Alone together: Entrepreneurship and diversity in the UK
The report on entrepreneurship and diversity in the UK examines the profound effects ethnic and economic background, gender and place have on entrepreneurial opportunities and outcomes. Undertaken by the British Business Bank and Oliver Wyman, the research shines an important light on the challenges facing entrepreneurs from all walks of life and acts as a clear evidence base for the British Business Bank and for others. This report, alongside other evidence, will be submitted to the more broadly-based Commission on Race and Ethnic Disparities later this year.
- Entrepreneurs from ethnic minority backgrounds experience substantially worse business outcomes than white entrepreneurs
- Black entrepreneurs report lower turnover and profit than White entrepreneurs, and many fewer meet their business aspirations
- Black female business owners, and female business owners from Asian and Other Ethnic Minority backgrounds experience the lowest levels of business success
- Economic background and location are critical to entrepreneurial success, irrespective of ethnicity and gender
Actions speak louder than words!
The British Business Bank has a number of actions underway to make progress for entrepreneurs facing disadvantage:
- They are submitting evidence to the Commission on Race and Ethnic Disparities, established by the Prime Minister.
- They will continue to provide Start Up Loans and mentoring support to entrepreneurs across the UK.
- In their venture capital programmes (Enterprise Capital Funds and British Patient Capital), they will continue to seek out fund managers with networks beyond the norm, and assess approaches to diversity as an integrated part of the due diligence process.
- They are signatory to the Investing in Women Code and will continue to work with others to increase transparency in this area.
- They will continue to address regional imbalances in finance through regionally targeted investment funds, regional angel investment programme and regional network team.
“As an institution, we are conscious of the benefits brought by having a greater understanding of these challenges and their drivers. We welcome approaches by those who wish to collaborate on these important issues.”
Click the link to read the full report: Alone-together-Entrepreneurship-and-diversity-in-the-UK-FINAL