The Enterprise Economy the Power Of

www.commmentconference.com -

- Includes essays from Charlie Mayfield, Dr Vince Cable MP, Alain de Botton, Lynne Franks, - Lord Adonis, Julia Hobsbawm and John Denham MP -

- The Power of the Enterprise Economy

Comments on the potential of the enterprise economy, in association with Editorial Intelligence’s Comment Conference, Spring 2011

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Enterprising Worlds Enterprise is Personal Business of Enterprise Enterprising Trends Enterprising Worlds Introduction

Contents

1. Introduction David Braham Sophie Radice Introduction by Sophie Radice & David Braham 2-11. The Business of Enterprise Dr Vince Cable MP The world is currently living through the largest economic challenge of a John Kiely generation: we are attempting to rebalance our economy, reform our financial Lord Adonis system, and hundreds of thousands of people are being made redundant and are David Mullin searching for new opportunities. John Denham MP

John Maltby Enterprise and the business of growth is a major economic priority for the Coalition Government. The Prime Minister has highlighted why enterprise and business are 12-19. Enterprising Trends so important for the UK, saying that “enterprise is crucial to our strategy for a new economic dynamism”, and has called the bureaucracy of the civil service “the enemy Jules Peck of enterprise”. Scott Fulton

Julia Hobsbawm With this backdrop in mind, ei is publishing this collection of short essays and Nick Badman interviews to coincide with the Editorial Intelligence ‘Enterprise Comment Nina Planck Conference’ in April 2011, which will discuss these and further issues from the point of view of large, medium and small businesses. 20-25. Enterprise is Personal Thanks, as always, goes to all our contributors and our publication partners listed below. Martin Bright Alain de Botton Emerson Roberts Sophie Radice, Editorial Intelligence, Editor Michael Bennett David Braham, Editorial Intelligence, Special Assistant – Projects & Research Lynne Franks

26-30. Enterprising Worlds Charlie Mayfield Ian Powell Gita Patel Published by Editorial Intelligence Giles Gibbons Ltd, South Wing, Somerset House, The Strand, London WC2R 1LA 31. Biographies Editor: Sophie Radice Editorial Director: Charlie Burgess Publisher and Chief Executive: Julia Hobsbawm April 2011 www.editorialintelligence.com

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www.commentconference.com 1 The Business of Enterprise The Power of the Enterprise Economy The Business of Enterprise

The Business of Enterprise

• Small and medium-sized firms employ more than 59.8% of the private sector workforce Securing Sustainable Growth • 22.8 million people work in small and medium-sized firms by Dr Vince Cable MP • Small firms contribute more than 49% of the UK turnover • 64% of commercial innovations come from small firms • Wholesale, Retail and Repairs was the biggest employer at the start of 2009 Securing sustainable economic growth is the central task of this Government. Bringing the best out of our talented entrepreneurs is crucial to that endeavour. • The 563,000 enterprises in this sector employed 4,853,000 people (21.3% of all UK private sector employment) Throughout this year and in the future we will be focussed on supporting new • Small firms collect and pay Tax, NICs, VAT and other dues which help pay for public enterprises and existing small businesses, helping them deliver the new jobs the services economy needs. • Around 1,580,000 of all UK enterprises are in London and the South-East We will do this by working tirelessly to free up access to finance for businesses, micro: 0-9 employees, small: 10-50 employees, medium: 50-249 employees Dr Vince Cable MP streamlining and improving the support Government gives them and giving them the Figures obtained from the Department for Business Innovation and Skills (updated October 2010) means and investment to train the next generation of highly skilled workers.

Creative, dynamic business people who have the ambition and commitment to set up their own businesses must have every encouragement to do so.

