JOURNEY

STEPHEN & CAREN

THINK ENTERPRISE Quarter One 2019 Vol. 27

CONTAC T US 53 Coniscliffe Road Darlington DL3 7EH 0845 467 4928 newsletter@ioee.uk ioee.uk

FOLLOW US

2 | Think Enterprise

SARAH TROUTEN, IOEE CHIEF EXECUTIVE Welcome

accredited

women starting out in business.

quarterly publication which is

to

our

very

first

Wright,

mentor from Barclays Bank who

an

IOEE

I look forward to hearing the

packed with a fantastic range of

explains why he decided to get

recommendations from the report

stories, news and individuals from

involved with supporting small

and impact this has on the rate of

our world of enterprise. Please

businesses and what he gets out

female led businesses.

don’t forget if you have any news,

of it. We also spoke with Paul

stories or blogs to share, do get in

Hughes, a small business owner

We

touch we’d love to hear from you.

from Newcastle whose business

Women’s Day this month and

celebrated

International

has grown in leaps and bounds

in this issue we feature some

This month we spoke to IOEE

with the support of an IOEE

inspirational female entrepreneurs

Fellow Raj Burman who is Head

mentor, Paul explains just how

and entrepreneurship supporters.

of Small and Medium Business

invaluable this support has been.

My mother and grandmother

at GS1 UK and responsible for

were both entrepreneurs and

the business growth accelerator

IOEE Centre of Excellence student

inspirational role models and I’m

and

community

Tom Felton chatted to us this

very proud to have followed in

to

month and explains just how much

their footsteps. Being a women

welcome entrepreneurial people

he’s gained from the programme

in business brings about it’s own

to our membership community

at

challenges

from large organisations as well

University and why professional

courage and determination are

as small.

accreditation is so important. Our

the

programme.

It’s

partnerships fantastic

Manchester

Metropolitan

however

characteristics

strength, that

bring

Digital team has a swanky new

success - women are amazing,

We are absolutely delighted to

home, in the lovely seaside town

there really isn’t anything that

approve the Royal Agricultural

of Whitley Bay - this new space

together we can’t achieve.

University as an IOEE Centre of

will ensure we can bring you even

Excellence. The approval visit

more great content and resources

Finally Enterprisingly Me who

unveiled the sheer volume of

(and also give us an opportunity

is taking her inspiration from a

entrepreneurial

to go the beach now and again).

Frank Sinatra song this month –

activity

within

the university and we are very

“Pick yourself up” something that

much looking forward to working

I was most pleased to see this

as business owners we have to do

with RAU to provide professional

month a review being led by Alison

a lot! Enjoy this quarterly edition

recognition opportunities to staff

Rose at Royal Bank of Scotland,

and an early Happy Easter to you

and students.

looking at female led businesses

x

and seeking to understand and This month we spoke to Stephen

address the challenges around

Think Enterprise | 3

CONTENTS 6. Spotlight on Raj Burman We speak to IOEE Fellow Raj Burman and take a look at some of the fantastic work Raj is currently invovled with alongside his reasons for joining the IOEE. »» p.6

8. NEW IOEE CENTRE OF EXCELLENCE ANNOUNCED We are very excited to announce our latest IOEE Centre of Excellence to be the Royal Agricultural University located in Cirencester.

12. STEPHEN & CAREN: THE MENTORING JOURNEY

»» p.8

Looking at the mentoring relationship between Stephen, team leader of the risk coaching & team training team at Barclays & Caren who was was looking for mentor support for her business through our Mentoring Programme.

14. IT’S ABOUT TIME! The month of March saw International Women’s Day 2019 celebrated and IOEE Centre of Excellence the University of South Wales held a partnership event called “It’s About Time!”. »» p.14

16. spotlight on paul hughes Paul Hughes is an IOEE Member who has been supported by an IOEE Accredited Enterprise Mentor. Connecting Mentors with inspiring business persons throughout the UK is something we truly believe benefits the wider business community and UK economy.

»» p.16

4 | Think Enterprise

20. the alison rose review Alison Rose, Deputy CEO of NatWest Holdings and CEO, Commercial & Private Banking, has set out the findings and recommendations of the independent review into female entrepreneurship. »» p.20

22. international women’s day 2019 We take a look at just a few of the inspiring women involved within Enterprise & Entrepreneurship throughout the UK.

24. SPACE @ OFFICES WELCOME THE IOEE

»» p.22

We speak to the founders of Space @ the building which we are very excited to open our first Digital Office in. The office based in Whitley Bay will be home to the digital team here at the IOEE.

26. ENTERPRISINGLY ME

»» p.24

A monthly feature where you can follow entrepreneurial adventures. Names have been changed to protect the innocent but everything you read really happened, making for a very interesting read.

28. ice programme at mmu Tom Felton has recently graduated from IOEE Centre of Excellence MMU, we speak to him about his degree and the IOEE accrediation involved within his studies.

29. NEW IOEE DIGITAL OFFICES »» p.28

We are extremely excited to have moved into our new offices in the month of March, the new IOEE Digital Offices will allow us to bring our members more content and resources than ever before moving forward.

»» p.29 Think Enterprise | 5

RAJ BURMAN

We speak to IOEE Fellow Raj Burman this month to get an insight into some of the fantastic work Raj is currently involved with and some of the reasons he felt it important to become an IOEE Fellow.

This month we’re looking at some of the brilliant work IOEE Fellow Raj Burman is involved with. Raj works for GS1 UK, a part of the multinational non-profit GS1 organisation that sets worldwide standards on the application of barcodes and data services used by a global community of over two million members in bringing industry together with small and medium businesses to solve supply chain problems.

