The ‘perfect storm’ is upon us — Britain needs more start-up support
The largest annual festival of entrepreneurship and start-up events in the world is officially upon us, with a “perfect storm” paving the way for this year’s celebrations in Britain.
Global Entrepreneurship Week is traditionally a moment of celebration in Britain — five days a week where budding entrepreneurs and wealth makers come together to support ambition.
The campaign was first launched in 2007 by the Prime Minister at the time, Gordon Brown, in partnership with the US-based Kauffman Foundation.
It now sees events take place across 200 countries during the week of 18 November to 20 November.
Despite Global Entrepreneurship Week being known for its celebration of “the vision and tenacity” of Britain, entrepreneur Andreas Adamides says there’s “a sense of concern that can’t be ignored” this time around.
“Entrepreneurs are facing a perfect storm — rising costs, tax hikes, and a fragile economic environment,” the chief executive of entrepreneurs members club Helm, said.
Adamides added: “The energy of past celebrations has been replaced by a cloud of uncertainty.
“Many in the community wonder if their hard work will be enough to overcome these challenges.”
Helm, formerly The Supper Club, consists of 400 members who have a combined annual turnover of more than £8bn.
The uncertainty follows weeks of campaigning against the announcements made by Rachel Reeves’ during her Autumn Budget, including a hike in employers’ national insurance contributions, minimum wage and a change in inheritance tax.
If the UK wishes to keep its crown as a leader in innovation, Adamides says it needs to “prioritise policies that support and empower entrepreneurs, rather than pushing them to the brink.”
Global Entrepreneurship Week: Optimism ahead
While the tides might be tough when it comes to starting a business in today’s economic climate, others remain optimistic.
It seems as if now more than ever is the time to support Britain’s entrepreneurs, regardless of the doom and gloom narrative.
“From market-stall traders and high-streets retailers to the latest Artificial Intelligence and biotech companies, entrepreneurship is truly thriving across the UK, with some 800,000 new companies registered each year,” Timothy Barnes, chief executive of Centre for Entrepreneurs, said.
He added: “While we can find amazing startups and entrepreneurs in every part of the country, it needs to be easier for more people if we are to ensure we get the best from the UK’s incredible talent.
“We all need to look for those opportunities to enhance investment and public policy to meet the UK’s growth and productivity agenda.”
According to a recent report from global consultancy firm Startup Genome, the UK weighs in second place, behind the US, in terms of start-up potential among the G20.
The report, supported by the Global Entrepreneurship Network, was presented at the G20 Summit in Rio as part of the build-up to Global Entrepreneurship Week.
However, the report said “policymakers should not be complacent” as London was the only UK city in the top 40 start-up ecosystem ranking.
“To help deliver the growth our country needs, we are determined to encourage a new generation of British entrepreneurs to scale up fresh ideas and create new jobs and successful businesses across the country,” Gareth Thomas MP, Minister for Small Businesses, said.
“This Global Entrepreneurship Week, we want to show entrepreneurs in the UK and around the world that Britain is a great place to do business and to invest.”