Already this year the Government has taken great steps to strengthen the support In addition, we are committed to removing the unnecessary red tape and burdensome available for small and medium-sized businesses. regulation that are among the biggest barriers to growth that British businesses face. We now have a robust system to stem the ceaseless tide of regulations. New entrepreneurs and entrepreneurs who want to expand their firms will be able to speak to a network of at least 40,000 business mentors for practical advice. Knowledge For the first time, we have a formal process specifically designed to check whether a and experience from people who know first-hand the challenges that small firms face new regulation is actually necessary or has an alternative. There is independent, early “Creative, dynamic is invaluable to those looking to get ahead. verification of the impact that regulation will have on businesses. And, overseen by a “We are committed cabinet committee, there is a means to control the costs to businesses. business people who The New Enterprise Allowance will itself help to create up to 40,000 brand new to removing the have the ambition enterprises by 2013, by supporting unemployed people who want to set up their own European regulation still imposes significant costs to business, but we are tackling this unnecessary red tape and commitment firms. now, engaging much earlier in the Brussels policy-making process and ending the so- and burdensome called ‘gold plating’ of regulations. to set up their own The deal agreed between Government and the biggest UK banks in February will see regulation that are businesses must have £10 billion more lending available to SMEs this year than was made last year, up to Government still has a long way to travel if we are to achieve a long-term culture among the biggest a total of £76 billion. And this Spring will see the launch of a Business Growth Fund change, but we can already show just how far we have come to date. every encouragement worth £2.5 billion of bank investment into UK firms. barriers to growth.” to do so.” In the rest of the year we will be setting out further measures to secure growth. In direct help for start-ups, new businesses outside London, the South East and East Realising the potential of Britain’s entrepreneurs will be at the heart of all our efforts. of England will not have to pay the first £5,000 national insurance contributions in the first 12 months of employment for the first 10 employees they hire in their first year of business. Dr Vince Cable MP is Secretary of State for Business, Innovation and Skills and President of the Board of Trade. And we are overhauling BusinessLink, the website that gives businesses information and tools to navigate the hurdles they face in day-to-day operations.

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Beyond Bonuses: Selling Business Back to Britain The New Public Sector Entrepreneurs by John Kiely by Lord Adonis

Ahead of the budget, David Cameron launched the Coalition’s growth agenda with a Harvard Business School defines entrepreneurship as “the pursuit of opportunity rallying call for enterprise, declaring that the only strategy for growth is to get behind without regard to resources currently controlled”. If public sector leaders are to meet entrepreneurs. Cameron’s call to tackle the enemies of enterprise has echoes of Tony Blair, the challenges of reforming our public services over the next few years, this kind of who in 1999 launched a £50m fund for budding entrepreneurs and complained that there entrepreneurial mindset will be essential. was a snobbery in Britain, unlike the US, about people who wanted to succeed. The public service reform agenda being outlined by the government is highly Although our recent leaders have recognised the importance of enterprise, and the ambitious and will demand wholesale reform in how public services are organised. political and social narrative has become less adversarial towards capitalism than in the It also represents a fundamental shift in the relationship between citizen and state. John Kiely last quarter of the twentieth century, hostility towards, and a suspicion about, business Responding to this agenda requires public service leaders with a truly entrepreneurial Lord Adonis has increased exponentially during the current financial crisis. The sad fact is that mindset. They will need to be comfortable with, and be able to respond to, rapid change. business is still a dirty word for much of society. Experimentation and adaptation will be as important as the ability to deliver against a plan, but as the Harvard definition sets out, entrepreneurship is not simply about being With some rare exceptions, British society still shies away from celebrating outstanding flexible – it is about a shift in perspective from resources to opportunity. achievement in the business arena as it would for success in the arts, sciences and sport. There is a fundamental misunderstanding of the importance of business at every level – Too often, the debate about public service improvement begins with a debate about the from the tiny cottage industries to the world-leading corporations – and of the benefits resources available to the state. This is understandable, because pounds spent, doctors businesses bring to our society, whether through employment, tax, service provision and recruited and schools built all have strong political salience. During fiscal retrenchment, pensions, or technological innovation, ecological advances or improved quality of life. I the emphasis shifts to ‘protecting’ important areas from the worst of the cuts. The believe that there are three issues that need to be addressed to change this. resource focus is also reinforced by our audit and accountability systems and the pursuit of ‘value for money’. Given the resources available to you, did you achieve the expected First, Government must make enterprise a laudable aspiration for our children, defining outcomes? I call this a managerial mindset. and showcasing role models, both at an individual level and at a company level, educating the public on the social and environmental role of business in society. It’s also about An entrepreneurial mindset turns this logic on its head by starting with the opportunity. looking to the future for opportunity, rather than dwelling on the past for culpability. Consider the example of an older person with a spare room and the need for light “British society support around the home. They could offer accommodation to a younger person (e.g., “Too often, the still shies away Second, business must evolve. Although in general much has been done to improve an international student) in need of a room and willing to offer a helping hand. Both debate about public communication and transparency, business tends to fall short in its core behaviour. parties benefit and the state saves money by being able to reduce the services it provides. from celebrating It’s not acceptable to promote social and environmental values under the CSR banner As it happens, this is a real example from a programme called Homeshare (see service improvement outstanding while minimising contributions in real terms. If the perception of business is to change www.naaps.org.uk). begins with a debate achievement in the for the better, companies must live by the values by which they wish to be judged, and about the resources demonstrate their important place in society through action as well as words. Much of the government’s reform programme can be understood as an attempt to business arena.” foster exactly this kind of thinking. The biggest risk over the next few years is that, as available to the state.” If we can make progress on each of these fronts, we might have a chance with the third the cuts bite, our public services will hunker down, retreating to their core mission and issue: how business is presented in the media and how success is celebrated. There is no becoming more introspective. What we need now is a new generation of public service doubt that progress has been made in this regard – business has moved up the media entrepreneurs. agenda, and there are examples of real success stories being told to wider audiences, but the stereotype remains too often a negative one rather than a positive one. Lord Adonis is Director of the Institute for Government. If we are to inspire the entrepreneurs of the future, then we must build the narrative of success now and sell it back to Britain.