As Head of Small and Medium Business, Raj is responsible for leading the small business growth accelerator and community partnerships programme that provides services helping passionate artisans, innovators, value creators and growth implementors to improve their trading efficiency and visibility through the supply chain to upscale their growth for business success.

Prior to his current role, Raj led a UK business acceleration scaleup programme for a leading pan-European independent body of the European Commission; enabling digital transformation across industry sectors in commercialising innovations to market and working with several growth ventures for access-to-market, international softlanding and access-to-finance, including entrepreneurship education.

6 | Think Enterprise

He was also Ambassador to the UN Global Poverty Project where in partnership with The Co-operative Group, Bill & Melinda Gates Foundation, Fairtrade and other renowned international development organisations, led grass-roots advocacy to inspire local communities to act on extreme poverty and fair-trade. He also co-founded a social purpose unit within Forward Worldwide, subsidiary of WPP Group to leverage venture philanthropy and development through enterprise working on select initiatives in Africa and Asia.

As a venture growth builder and commercial specialist, Raj has successfully established and invested in several disruptive startup ventures. He currently mentors several commercial businesses, social enterprises & non-profits to build growth and orchestrates catalyst partnerships to scale disruptive innovative solutions across international markets. Raj’s passion lies with mentoring and enjoys working with passionate, driven entrepreneurs who have disruptive ideas whilst being persistent in applying fresh ways to make things happen for growth & impact.

Here at the IOEE we know the importance of mentors within UK business and what they are able to bring to the table to enable businesses to grow. Raj’s view on mentoring is “The challenge for any company that wants to scale up is getting access to knowledge. Mentorship is a critical foundational component for building a successful organisation. Having a great product or service for a searing pain point and getting market traction are good, but working with a great mentor who has experience depth and breadth is equally important to grow these elements and sustain for the long term.”

Like Raj, as an IOEE Member you will gain access to our library of e-learning courses which range from getting the idea and starting your business all the way through to scaling your business and growth. There is also the ability to organically search for mentors through our Mentor Directory giving you the opportunity to find the guidance you need to grow your business further.

Raj is equally busy outside of work as he in work, we asked Raj what he gets up to: “Outside of work, I love to travel, read and a philanthropist to several international social impact ventures supporting the UN Sustainable Development Goals in making a difference to disenfranchised and marginalized communities, particularly supporting maternal & child, education and inclusion.”

For any entrepreneur or organisation seeking to develop enterprise skills, the IOEE as the UK’s only professional learning Institute dedicated to enterprise skills, provides a fantastic breadth of quality resources, academic networks and centre of excellence to deliver enterprise skills development with the ability to knowledge share with peers. - Raj Burman

Think Enterprise | 7

NEW IOEE CENTRE OF E XC E L L E N C E : T H E R OYA L A G R I C U LT U R A L U N I V E R S I T Y

“A true entrepreneurial spirit could be felt within the university – staff and leaders all share the same desire to actively encourage students to grasp the enterprise opportunities on offer.”

This month we are extremely pleased to announce that the Royal Agricultural University has become our sixth IOEE Centre of Excellence. The RAU is the first small, specialist university to achieve the status, given only to those leading the way in enterprise practise and making the development of students’ entrepreneurial skills a priority.

Our Approvals Team were impressed with the RAU’s dedication to putting enterprise at the heart of its teaching and by its extra-curricular Enterprise Programme, which has created over 50 successful businesses at their Cirencester campus. In additional to this Cotswold Hills dry white wine - grown at its Down Ampney vineyard - is produced, marketed and sold commercially by the RAU students themselves.

We were also delighted to see that students are offered personal tutoring to help them develop their business ideas, as well as benefitting from the University’s long-standing links to external experts and businesses. The RAU runs a competition each year called Grand Idea in which students pitch their business ideas to an expert judging panel which last year included Levi Roots and Julian Dunkerton.

8 | Think Enterprise

IOEE Chief Executive Sarah Trouten speaking about RAU’s approval said: “A true entrepreneurial spirit could be felt within the university – staff and leaders all share the same desire to actively encourage students to grasp the enterprise opportunities on offer.

“Staff have worked hard to create this, building an ecosystem of support for students and ensuring that those who want to go on to run their own business are given every opportunity to do so.”

As an IOEE Centre of Excellence, the Royal Agricultural University will now be able to deliver IOEE programmes and qualifications as well as gaining the ability to receive external recognition for their own enterprising courses.

Katy Duke, Head of Enterprise at the RAU said: “We’re proud that this IOEE award recognises the enterprising culture and support for start-up businesses offered across the University.

“Gaining Centre of Excellence status will enable us to further enhance our reputation in this area including the link between what we teach at the School of Business and Entrepreneurship

and how this is applied in real extra-curricular social enterprise projects.”

programme and are encouraged by staff to develop astuteness and confidence.

Professor Joanna Price, Vice-Chancellor of the RAU said: “We have nurtured an entrepreneurial mindset in students since our foundation nearly 175 years ago and the success of RAU graduates in business reflects this.

“IOEE status is a significant endorsement of that strategy and of the creativity and ambition throughout the University.”

“Entrepreneurialism is an integral part of our educational offering, but not just in our business-related courses, as all students have access to our pioneering enterprise

We are very much looking forward to working with the RAU, providing opportunities for staff and students to gain recognition for their fantastic work.

Think Enterprise | 9

Are you an entrepreneurial Higher Education Institution?

