Fuelling Inclusive Growth Event - Empowering Entrepreneurs and Strengthening Business Finance

The "Fuelling Inclusive Growth" event, organised by a collaborative effort of regional partners, is a significant initiative to strengthen support for growth businesses, entrepreneurs and startups in Leicester and Leicestershire.

The event aims were to cultivate an inclusive ecosystem, boost access to finance, and facilitate key connections. Participants were given the opportunity to engage with a diverse range and a number of business and innovation support providers. The following notes in this article we are sharing are the follow-up and debriefing from the 'Cafe Conversations' session.

Key Objectives and Agenda 

1. Panel Discussion

The event was tailored for growth businesses and entrepreneurs in Leicester and Leicestershire, whether aspiring to launch/grow a startup or managing an existing venture. The agenda was structured to deliver valuable insights through the Panel Discussion.

We would like to thank our panel guests below:  

• Lisa Smith |CEO | Midlands Mindforge 
• Chandila Fernando | Innovation & Growth 
• Leanne Bonner-Cooke MBE Executive Director | NED | Investor 
• Lensa Jotte | Chief Executive Officer | LENKE
• Mital Thanki | Founder | CEO Spark Academy

They provided the opportunity generate stimulating discussion and picked-up the topic of addressing issues of underfunding and over-mentoring scenarios. They explored strategies to strengthen the innovation and entrepreneurial ecosystem and discussed what are examples of ‘good’ practices. Key questions that were addressed, included:

• How can we improve access to finance?
• What are the examples of good practice in business funding?

2. Café Conversations enabled an interactive segment where attendees had the opportunity to participate in 'conversations,' engaging in facilitated discussions to share ideas and gather insights on accessing funds and investment. This session was designed to advance collaboration and shape a more inclusive environment for access to finance. Participants were encouraged to contribute their thoughts and work collectively in sharing ideas of enhancing access to funds and investments. Thank you to all who attended the session and gave your valued contributions and to our facilitators for their support for the session.  

• Ghazala Khan Programme Director & Lewis Stringer Senior Manager, UK Network - East & South-East Midlands British Business Bank
• Stefan Nycz | Investment Manager| First Enterprise – Enterprise Loans & Martin Hageman| The Sir Thomas White Loan Charity.
• Salma Manzoor Salma Manzoor, Growth Hub & Partnerships Manager & Irshad Mulla, Economic Strategy Manager| LLEP
• Karolina Jagodzinska, Accelerator Manager & Kamila Rafiqi |Programme Manager |Innovation Challenge at MSDUK
• Prab Jaswal | Leicester Startups 
• Rob Ricketts Regional Business Engagement Manager| DMU 
• Poonam Sharma | Eagle Lab Manager Leicester |Barclays Eagles Labs 
• Debbie Lewis |NatWest | Regional EcoSystem Manager | East Midlands & East of England
• Mark Taft |NatWest | Local Enterprise Manager | East Midlands; Leicester, Notts
• Zinthiya Ganeshpanchan | She Inspires Global | Zinthiya Trust

3. Write-up and Recommendations 

The aim from the session was to document the conversations and insights gathered during the session, intending to compile a write-up to pull together the key points discussed and provide actionable recommendations for dissemination, please see notes below. 

4. Partners and Supporters

Our thanks to all that gave their support and resources to make this event a success as this was only made possible through the collaborative and collective efforts together with regional partners including Innovative Leicestershire. 

Summary notes on ‘Fuelling Inclusive Growth’ Café Conversation Session 

Definition of Inclusive Growth: Economic growth distributed fairly, creating opportunities for all.

Key statistics that highlight the necessity and reasons behind the priority for further support towards inclusive growth in our region.

