Stronger support for enterprise is essential to UK growth
University Alliance and NACUE are today , Tuesday 16 April, calling for the Government to take further steps to support graduate entrepreneurship in the UK. The event will be held in Parliament with Vince Cable alongside many other MPs as well as some of the most promising startups in the UK.
The scale of, interest in, and support for graduate enterprise is growing. Turnover from graduate start-ups has doubled from 2008-2010 to over £270m, with turnover from Alliance start-ups accounting for more than half of the total. However, we are seeing a decline in start-up confidence with 10% fewer people feeling they have the skills to launch a business and 2.2% fewer believing starting a business is a good career choice.
They are calling for the Government to:
- Build stronger links between government financing for enterprise and universities, so that they are able to inform the design of schemes, such as Startup Loans, to ensure that those that would benefit from this support are better able to do so.
- Widen access to critical enterprise support available for graduate start-ups to enable enterprise growth across all key sectors.
- Target money from the new national fund for local enterprise to strengthen local networks and provision of university support for graduate start-ups.
- Proactively use and promote empty properties for the use of graduate start-ups, helping to nurture local start-ups.
- Recognise entrepreneurship as a legitimate graduate career, reflecting it more fully in employment and business data
Thier call to government for greater support will be made at the launch of Start-up: a story at the Houses of Parliament where the Rt Hon Dr Vince Cable MP, Secretary of State for Business, Innovation and Skills, will be addressing entrepreneurs and staff supporting graduate enterprise.
Professor Steve West, Chair of University Alliance, said:
“Entrepreneurial graduates are a huge driving force for innovation, employment and economic growth. The central role that universities and their graduates play in realising the Government ambitions of an entrepreneurial society is now widely acknowledged.
Our education system needs to foster creativity, inovation and enterprise. We need to ensure our schools, colleges and university develop and foster creativity in the way in which we design and deliver our curricular. This will need support from Government, Industry and the public and private sectors. The future growth, wealth and health of our economy will rely on our creativity, innovation and enterprising spirit which will need support to translate energy, enthusiasm and fantastic ideas into sustainable business propositions. We need a true partnership to deliver this. Not words but funding and action”
Hushpreet Dhaliwal, Chief Executive of NACUE, added:
“Student and graduate enterprise are powerful players in transforming lives and driving social change. The recognition of entrepreneurship in the Destination of Leavers from Higher Education (DLHE) survey this year is a really positive step.
Despite the success we have seen there are challenges that need to be addressed. It’s important that we look at new and innovative ways to support graduate entrepreneurs. Using and promoting empty properties and spaces for the use of graduate start-ups is just one of the many ways we can nurture local start-ups”
The event is supported by Vince Cable, Paul Blomfield – Member of Parliament for Sheffield, the University Alliance as well as many other organisations and MPs. The Startup Magazine will be following up on this event, to report on what happend and what is in store for new businesses in the UK.
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