Join our growing network of leading Higher Education Establishments who have demonstrated: •

A culture of entrepreneurship

•

Innovative approaches to curriculum development

•

Impact through enterprise education

Working with IOEE provides a wealth of opportunities and benefits including: Recognition of excellence in enterprise and entrepreneurship research and teaching Collaboration on national and international projects Staff development opportunities Validation of enterprise modules Student membership Academic membership Collaborative research opportunities

“We’re proud that this IOEE award recognises the enterprising culture and support for start-up businesses offered across the University. Gaining Centre of Excellence status will enable us to further enhance our reputation in this area including the link between what we teach at the School of Business and Entrepreneurship and how this is applied in real extra-curricular social enterprise projects.”

Katy Duke Head of Enterprise, Royal Agricultural University

10 | Think Enterprise

Becoming an IOEE Centre of Excellence places you at the forefront of the enterprise learning landscape. We’re looking for the ‘best of the best’ in terms of enterprising organisation. As a Centre of Excellence you will: • Encourage the development of an enterprise and entrepreneurial culture for your staff and learners; • Recognise and adopt leading edge practice in the areas of enterprise and enterprise support development; and • Support continuous development, improvement and growth through the promotion of enterprising and entrepreneurial thinking and practice.

Think Enterprise | 11

“This month we’ve taken a look at the mentoring relationship between Stephen who is team leader of the risk coaching & team training team at Barclays and Caren who was was looking for mentor support for her business through our Mentoring Programme. ”

STEPHEN AND CAREN: THE MENTORING JOURNEY a number of roles largely within corporate and business banking.

Stephen is currently team leader of the Risk Coaching and Training Team in the North of England.

In April 2018 Stephen Wright from Barclays Bank was put in touch with Paul Harper who is the IOEE’s Mentoring Manager, Stephen was then introduced to Caren Bharath and from here the mentoring journey began.

Stephen has worked for Barclays for 33 years having undertaken

12 | Think Enterprise

Through training and coaching support Stephen’s aim to help Relationship Managers better understand Businesses and their management (including financial analysis) so they can support them with their financial and lending needs, providing appropriate guidance and advice that’s right for both the Customer and the Bank.

We thought it important to understand exactly why Stephen became a Mentor and why he became involved in Mentoring as a whole, Stephen says: “A combination of wanting to

improve my own skill set and to support the objectives of IOEE.

Having dealt with many business through the years, some successful, some not so, hopefully I have gained some level of experience and knowledge of what works and what doesn’t.

It’s very clear to me that startups who have people to talk to, bounce ideas off and take advice seem to have a better chance of success.

I felt a chance to play even just a small part in helping support a new business, the future of our economy, was a chance too good to pass up.”

As the mentoring programme came to an end it’s often at then the mentor and mentee can look back and reflect on their

relationship and see to what extent they have seen each grow both professionally & personally.

Stephen had this to say on Caren’s growth over their mentoring period:

“I have certainly seen Caren’s confidence grow. Moving out of the public sector as a real expert at what she did combined with a great, positive personality and attitude I felt very confident from the outset that she would be successful and the biggest challenge would be managing demand. 12 months down the line I think she now believes that herself and with regular pipeline of regular contracted work the future looks very secure.

A side often overlooked when it comes to mentoring is the idea that a lot can be gained not only on the side of the mentee but on the side of the mentor also.

We asked Stephen what he felt he had gained over the last 12 month relationship, Stephen said: “The chance to spend some time at the early stages of a new business. As I’ve said above my current role is internally focused and I think it’s important that Bankers in whatever role should spend time with real business to understand the various issues and challenges they face (not just banking/financial ones).”

Following on from this we can take a look at the other side of the mentoring relationship and that of the Mentee, Caren.

Caren said: “I found the programme was much more of a morale booster then I had expected and helped with focussing me on my confidence to succeed in my freelance venture.”

As the mentoring relationship drew to a close we asked Caren how she felt the mentoring programme benefitted her as a whole, Caren said: “I found the programme a very positive experience but especially Stephen’s approach, which made the experience very valuable.

He had a very calm but focussed approach and at every meeting gave me ideas and thoughts I could go away with and think about and a reassurance that as well as the day to day job I was doing I had many other skills (built up from working in my industry) I was using but hadn’t necessarily realised. I would definitely recommend the programme to anyone new to self-employment.”

We get a huge feeling of satisfaction when receiving such great feedback and insight from both sides of the mentoring relationship and we believe almost all small business’ would benefit from mentoring in one way or another.

We asked Caren she how she found the whole mentoring experience.

Think Enterprise | 13

It’s About Time!

University of South Wales - Partnership Summit for International Women’s Day 2019

The month of March saw International

inaugural event in a new collaborative

event, the impact and influence of

Women’s

celebrated

campaign in Wales on International

‘time’, is one of several emerging from

and IOEE Centre of Excellence the

Women’s Day, 8th March 2019, the

ongoing research being conducted by

University of South Wales held a

response to which far exceeded our

the partnership into the experiences

partnership event called “It’s About

expectations and further strengthens

of women who are entrepreneurs

Time!”.

our

and mothers.

Day

2019

commitment

to

partnership

working”.

The event involved well over 100

Role model keynote speakers Andrea

women who own businesses in

The “It’s About Time!” Summit arose

Callanan

South Wales and was based on

from a collaboration between the

Coach, Author and Founder of

ongoing research with women who

University of South Wales, NatWest,

Inspire Me) and Jennifer Barnfield

are entrepreneurs and mothers with

BizMums South Wales, FSB and

(The PEPP Method) gave insights

a view to better understanding their

Darwin

(Cardiff).

into their experiences of learning to

experiences.

With confirmation that only 1 in 3

understand and use time effectively

UK entrepreneurs is female and that

in their exciting and busy lives.