John Kiely is the Managing Director at Smithfield Consultants.

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Accelerating Technology and Enterprise in the Defence and Security Sectors by David Mullin

BAE Systems is a leading global defence and security company delivering a full range BAE Systems is working in partnership with Smart Sensors Limited of Bath in the of products and services for air, land and naval forces, as well as advanced electronics, biometrics area and has helped develop iris recognition technology which could be used security, information technology solutions and customer support services. With more to combat many of the increasingly sophisticated forms of identity theft or deception. than 100,000 employees worldwide, BAE Systems’ sales exceeded £22.4 billion (US According to Martin George, Managing Director of Smart Sensors, “We see BAE $36.2 billion) in 2010. The company is the second largest global defence company, with Systems’ investment in us as a true win-win opportunity. Smart Sensors, as an SME, operations in five home markets: Australia, India, Saudi Arabia, the UK and the US. gets stable funding to focus on further building our technology capability in the key area of acquiring iris biometrics from moving subjects. BAE Systems gains access to our Clearly, for companies like BAE Systems, continuous innovation is key to technological technology to deploy in its security solutions”. development and maintaining competitive edge. The company recognises, however, that many of the UK’s leading technologies are developed by small and medium-sized Another partnership with Ipsotek, a London-based firm, is supporting the development enterprises (SMEs), but often the full exploitation of these technologies is limited due to of video analytics which can assist surveillance and security operations by identifying lack of supporting capital and resources. suspicious behaviour in individuals acting solely or in groups. Through Investment In Innovation, Ipsotek, the University of Kingston and BAE Systems are providing For this reason, BAE Systems created an ‘Investment In Innovation’ fund which makes technologies to help CCTV operators get the most out of their systems and address the monies and resources available to SMEs. As Simon Jewell, Managing Director of Strategic challenges they face, such as following targets through a network of overlapping and non- Capability Solutions at BAE Systems, explains, “Small to medium-sized businesses make overlapping CCTV cameras as they disappear into areas not covered by CCTV and then a vital contribution to the UK’s entrepreneurial culture. We aren’t looking to take a stake reappear. The technology can also alert operators when suspected individuals re-enter the in these companies. Instead, we are working with them to develop their technology field of view of any camera in the system, as well as tracking where suspects have been in for the benefit of both parties, which is an attractive proposition to many small firms.” the past and will go in the future at the click of a button. BAE Systems has invested £5 million in total in seven different companies since the Investment In Innovation fund was established in 2008. According to Simon Jewell, these types of partnership represent the future in exploiting the innovation and technologies in the UK: “Unfortunately the perception persists that “BAE Systems has In addition to financial investment under the fund, BAE Systems offers engineering and large companies like BAE Systems stifle innovation and slow down the technological “The current areas invested £5 million technology resources, as well as the use of its state-of-the-art test and evaluation facilities. route to market. We want to challenge this perception through business models like of interest for the SMEs can also benefit from advice on intellectual property, business coaching services the Investment in Innovation fund. We believe the fund successfully demonstrates how in total in seven and direct support from BAE Systems scientists working within their organisations. companies and ultimately the UK economy can benefit from mutual collaboration”. Investment in different companies Innovation fund since the Investment The current areas of interest for the Investment in Innovation fund include cyber- include cyber- security, surveillance and biometrics – the analysis of behavioural characteristics specific David Mullin is the Investment in Innovation Manager at BAE Systems. In Innovation fund to each individual. This supports BAE Systems’ growing capabilities in the security security, surveillance was established in market and its acquisition of security companies including Detica, which develops, and biometrics.” 2008.” integrates and manages information intelligence solutions to help its clients deliver effective and secure services to citizens and customers.

