STOP PRESS! LATEST WOMEN'S ENTERPRISE NEWS July 2009

1. UK Women's Enterprise Taskforce launch 'GROWE' report to Government - your comments sought!!!

Greater Return On Women's Enterprise Report

The Women's Enterprise Task Force has recently submitted its draft Greater Return on Women's Enterprise (GROWE) report to Government.  Consultation is now ongoing and a final version will be produced later this year, following feedback from key partners and an official response from Government.

Women's enterprise can create jobs, wealth, and GVA, and can save the public purse by reducing the rising costs of recession and unemployment – but only with the right support.  For example, the enterprise gap between Britain and the United States could be largely closed if women were involved in enterprise to their full potential. 

Using both the available evidence base and the wide-ranging expertise of our members, the Task Force has formulated seventeen draft recommendations which, if taken forward, would support women’s enterprise to play a greater role in the UK’s economic recovery.  

The recommendations of the draft GROWE report focus around strategic ways of improving existing support structures to increase the quantity, success and sustainability of women’s enterprise.  More needs to be done to assist women to increase their contribution to GVA through developing and growing their businesses.  

To download a copy of the WETF's draft submission to Government, please click here.

To comment on the draft GROWE report recommendations, please contact Elizabeth Heritage.  Please note that the consultation process is only open to key partners who have been invited to feed back.

2. UK Women's Enterprise Taskforce launch 'Myths and Realities of Women's Access to Finance' report - Round Table planned for September

- your comments sought!!!

Myths and Realities of Women's Access to Finance report - Financing women entrepreneurs can help build economy

A recent report commissioned by the UK Women’s Enterprise Task Force (WETF) dispels the myth that female businesses owners are charged more than men for loans by banks.  The report found that women tend to be better at repayment than their male counterparts and that their businesses are often seen by banks as lower risk.  

The WETF’s Myths and Realities of Women’s Access to Finance report finds that women succeed at or above the rates of men when seeking bank finance, which is a major encouragement to women thinking of starting up in business in this challenging climate.  It also finds that women are less likely than men to have been rejected due to poor business planning, and are less likely to have been unable to make a repayment on loans, suggesting that women can be better at managing their business finances.  

However, women are less likely than men to have the knowledge and confidence to access venture capital and equity funding, which can be productive sources of growth finance.  To address this issue, the WETF inspired the creation of the Aspire Fund, a co-investment fund that targets high-growth women-owned businesses. The fund has made its first investment and is considering further ventures.  

Women constitute more than half of the population and 46% of the British labour market.  However, they are less than half as likely as men to start a business, and make up only 28% of the self-employed.  Even with this under-representation, it is estimated that women’s enterprise contributes £130 billion turnover and £70 billion GVA each year to the British economy.  If British women were to reach the enterprise levels of their US counterparts, there would be an estimated 900,000 more start-ups and £23 billion more GVA each year. 

Supporting women through better access to more diverse sources of finance (for start-up and growth) could give the UK economy the boost it needs.  

Co-Chairs of the Women’s Enterprise Task Force Pam Alexander and Dr Glenda Stone said “We need to encourage more women who wish to start up and grow businesses to do so.  Clearly targeted access to finance backed up with appropriate pre- and post-investment support is key if female entrepreneurs are to maximise their contribution to the economic upturn.”  

The WETF calls on Government, financial institutions and enterprise agencies to work together to ensure that women have the support they need to achieve strategic growth through access to finance.     Link to full release including Editor's Notes

For press enquiries, please contact Tanya Reed (tanyareed@seeda.co.uk; 01483 501362)

For WETF enquiries, please contact Elizabeth Heritage (elizabethheritage@seeda.co.uk; 01483 501 354)

3. Valerie Dwyer elected international Fellow of the RSA - Royal Society of Arts, Manufactures and Commerce

Founder of My Wonderful Life Coach™, coaching and mentoring agency; Managing Director of Valerie Dwyer Group/Strategic Insight, Business Development Agency; co-founder of social enterprise Entrepreneurs Ladder, Valerie is a serial entrepreneur, coach, mentor, business development specialist with over two thousand aspiring entrepreneurs,  author, highly regarded inspirational speaker, member of the UK Women's Enterprise Task Force and a Global Champion for Women’s Enterprise.

The RSA say that this election recognises Valerie’s distinguished career as an entrepreneur, mentor and speaker and acknowledges her significant contribution to encouraging women in business, locally, regionally, nationally and internationally. News of her diverse achievements, including her community contributions and inspirational speaking, came to the attention of the RSA in-house research team who seek out potential Fellows who are innovative, engaged, accomplished and creative.

Valerie said:

“I am delighted to become a Fellow of the RSA and to join so many distinguished achievers who are working to change the world. I intend to be an active Fellow, continuing to champion women and women’s enterprise, encourage people to achieve their potential and progress my work on Vision, for increased economic equality and sustainability”.

Fellows include experts in science, ethics and environment; leaders in commercial, voluntary and public sectors; innovative social entrepreneurs, people such as Tim Smit, founder of the Eden Project; Andy Powell, Chief Executive of Edge and Luke Johnson, Chairman of Channel 4 TV.

The RSA, founded in 1754, is the cradle of enlightenment thinking, to encourage enterprise and be a force for social progress. In 1770 they launched the first environmental awards to encourage the reduction of smoke emissions. Many mature trees that we enjoy today result from their pioneering tree planting campaign in 1806. In 1872 they appointed a committee to improve girls’ education More recently they have been instrumental in ‘Tomorrow’s Company’ exploring sustainable business success; ‘Opening Minds’ to re-think the school curriculum; ‘Design Directions’ student awards; ‘Adelphi Charter on Creativity, Innovation and Intellectual Property’; ‘Arts and Ecology’; ‘RSA Drugs Commission Report’ and the ‘Tipton Academy’.

The RSA approach is multi-disciplinary, politically independent and combines cutting edge research and policy development with practical action. Their latest publication about the RSA Fellowship is entitled: “We know you want to change the world, but where on earth do you begin?” www.theRSA.org   

Previously emda Board Member Lead on both Economic Growth, Energy and Environment and Women’s Enterprise, Valerie’s entrepreneurial career is peppered with leadership roles:- Chair of East Midlands Strategic Advisory Group on Women’s Enterprise; Chair of Leicestershire Learning & Skills Council; Chair of Rushcliffe Local Strategic Partnership; President of Nottinghamshire Chamber of Commerce; Board Member of The Prince’s Trust and Judge of Awards from ‘Women of Worth’ to ‘Women of Achievement’, ‘Young Enterprise’, ‘Shell Livewire’ and East Midlands Universities Association Best Business Plan Awards.

Valerie can be reached at info@mywonderfullifecoach.co.uk - ends -