Christine

of

the proportion of women owned businesses in Wales stands at around

Over

Hub, University of South Wales,

28%, the partnership came together

businesses in South Wales took part

says,

of

to address this well established

in the event, the supporting BizMums

policy

under representation of women in

Market Place and in discussion groups

the

entrepreneurship. The theme of the

considered a range of topics under

female

Women’s “A

unique

Head

Solicitors

Speaker,

Entrepreneurship

the

Atkinson,

Gray

(International

confluence

entrepreneurship

developments

14 | Think Enterprise

underpinned

100

women

who

own

the headings of: ‘The ‘right’ time

launch in London, Cheryl Gourlay

placed on addressing key barriers

(When is the ‘right’ time to start

(NatWest

and

up, develop or grow a business?);

the Treasury commissioned “The

support experienced by female

Goals,

Alison Rose Review of Female

entrepreneurs at all stages of

(What is the interplay between

Entrepreneurship”

https://www.

business, there was a strong call

short and long term goals? How

gov.uk/government/publications/

for conversion of policy into action.

do personal and business goals

the-alison-rose-review-of-female-

Participants were invited to make

change over time?); and Worklife

entrepreneurship.

their contribution by pledging

Planning

and

Strategy

Cymru)

announced

balance (How relevant is the need

strengthening

business

their own individual commitment

for flexibility? Do expectations

Finally, Helen Walbey (Chair of

regarding flexibility match the

Welsh

reality of being an entrepreneur?).

Board on Female Entrepreneurs,

Following the success of the

Government

towards positive change.

Advisory

FSB UK Policy Holder for Support

inaugural event, the “It’s About

The discussions resulted in a series

& Diversity and the Home Office

Time!” campaign partners intend

of questions for an after lunch

and Managing Director of Recycle

working together on this and

panel session. The debate involving

Scooters) introduced “Supporting

other themes into the next year

Ceri Gillet (Business Coach and

Entrepreneurial Women in Wales:

and are currently planning for

Founder of The Business Mother

An Approach for Wales” together

Global Entrepreneurship Week in

Club), Marsha Ward (Founder and

with an accompanying 2 year

November.

CEO of Refresh HR, The Number

action plan and guide to good

Hub and The Pub Hub), Alison

practice

Wright (SMB Lead for Azure at

https://gov.wales/supporting-

Microsoft) and Anne Timpany

entrepreneurial-women-wales-

Dr Geum Young Min, Business

(CEO and Founder of ATRA Group)

approach-wales

School,

started

with

the

in

business

support

provocative

Thank you to the USW Team:

Dr

Hazel

Mawdsley,

Business School, Claire Wright,

question “Why do women feel

In the Foreword to this highly

Business School, Coralie Slight,

they have to do it all?”

significant

Equality and Diversity, Human

new

approach,

Ken Skates AM, Minister for Further

discussion

Economy & Transport sets out

centred on the need for relatable

areas

the commitment and ambition

role models, the need to change

of

perceptions

failure

supporting and increasing the

becomes an accepted route to

number of women entrepreneurs

learning and the need for better

we will help create a Wales that

understanding of what ‘growth’

is prosperous and economically

might mean and look like in women

secure, and make Wales a country

owned businesses.

that leads the way for women

so

of

that

Wales:

“By

Resources.

encouraging,

entrepreneurs to start, grow and The event culminated in two announcements

develop their businesses”.

regarding

future support for women in

With a general positive response

entrepreneurship. In parallel to the

to both initiatives for the priority

Think Enterprise | 15

Paul Hughes Achieving business growth thanks to the IOEE Mentoring Programme

This month we chatted to Paul Hughes, as an IOEE Member who has been supported by an IOEE Accredited Enterprise Mentor. Connecting Mentors with inspiring business persons throughout the UK is something we truly believe benefits the wider business community and UK economy.

So Paul please tell us a little bit about your background and where you currently are with your business?

“Having studied Business IT & Entrepreneurship at undergraduate level, I went on to set up and grow my first business as an estate agent, but this was thwarted thanks to the Financial Crash of 2008, I returned to education to study a masters degree in Entrepreneurship, and during my time at university became involved in the Enterprise society, where I was introduced to the IOEE. I graduated with the highest marks in my year, a business plan, two business mentors and a set of investors to allow me to execute the plan which led to the setting up of Black Storm Brewery, which is where my career now stems.

It sounds as though you know exactly what it was you wanted to do from completing your Masters. So from the Mentoring Programme what do you feel you have learnt?

“Both the programme and mentoring have helped me to understand the need for a second opinion and to take a step back, sleep on an idea and then revisit and execute it if necessary or park for a later date.”

16 | Think Enterprise

That sounds like very valuable information and a great trait to appreciate that a second opinion can often be very beneficial when decision making. How has mentoring helped support and build your business?

“The mentoring is invaluable to me, I am lucky to have two different mentors from different backgrounds, so Im able to chat through my thoughts and get unbiased feedback and often they help me take my rose tinted glasses off and identify risks and opportunities.”

Now that the Mentoring Programme has come to a close Paul, how has the mentoring programme helped you develop personally and professionally?

“Both my mentors ask the tough questions very directly, that I have in the past, not asked myself or avoided as I don’t know the answer or don’t want to know the answer, this has helped me understand where my gaps lie and made me look to develop myself into a more rounded, experienced person, at the end of the day, it’s important that I develop myself to develop the longevity of the business.”

Taking on board the insights your mentors have been able to give you Paul what do you feel are your plans for further development?

“The Business is growing at a run-away pace and this is leading to me, having to develop some of the harder skills, quicker than ever, but more importantly as a business we are getting to a point where we can launch “The Black Storm Foundation” this is a pot of money, people and time that can be dedicated to helping the next generation in their entrepreneurial journey, through education sponsorship, mentoring, start-up funds or access to our own start-up hot-desking facility.”