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Discover a wider view of the business world A subscription to the FT means you never miss out The Need For An Active Industrial Strategy by John Denham MP

The confirmation that the economic recovery stalled in the previous quarter highlights what the Labour Party has been saying for months: this Conservative-led Government desperately needs a plan for growth. It is not just Labour making this point. In his final speech, the outgoing Director General of the CBI, Sir Richard Lambert, warned that the current Government has “not been nearly so consistent and focussed when it comes to policies that support growth”.

And only weeks after pharmaceutical giant Pfizer announced the closure of its research plant in Kent – at a cost of 2,400 jobs – the current Director General of the CBI warned John Denham MP that the Tory-led Government is taking the pharmaceutical sector “a little bit for granted”.

We’ve also heard that the Government’s flagship policy for enterprise – its National Insurance Contributions holiday scheme for businesses in the regions – has been a resounding disappointment. Much of the blame for the Government’s failure in this area must therefore lie with the Business Department and its repeated failure to outline its vision for achieving sustainable economic growth across all regions of the UK.

The Financial Times newspaper is the first place to look for global The Labour Government believed that the economic recovery required an active industrial strategy to invest in the UK’s fundamental strengths. Central was the business intelligence each morning, making sure you start work fully government’s role in supporting industrial sectors, necessary to allow them to flourish. This was why we were committed to investing in the industries of the future, such briefed. And because business never stops, FT.com will keep you up as low-carbon, biotechnology, advanced bioscience and cutting-edge advanced to speed 24 hours a day. Subscribing to the FT means you won’t manufacturing. Specifically, our Strategic Investment Fund provided investment in “The Labour miss out on the news, context and analysis you need to get ahead. advanced industrial projects, where specific market failures prevent otherwise viable developments. Government believed that the economic Subscribe today at www.ft.com/subscription. Or call: We took action in other areas to help businesses manage the effects of the global economic crisis – from speeding up payments to small businesses to helping businesses recovery required pay their taxes on a timetable they could afford. Our Future Jobs Fund helped provide an active industrial United Kingdom Tel: 0800 028 3838 real, paid jobs for young people who were struggling to find work. As a result, when Labour left office, business insolvencies were running at half the rate of the recession of strategy to invest in Rest of Europe, Middle East & Africa Tel: +44 (0)207 873 4688 the 1990s. the UK’s fundamental strengths.” Asia Pacific & Indian subcontinent Tel: +852 2905 5555 Without growth and jobs, the task of getting the deficit down will be even more difficult. That’s why it is absolutely essential that this Conservative-led Government take urgent US Tel: +1 800 628 8088 action to get in place a credible and active plan for growth.