• London startups receive, on average, eight times more funding than UK firms based outside the capital Startups 100 Index January 2023 
• 2018 research by the British Business Bank and the UK Business Angel Association, 57% of all Angels are in London and the South East, with 43% of all deals made in this area. 8% are located in Scotland, 7% in the West and East Midlands combined, 1% are in Northern Ireland.
• Rose Review suggests that up to £250bn of new value could be added to the UK economy if women started and scaled new businesses at the same rate as UK men. Also to add the recently shared a LinkedIn article from Lisa Smith |CEO | Midlands Mindforge on our guest panel, ‘How can we close the gender gap in venture capital and create a more diverse investment ecosystem that empowers all entrepreneurs? Here are some questions that the investors behind VC funds should be asking.’ #equality matters.
• 58% of aspiring Indian entrepreneurs stopped developing their business idea because of difficulties getting finance. The same goes for nearly half (42%) of aspiring Asian and Other Ethnic Minority entrepreneurs, 40% of Other White, and 39% of Black aspiring entrepreneurs, compared to a quarter (25%) of White British aspiring entrepreneurs. Stopping due to finance was most common among those from an Indian background. (UK diversity in business statistics 2023)

Recurring Themes from the session notes 

1. Events

• Need for a balance between investing in known areas and diversifying.
• Emphasis on quality and validated business ideas. With advocacy for idea validation before investor presentations.
• Importance of finding ideas that resonate with founders/investors.
• Capitalising on regional strengths.
• Simplifying language for broader accessibility.

2. Collaboration

• Regional collaboration in East Midlands for commercial inclusion.
• Cross-industry collaboration and inter-community sharing.
• Early academic exposure and retention strategies.
• Micro-business support and engagement.
• Simplification of financial information accessibility.
• Motivation and education for startups and SMEs.

3. Education and Finance Access 

• Addressing the gap in understanding investments and access to resources.
• Raising awareness on how to raise investment and individual metrics.
• Educating on financial literacy and understanding finance in schools.
• Exploring grant funding and angel investment.
• Advocating for a code of conduct in the finance sector.
• Supporting sole traders to grow and access funding.
• Providing access to monetary knowledge, networking sessions, and mentoring.

4. Good Practices

• Building a supportive ecosystem by attending events and fostering connections.
• Educating entrepreneurs about available resources and opportunities.
• Encouraging transparency and learning from failures in partnerships.
• Strengthening relationships with investors and enablers.
• Identifying challenges and establishing a clear pipeline for investment.
• Building traction in the region through tear/support initiatives.

Specific Recommendations

1. Ecosystem Building More diverse and targeted events.

• Collaboration between local organisations.
• Focus on important topics and sharing real-life stories.
• Diversifying participant groups and dispelling fears about entrepreneurship.

2. Access to Finance

• Expanding contact networks for investment.
• Easier access to startup investments.
• Open, transparent financing processes.
• Diversification of funding options and slowing equity dilution.
• Embracing non-executive directors for corporate governance.

3. Good Practices

• Encouraging interactions in more social and relaxed settings.
• Promoting open mic and pitch events for support and funding.

In closing, the session highlighted the critical elements of inclusive growth, emphasising collaboration, education, and good practices. Participants expressed the need for accessible events, diverse funding options, and a supportive ecosystem. Additionally, transparency, knowledge-sharing, and relationship-building emerged as key strategies to further inclusive growth in the region. 

In response to parts of the feedback and the success of the July event, a follow-up event has been designed to help you make connections and provide you with the support you currently require. ‘Activating Inclusive Growth and Innovation | Money to Grow your Business | Routes to Funding’. We will also take the opportunity to share some of the upcoming events and activities for your support.  

• We would also like to share the link for Leicester Business Festival where are number of events take place to support businesses, returning for its ninth year, running from 6th to 17th November 2023.
• British Business Bank, along with several partners from across the UK, will host Business Finance Week 2023 taking place from 6-10 November. Business Finance Week helps smaller businesses learn about the different finance options available to them to support their individual needs. There are nationwide and regional in-person events, webinars and more… 
• The sixth and Annual Leicestershire Innovation Festival 2024 is take place from Monday, 5th  February to Friday, 16th February as confirmed by Leicester and Leicestershire Enterprise Partnership (LLEP). 
• The LeicestershireLive Innovation Awards 2024 return for the 6th year too. The Awards will celebrate the very best technology, services, digital advances, and creative thinking that the region has to offer and is one of the closing events of the Leicestershire Innovation Festival 2024. Entries open now! If you would like to showcase your achievements, not just to the region but to the millions of online readers through BusinessLive and LeicestershireLive then check the award categories and the opportunity to make a nomination. 

Article write-up author | Rajinder Bhuhi 🍀 | Leicester Startups CIC | Co-Founder and Director