Last week saw the publication of the independent Rose Review – commissioned by the Treasury and headed up by Alison Rose, Deputy CEO of NatWest. The goal of the Review is to demonstrate the huge unrealised economic potential of female entrepreneurs and help make the UK one of the best countries in the world for women to start and grow a new business.
The review interviewed many industry leaders, including YTKO CEO, Bev Hurley, who shared her perspectives and expertise from YTKO programmes, including Enterprising Women, GetSet For Growth, Outset and Outset Finance. Collectively, these services have grown over 21,000 businesses, helped 30,000 individuals to improve their enterprise skills, created more than 6500 start-ups, and helped clients secure over £65m in business finance.
Half of our clients across all these services are women; in fact we have more women start-ups than men! Although we recognise the challenges that are given in the report, we have a significant evidence base that women arestarting and growing businesses at the same rate as men.
“We welcome the publication of the Rose Report and its recommendations. It is crucial that women have access to the advice and support they need to fully develop their entrepreneurial skills and are supported to scale up their enterprises. Some of the UK’s most innovative and successful businesses have been led by women.Since 2006, Enterprising Women has built acommunity of over 25,000 women entrepreneurs across the UK, advancing women’s enterprise, and achieving gender equality in our client-base of start-up and growth businesses.”
Bev Hurley, YTKO CEO
The Review sparks action to boost the number of female entrepreneurs, finding that increasing their proportion within the SME landscape could enhance value creation for the UK economy still further, as a result of the different skills, experiences, insights and ideas they can bring. In the current SME landscape, the review finds that:
The review sets out a series of recommendations for how to increase the number of female entrepreneurs in Britain by 50% by 2030, stating that the biggest opportunities to help female entrepreneurs fall in these three areas:
Professional networks and peer communities like the award-winning Enterprising Women are a powerful mechanism to inspire female would-be entrepreneurs and help them build their confidence and skills, support them through their journey and increase the likelihood that they will be successful. Bev says:
“Back in 2006, no-one really talked about peer communities, and the whole social world was in its in infancy, Twitter didn’t even exist! Based on our experience of building other sustainable networks and running mentor programmes, we knew that combining these together would really resonate strongly with women. We’re so grateful to our mentors, successful women giving their time to help other female entrepreneurs unlock their potential.”
The good practices from the award-winning Enterprising Women have been incorporated fully into all YTKO services, and we’re proud to continue to achieve true gender equality across the board.