Corporate subscriptions Tel: +44 (0)207 873 4001 John Denham MP is the Shadow Secretary of State for Business, Innovation and Skills.

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Funding Enterprise: Where businesses aren’t always suited to more traditional forms of lending we also play a very active role. We remain a key provider of finance under a range Spurring Economic Recovery and Growth of Government schemes. To date we have offered over 4,000 Enterprise Finance Guarantee loans, worth £300 million – representing 30% of all loans through the by John Maltby scheme so far. Asset finance and equity also play an important role, and it’s the job of our relationship managers to make sure that customers are referred to the right source of finance, whether from within the group or from the wider business community, for With the latest Lloyds TSB Commercial Purchasing Managers’ Index showing instance through our links with business angels networks. improved business activity, it’s now more important than ever that small and medium- sized enterprises (SMEs) seize growth opportunities and have the confidence to invest As part of our SME Charter we are also committed to providing more than just in the future. financial assistance. We are running an intensive programme of nationwide seminars – 200 a year until 2012 – which will help businesses explore key topics, including There’s no denying conditions remain challenging for both start-ups and established exporting, access to finance, sustainability and employment. John Maltby businesses: high inflation continues to exert pressure on margins and domestic demand in many key sectors remains subdued. However, there are encouraging signs Over 30,000 businesses have attended these events so far. Here, organisations have that the recovery is gaining momentum. been able to take advantage of advice from independent regional and national business support organisations, as well as meet our local relationship managers Our bi-annual Business in Britain survey conducted earlier this year revealed that and specially trained business and environment managers. Importantly, they have over a third (35%) of SMEs expected order book levels to rise in the first half of provided a great opportunity for businesses to network and make contacts in the local 2011 – with 42% expecting a rise in foreign sales as a result of the rebound in world marketplace. demand and a fall in the pound. It’s important to recognise that the road to recovery and growth won’t be plain sailing It’s important that businesses feel they have the support to capitalise on these for everyone, which is why we’ve established a dedicated Business Support Unit to opportunities, and we’re doing everything we can to encourage this. In 2010, we help customers throughout the economic cycle. This is a team of more than 1,000 grew our net lending to core SME customers by 2.1%. Importantly, under the much experts who are helping firms with financial difficulties. The unit has already helped publicised Project Merlin, Lloyds Banking Group and the four other major banks turn around more than 1,900 businesses, and over 80% of the companies we help are “There are made clear their willingness and capacity to lend £190 billion to creditworthy UK SMEs. “It’s important to businesses in 2011. encouraging signs As an industry, via the Business Taskforce, banks have also committed to offering recognise that the that the recovery is The economy is at a critical point in time, and economists are agreed that a growth- broader support for businesses. This work will deliver 17 measures that are designed road to recovery and gaining momentum.” led recovery will be dependent on the private sector continuing to innovate, diversify to improve customer relationships, ensure better access to finance, and promote a growth won’t be plain and explore new markets. better understanding of the industry. sailing for everyone.” As a bank, we recognise the need for businesses to have access to finance. This is why In light of the above, there’s no doubt that the level of support available is increasing; we continue to approve eight out of every ten requests for loans and overdrafts. We businesses now need to convert this into growth. have halved the absolute cost of borrowing compared to 2007 and have promised to help 100,000 businesses start up every year until 2012; in 2010, we delivered on this promise, helping 105,000 start-ups. John Maltby is the Managing Director of Lloyds TSB Commercial.

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Enterprising Trends

Flourishing and the Future of Enterprise in a Beyond Growth World What does this mean for enterprise? My vision is of a new form of Dynamic Equilibrium economics (DEe) which will, by Jules Peck while being steady in scale, still be thoroughly dynamic and require business to be as enterprising, creative and innovative as ever.