As you were paired with your mentors through the IOEE Mentoring Programme did you feel although having your mentor professionally recognised by an institute was important?

“Personally yes, it sets a level playing field, and allows for everyone inside and outside of the organisation a clear understanding of what is on offer and at a specific level.”

Thank you for taking your time to talk to us today Paul and we’ll end it with if you could mentor or be mentored by anyone in history who would it be & why?

“Richard Branson, - He has been involved in so many different styles and types of business, but always with the one repeating focus of making the industry better for the consumer.”

Think Enterprise | 17

JOIN THE IOEE GET ACCESS TO E-LE GROW YOUR BUSINE FIND A MENTOR. SHOW OFF YOUR ENT SEARCH IOEE MEMBERSHIP 18 | Think Enterprise

EARNING COURSES. ESS.

TERPRISE ABILITY. Think Enterprise | 19

Alison Rose, Deputy CEO of NatWest Holdings and CEO, Commercial & Private Banking, has set out the findings and recommendations of the independent review into female entrepreneurship, as commissioned

by HM Treasury last September.

The Rose Review finds that only one in three entrepreneurs are women, a gender gap equivalent to over 1 million fewer female entrepreneurs in the UK. Closing the gap between women and men could add an additional £250 billion in Gross Value Add to the UK economy, equivalent to 4 years of economic growth. Crucially women are also drastically under represented in the most productive sectors with less than one in four entrepreneurs in sectors like transport and information technology being women.

Deputy CEO of NatWest Holdings and CEO, Commercial & Private Banking Alison Rose said: “The UK has one of the most vibrant entrepreneurial communities in the world, but only one in three of our entrepreneurs is female - we need to be more ambitious and find ways to unlock the huge untapped potential.

The launch of the Rose Review of

20 | Think Enterprise

Female Entrepreneurship provides the routes for how we, business, public sector and Government, can achieve this together. It is imperative that we support female entrepreneurs and capitalise on the missed opportunity which is significant, equating to more than 1 million missing businesses and £250 billion for the UK economy.

potential of female entrepreneurs and boost economic growth. I am committed to real change in this area, starting with our action today to encourage more companies to look at the gender split of who they choose to invest in.”

I am passionate about this cause, and was proud to have been asked to lead this Review. Some of the findings are stark but by shining a spotlight on the issues and outlining the barriers and opportunities, the aim is to support the full potential of every woman who has the entrepreneurial spirit and ambition to start or scale their business.

Today is just the beginningw.”

“Britain’s proud history has been built by entrepreneurs, but this proud tradition is at risk. Today’s striving business women are too often facing barriers to setting up and growing their own enterprise.

These barriers don’t just hold back women, but every single one of us.

The economy of the 20th Century was fuelled by this appetite to innovate, which in turn created opportunities and prosperity for all.

I am extremely grateful to Ms Rose for conducting this review, which will now help us to tear down these barriers. Together we must fire up Britain’s entrepreneurial spirit for the 21st Century and ensure no one is held back from realising their full potential.”

Prime Minister, Theresa May said: “I want to build a country where all women can go as far as their talents and hard work can take them. It’s fantastic that we already have over a million women-led businesses, and the gender pay gap is at a record low, but the findings in this Review show there is much further to go. Alison and her team set out an ambitious path to smash this glass ceiling so that we can realise the full

The Exchequer Secretary to the Treasury, Robert Jenrick said:

The review has found five key barriers that lead to lower rates of entrepreneurship amongst women:

1. Low access and awareness of capital.

2. Greater risk awareness.

3. Perceived missing skills & experience.

4. Disproportionate primary care responsibilities.

5. Lack of relatable sponsorship/ mentorship/role models.

Eight initiatives that target different stages of the entrepreneurial journey from start up to scale up have also been identified, and these will have both a direct and indirect impact on female entrepreneurs. These initiatives are: 1. Promote greater transparency in UK funding allocation through a new Investing in Female Entrepreneurs Code - A new Investing in Female Entrepreneurs Code to be created which commits all financial institutions to the principles of gender equality and transparent reporting of gender funding data. NatWest will be a founding signature. Lloyds Banking Group, UK Finance and UK Business Angels Association have already confirmed they will adopt the Code.

2. Launch new investment vehicles to increase funding going to female entrepreneurs - UK banks and investment funds to commit to encourage their high net worth clients and institutional investors to invest in female businesses. This is being actively explored by Coutts, private banking arm of NatWest, who are in discussions with a number of potential investors.

3. Encourage UK based institutional and private investors to further support and invest in female entrepreneurs - Institutional and private investors be encouraged to take steps to increase their investment in female-funded enterprises.

NatWest will support the task force,

led by Alexandra Daly, founder of AA Advisors, announced today.

4. Review existing and create new banking products aimed at entrepreneurs with family care responsibilities – UK’s leading financial institutions to review and develop set of products designed to help parent entrepreneurs to manage their businesses and the challenges of raising a family. NatWest is committing to developing a product to help, in consultation with entrepreneurs.

5. Improve access to expertise by expanding the entrepreneur and banker in residence programmes Private sector to support governmentled information initiatives through providing access to further resources and expertise, and offering time to business hubs across the UK. NatWest is launching a pilot in Coast to Capital & York LEP. 6. Expand existing mentorship and networking opportunities - Public and private sector organisations to share best practices on networking opportunities and roll-out a new centralised networking platform.

7. Accelerate development and rollout of entrepreneurship-related courses to schools and colleges – More organisations to offer their support to schools and colleges nationwide and private and public sector organisations to collaborate on a common set of educational materials focused on entrepreneurship, financial literacy and self-belief.

NatWest has a range of programmes under way and is committed to collaborating with partners to scale a national programme to affect positive change.

first comprehensive digital first-stop information shop for entrepreneurs.

