Enterprise
Priorities
Priority 1: Strengthening the region's enterprise culture
New enterprises contribute to job and wealth creation and help drive productivity growth and the development and adoption of new innovations. Entrepreneurship is also a vehicle for economic inclusion if it occurs within a deprived community or disadvantaged group. There is a need to create an embedded culture of entrepreneurship amongst all groups and parts of the region, and to increase leadership and management capacity for both new and existing enterprises. As well as improving enterprise performance and the survival and growth rates of business, this will lead to improved rates of enterprise start-ups, particularly where there is untapped potential for entrepreneurship such as amongst women, ethnic minorities, the disabled, in deprived neighbourhoods and amongst young people.
Priority 2: Increasing opportunities from international trade, investment and collaboration
There is a wide range of opportunities in the international economy that the East of England can compete for and access, and the region is in a prime geographical position in terms of access to European markets. As well as continued efforts to capture and retain foreign direct investment and secure new or expanded export markets, there are opportunities for using new ideas and innovations from overseas, collaborating with international partners, or deploying intangible assets internationally such as skills or intellectual property. The region continues to be an attractive location in terms of access to European markets. Only a small percentage of enterprises in the region trade internationally, and support to increase the level of internationalisation of the economy is warranted.
Priority 3: Enabling high-growth businesses to realise their potential
The East of England can improve the rate of growth in its enterprises that have the potential or aspiration to grow. Managing the process of growth is complex for businesses of any size, but is particularly problematic for small firms. They may need guidance in understanding regulation, the practicalities of entering a new export or product market, or developing appropriate skills. Predicting where the next growth enterprise or home-grown multi-national corporation will come from is difficult. Support for growth businesses must necessarily be responsive and enabling and able to recognise the diversity of the enterprise base. The region will need to prioritise assistance to businesses with recognised potential for productivity improvement or growth.
The region must ensure that potential and existing entrepreneurs are encouraged and nurtured and have the opportunity to develop the leadership and management potential required to support growth businesses.
Priority 4: Improving enterprise performance through effective business support
Evidence shows that enterprises that seek advice tend to report greater profits than those that do not. Ensuring that enterprises are aware of, and access, the right business support services for their needs, will improve enterprise performance in the region. The key objective, as laid out in the region’s business support strategy ‘Better for Business', is to provide and direct enterprises to high-quality advisory services that meet business needs and are easy to access. For start-ups and early-stage businesses, business support services can make a big contribution by improving the investment-readiness of business ideas. More generally, quality business support services play an important role in spreading good business practices.
Reducing the complexity of government-funded business support is the aim of the national Business Support Simplification Programme (BSSP): improvements to the ‘East of England offer’ must be considered in this context. Business support services need to continue to evolve to meet the needs of businesses and entrepreneurs, against a backdrop of changing regulation, technology and globalisation.
Implementation priorities
- developing the suite of high-quality business support products accessed through the single Business Link East gateway service
- developing a strong enterprise culture in under-represented groups by widening mainstream support and developing targeted programmes
- creating an integrated system of support for international trade, investment and collaboration
- improving access for regional businesses to leading-edge leadership and management training, advice and support
- ensuring all publicly funded business support is consistant with an agreed BSSP framework
- providing a comprehensive business support package and access to finance for high-growth businesses.