NatWest has established a taskforce with a range of partners.

To build momentum behind the findings of the review and to start making a difference today Treasury, working with UK Finance, will establish a new ‘Investing in Female Entrepreneurs’ Code that will see banks and other financial institutions publish the gender split of the investments they make on an annual basis. This new Code will focus on how financial institutions’ funding decisions can have a greater impact on the wider economy. Financial institutions including Lloyds Banking Group, UK Finance and UK Business Angels Association have already confirmed they will adopt the Code.

The Government will also: • Improve online information and guidance for all aspiring entrepreneurs and businesses, building on previous commitments at Budget 2018 and the upcoming Spending Review.

• Welcome industry-led initiatives to set up a female-focused investment fund.

• Back efforts to increase local businesses mentors for women and promote entrepreneurship amongst 15-18-year-old girls in schools.

• Support an industry-led task force to drive more funding to female entrepreneurs.

8. Create an entrepreneur digital firststop shop – Public and private sector to collaborate to create the UK’s

Think Enterprise | 21

INTERNATIONAL WOMEN’S DAY 2019 To celebrate International Women’s Day earlier this month we have highlighted some of the most inspirational women we know and would like to dedicate this article to all our amazing female members.

Christine Atkinson Christine was the recipient of the IOEE Enterprise Educator Award 2016 for the tireless work to promote enterprise and career progrression for women. Christine currently co-director of the centre for enterprise and heads up the womens entrepreneurship hub at the University of South Wales. Christine was instrumental in the creation of the womens entrepreneurship hub, which has been at the forefront of many innovative enterprise educator projects across Wales, the UK and Europe.

Alison Rose Alison is Chief Executive of the Royal Bank of Scotland, Corporate, Commerical and Private Banking. Alison is a passionate supporter of enterpreneurship and has recently been commisioned by the government to lead a review of female entrepreneurship.

“

A balanced world is a better world. How can you help forge a more gender-balanced world? Celebrate women’s achievement. Raise awareness against bias.

Take action for equality.

22 | Think Enterprise

”

Ruth Lowbridge, MBE Ruth is executive chair of SFEDI Group, and has dedicated much of her career to supporting small and micro businesses. Ruth took to the helm of SFEDI just over 10 years ago andhas been instrumental in redefining the enterprise skills agenda on a regional, national and international level. Over the years Ruth has started and led many successful venture, today she brings that vast wealth of experience and insight to her driving passion - helping othrs to fulfill their entrepreneurial potential.

Kanya King, MBE Kanya was th recipient of the IOEE Lifetime Achievement Award in 2016. Kanya is an international renowned entrepreneur best known for her role as CEO and found of the MOBO Awards. Much more than just an awards ceremony, for almost two decades MOBO has provided training and guidance to generaitons of aspiring music professionals.

Haleh Moravej Haleh is an IOEE Academic Member and senior lecturer in nutritional sciences at IOEE Centre of Excellence, Manchester Metropolitan University. Through the creation to MetMunch, a social enterprise run by students Haleh has recieved 18 national and international awards over the past 7 years.

Holly Tucker, MBE Holly is most well known for her online marketplace (Not On The Highstreet) showcasing many of the goods from small and microbusiness’ across the UK. In fact over 80% of these business’ are female led, a statistic far greater than the national average. Holly is now UK Business Ambassador for creative industries & small creative businesses.

Think Enterprise | 23

Mark and Victoria, founders at Space @

SPEAKING TO SPACE@ WHITLEY BAY, FOUNDERS

We are very excited to move into our new digital offices based in the Space @ building in Whitley Bay. We’ve spoken to Mark, Founder of Space @ and

establishments (as lovely as they are!) within the town or being perched on the edge of your kitchen table at home with the kids running around! The

Victoria Head of Operations and Facilities.

Space @ has brought together such a

demand for something purposely designed, which fulfils the needs of modern businesses, regarding flexibility, affordability and the ability to connect and retain those living in the area and who had the desire to work here too, was clearly evident.

“

diverse mix of businesses including media and marketing, children’s play providers, solicitors, & accounts consultancy services.

How did Space @ come about in the first instance?

“Space @ was born from a frustration of not being able to find suitable professional office space which did not involve being part of an often-soulless business park, frequenting numerous coffee

The Space @ offices were previously not being used to their full potential. On taking over the building in mid 2016, the once empty offices were transformed

into a modern office environment.

The interest in this was such, that we knew there was a commercially viable opportunity to create Space @ Limited in early 2018 – a dedicated place for small and micro businesses in the North Tyneside area.

In keeping with our commitment to North Tyneside and our passion for supporting independent businesses when creating Space @, we sourced local suppliers for all of the contracting work including builders, painters and promotional graphics.”

What is it that Space @ does to step away from the often-soulless business park office workspaces?

“We provide collaborative workspace for SME’s and self-employed professionals at the Coast to Meet, Collaborate & Work. We’ve Introduced a brand-new concept for North Tyneside businesses; Collaborative workspace for those home-based and traditionally insular business owners, to have a professional office and new network in a none traditional serviced-office environment.

We’ve helped relocate companies from across the North East to North Tyneside that have now grown and expanded by recruiting additional staff.

To encourage collaborative working and growth we host regular members’ lunches, social events and Meet the Members get togethers which are facilitated by using the latest social media platforms. We are a living, breathing, collaborative environment.

This innovative approach, using solely private investment has now been realised with a current office occupancy rate of 95% and all but 2 of our 14 desks taken within the Collaborative Hubb itself which has encouraged a collaborative working environment

for companies to engage and support through the exchange of information and services.

As members of Space @ have joined the creative hub, it’s become apparent that many are living local, now working local and going on to build businesses globally. They are effectively putting Whitley Bay and the borough of North Tyneside on the international map from San Francisco to Tokyo.”

With both businesses and freelancers working within the Space @ offices you must see a huge variety of business types, are there any which stand out for you?

“Space @ has brought together such a diverse mix of businesses including media and marketing, children’s play providers, solicitors, accounts consultancy services and security as well as those companies who operate within the health food and food supplement sector it’s genuinely hard to select one! Through bringing these companies together under one roof, relationships have been formed which are allowing for collaborations outside of their own specific sectors which they otherwise wouldn’t have come into contact with on a daily basis in any other circumstances.“ Where do you see the future of Space @? Do you have plans to expand further afield?

We want to continue with our growth and in turn continue to help our members to grow. The interest for this type of collaborative workspace is increasing and as Space @ heads towards full capacity at Park View the potential for sourcing more premises to meet demand is imminent.

Think Enterprise | 25

‘Enterprisingly Me’ is a monthly feature where you can follow my entrepreneurial adventures. Names have been changed to protect the innocent but everything you read really happened.

I hope my story inspires you to take your first steps, or if you already have, then it lets you know you’re not on your own. Starting and running a successful business isn’t about being perfect. It’s about loving what you’re doing, learning from your mistakes and keeping the faith!

Why didn’t we do some research before ploughing ahead with investing money in recruiting more people?

What seemed like a really good idea is proving much more difficult than we first thought – obviously!

Remember I told you about the new software product that was going to change the world well if we’d done some further in depth research I would have worked out that: •

• • •

•

The colleges and training providers that would find the product useful need the correct IT system to be able to access and use it both at work and remotely – not everyone has this The product requires the user to be IT literate – not everyone is this The product is being trialed in the wrong sector area – why did we not develop it to be used with IT qualifications or was that far too simple…?

We have overcomplicated the process by wanting everything to be perfect and for the product to do everything – it does lots of lovely things that aren’t really necessary and just confusing people It is extremely transparent in terms of meeting standards which is a blessing for the delivery centre but a challenge for person undertaking their qualification. If given the choice the student is often looking for a shortcut which this product doesn’t allow them to take.

26 | Think Enterprise

We have held crisis talks with both the developer and the salesman and have agreed to give it more time with some adaptations before we consider the future. It’s so soul destroying when we had such high hopes for it but I think what we’ve learned will make us put a lot more time in researching any more new ideas we have before recruiting more people.

Sorry I sound as if we’ve given up already which we certainly haven’t but we do need to put in a lot more work to try and adapt it to address the needs that are arising from carrying out our further research. If only we’d done this first...

It’s interesting when you start to think about failure as I personally hate to think that I’ve failed or given up. Is failure always a negative experience? I don’t think so as long as you learn from it and don’t continue to make the same mistakes.

Richard Branson always talks about learning from failure, being proud of at least giving it a go and giving it everything before giving up. Well that’s what we intend to do so here’s to the next phase!

Maybe I learned more than I think from the thousands and thousands of pounds my mother spent on dancing lessons as I’ve never forgotten a song, sung by Frank Sinatra, that was the theme of a dance routine about failure.

The song is called ‘Pick Yourself Up’ and goes like this: Nothing’s impossible I have found For when my chin is on the ground I pick myself up Dust myself off Start all over again So if it’s good enough for Frank then its good enough for me!

The worst of this experience is I’m getting the same feeling with the ‘canny lads’ who are the partners as I have with some staff when I feel they are not meeting my expectations in terms of what they are achieving. Is it me?

Why is it that some people only see work as a job and not a lifestyle? I’m sure you’ve heard the expressions live to work and work to live. What do you do? I certainly live to work as work has become such an important part of my life that I don’t know what I would do without it. Its my: • Family • Social life • Emotional saviour • Charity • Route to happiness and success

You can speak to any small business owner and I’m sure you they would say the same thing. The problem comes when my expectation is that everyone feels like this when I know through experience that is certainly not the case.

Now the living to eat debate is a different one entirely as I certainly live to eat and definitely don’t eat to live. My level of eating would feed a family of four quite easily.

Must try harder at this healthy living thingy - I’ve come to realise that most of the time I spend away from work involves either eating or drinking or both.

With this in mind and keen to do something different I tried a Salsa dancing class last night with my daughter – what a disaster. Firstly on my way out of the house my ever loving partner said to call him to pick me up from the venue or Accident and Emergency when my knees gave up… Nice!

I was so anxious about this new experience that I drank a glass of wine even before leaving the house and another in a local wine bar before we arrived at the venue for the dance class for dutch courage. I feel that there is a certain type of person who is attracted to this kind of activity and I’m not one of them.

I was so stressed out by the whole meeting and greeting and speed dancing experience that I drank two more drinks (albeit small ones which I’m sure I must have danced off) before escaping, vowing never ever to venture into that particular type of setting again. Luckily my daughter agreed with me.

I find it so much easier to socialise in the work environment that I’ve become accustomed to when I know the rules of engagement and sometimes even take responsibility for setting those rules. I do wonder why I find it so much easier to engage with colleagues and strangers in a work setting but often find it difficult to deal with doing the same in a social setting. Is this normal?

Have I become so embedded in my work life that I’ve detached myself from the wider world? Definitely something to ponder on in my spare time – preferable whilst relaxing over a lovely meal accompanied by a nice glass of chilled wine… no hope I hear you say (or shout?)

Me x

Think Enterprise | 27

ice programme within ioee centre of excellence, mmu Here at the IOEE it is always fantastic to hear from students who have

course?

benefitted from the IOEE Accredited ICE Programme at IOEE Centre of Excellence Manchester Metropolitan University.

“I attended the Manchester Metropolitan University and studied their M Business course, an integrated masters specialising in consultancy

We’ve sat down and spoken to Tom Felton who has recently graduated

and management. This course provided an unmissable opportunity

from MMU after studying the M Business course. We’ll start by getting

for me as it gives the opportunity to integrate undergraduate studies

to know Tom a bit better and understand his motivations in studying a

with industrial experience, through consulting and working with

business degree and how he looks to take this into the future.

small enterprises that reside in the Manchester area. The course is accredited by both the Chartered Management Institute (CMI) and

Tom said: “I grew up in a small town in Lancashire and from a young

the Institute of Enterprise and Entrepreneurs (IOEE), meaning I have

age, business fascinated me. This stemmed from being brought up in

gained professional qualifications in addition to the degree. This was

an ambitious and entrepreneurial household, witnessing my dad grow

a huge benefit to me and is the reason I chose this course specifically,

a family business which is now in its fourth decade of operation, this

the experience I gained has been hugely valuable in my career thus far.”

helped me realise my ambition of going to university to study business studies and follow this career path, although I didn’t know what I

Now that you’ve completed your degree where do you think your

wanted to do long term, I have always been convinced it would have a

future lies? Tom said: “Ideally I would like to combine my love of all

business or strategy focus.

things business with motorsport, potentially moving into a strategy role for an automotive brand or formula 1 team, although, I must say

Besides my academic studies, I have a huge passion for the automotive

I am to some extent ready to enjoy the ride and see where my career

world and motorsport, I have been watching F1 for as long as I can

takes me!”

remember, and my interest has only increased from there, I have combined this with my love of photography and enjoy creating media

Throughout his studies Tom was able to take advantage of the IOEE

at motorsport events as often as I can. Since completing my masters, I

Student membership. With Student Membership Tom was able to

have moved to London and am enjoying launching my career in one of

benefit from e-Learning courses, resources and much more, ensuring

the most interesting cities in the world.”

that whether Tom pursued self-employment or employment he was

prepared post graduation.

It sounds as if you knew exactly what it was you wanted to study and why, what was your reasoning behind MMU and the M Business

28 | Think Enterprise

NEW IOEE DIGITAL OFFICES OPEN The IOEE has opened a new office in the North East, just outside of Newcastle, to house its digital operations. The office is based at Space@ (see feature article on page 28), a collaborative hub for small businesses at the coast in Whitley Bay. The new office will be home to the current digital team as well as two new digital posts created as the IOEE expands its online offer over the coming months.

Space@ was also chosen to allow the IOEE to build relationships with and learn from small businesses and freelancers ‘at the coal face’ of enterprise.

“The North East has a great creative and digital scene which will allow us to tap into the right talent to help

build the future plans of the IOEE,” explained Digital Director, Nathan Hardwick.

“And it doesn’t hurt that Whitley Bay is a beautiful location! It makes coming to work all the more enjoyable.”

With the new office space we look to help develop me resources than even before for our IOEE Members and bring you the latest information from the world of enterprise.

We look forward to sharing some of the many exciting projects which will be emerging out of our new Digital Office... if we can tear ourselves away from the pool table.

Think Enterprise | 29

The Passport to Enterprise and Employment range of qualifications support individuals through the development aof the knowledge and skills realating to personal enterprise development and how this can support in playing a part in the community and the wider society.

3 KEY AREAS PERSONAL AND SOCIAL DEVELOPMENT EMPLOYABILITY KNOW HOW SELF EMPLOYMENT ESSENTIALS It also supports individuals to explore either how to search for sustainable employment through the development of the knowledge and skills to be a productive member of staff or to explore whether self-employment is a valid option as a career pathway and what would be involved in taking this forward.

Whether supporting learners develop their personal and social needs, helping an individual find sustainable employment or supporting the next generation of budding entrepreneurs, the Passport to Enterprise and Employment qualifications offer a fully flexible solution to meet all your needs.

CLICK HERE TO LEARN MORE & how to become an academy

All learners receive complimentary membership of IOEE upon completing their qualification.

IOEE membership provides access to a wealth of enterprise knowledge and support including access to: • • • • •

The IOEE virtual enterprise campus A range of online tools, resources and webinars Our monthly publication ‘Think Enterprise’ Mentor support Answers to enterprise questions from other members and IOEE resident experts.

Free Taster Module Now Available!

Developing Mentoring Skills To Support Apprentices The Apprenticemakers course enables you to not only build your own skillset but understand exactly what it takes to provide Apprentices the support the need. Upon completion of the course you’ll receive a certificate of achievement and one years studying membership to the IOEE.

The Support Your Apprentices Need This e-learning module provides an introduction to mentoring for those taking on a mentoring role to support apprentices. It is interactive and thought-provoking and develops an individual’s skills and abilities in order to become a successful apprentice mentor. The workshop also supports individuals looking to develop their wider people management skills.

We have developed a module containing simple, step-by-step bite-sized lessons that your learners can access at their convenience.

Individuals can purchase this course now and get instant access. You’ll also get an Apprenticemakers Certificate of Completion and one years free Studying Membership of the IOEE

As used by:

THINK ENTERPRISE Quarter One 2019 Vol. 27

CONTAC T US 53 Coniscliffe Road Darlington DL3 7EH 0845 467 4928 newsletter@ioee.uk ioee.uk

Would you like to share your latest Enterprising news?

We have advertising opportunities in IOEE’s Think Enterprise.

To discuss this please contact the Marketing Team at newsletter@ioee.uk

@TheIOEE Phone: +44 (0)845 467 4928 Email: info@ioee.uk Web: ioee.uk