Prosperity lost? As growth at a macro-scale is dethroned, so too will the focus of business innovation In conventional wisdom, economic growth and higher incomes mean richer lives and shift to a Flourishing Enterprise model of business in which companies and markets improved quality of life. But true prosperity goes beyond material pleasures. It resides focus on objectives based on maximising societal flourishing and units of wellbeing in the health and happiness of our families, in the strength of our relationships and delivered per unit planet input. our trust in the community. However, as Professor Tim Jackson’s Prosperity Without Growth book and recommendations to Government1 outline, in our search for Enterprise will focus on real ‘needs’ instead of created ‘wants’,3 and ‘better’, not Jules Peck prosperity we seem to have lost our way. ‘bigger’. Full cradle-to-cradle ownership and a shift to service models will become the norm. This in turn will also call for a shift from seeing products as benefits to seeing Growth has delivered its benefits at best unequally, and far from improving the lives production as a cost of maintenance of delivery to societal needs. of those who most needed it, growth has let much of the world’s population down. And as the economy expands, so do its ecological impacts, which are now at breaking There will be winners and losers in these shifts. The companies which tune in to these point. shifts will flourish and will have been part of the move to a sustainable future.

The dilemma of growth The World Economic Forum’sRedesigning Business Value echoes this, envisaging an Schumpeter’s ‘creative destruction’ means that if output doesn’t expand, there is economy where “we are no longer selling ‘stuff’; we are enhancing people’s well-being a downward pressure on employment and a spiral of recession looms. Growth is overall…a catalyst for innovation”. necessary within this system just to prevent collapse. Thus we’re locked between the horns of a dilemma: growth may be unsustainable, but ‘de-growth’ appears to be We live in exciting times, and a number of leading global companies and groups like “Growth has unstable. the Aldersgate Group and WEF are now integrating DEe and Flourishing Enterprise “My vision is of a principles into their businesses. The future of enterprise is prosperity beyond growth. delivered its benefits The myth of decoupling new form of Dynamic at best unequally, and Prevailing wisdom calls instead for an absolute ‘decoupling’ of economic activity from Equilibrium 2 far from improving material throughput. But efficiency improvements are offset by increases in scale. Jules Peck is Chairman of Edelman’s Sustainability and Citizenship Group, a founding economics (DEe).” Global carbon emissions rose by 40% even as the carbon intensity fell. Partner of the innovation and strategy consultancy Abundancy Partners, a Trustee of the lives of those the new economics foundation4 and a Fellow of ResPublica5. who most needed In a world of nine billion people, all aspiring to western incomes, carbon intensities need to fall by 11% p.a. until 2050 – 16 times faster than they have done since 1990. it, growth has let By 2050, the global carbon intensity needs to be only 6 grams CO2/$ of output, 130 much of the world’s times lower than today’s figure of 770g/$. population down.” Such decoupling is impossible. So, if the poor world is to be able to develop, the rich world must stop growing.

3 http://www.citizenrenaissance.com/the-book/part-three-where-are-we-heading/chapter-seven-the-rise-of-ecological- 1 http://blog.ted.com/2010/10/05/an-economic-reality-check-tim-jackson-on-ted-com/ economics/needs-means-and-uneconomic-growth/ 2 http://www.citizenrenaissance.com/the-book/part-three-where-are-we-heading/chapter-seven-the-rise-of-ecological- 4 http://www.neweconomics.org/ economics/decoupling-growth-and-resource-use/v 5 http://www.respublica.org.uk/blog/2010/08/big-society-small-state/

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Eight Out of Ten Cats Constant Reinvention and Risk’s Rewards by Scott Fulton by Julia Hobsbawm

It is a familiar tale for SMEs – your carefully crafted PR package, complete with Although the description I crave most is ‘best mum in the world’ (only meted out by appropriate positioning and media relevance, is elbowed out of the paper in favour of my kids on very special occasions), I would be pretty happy to be known generally as some mega cap’s appointment of a new director. Why? Because, in traditional media ‘entrepreneur’. It has taken me twenty-five years to realise that being creative in business, terms, small is not topical. building ideas into products and services which people value and admire, is nearly as rewarding as building relationships for life. The public relations industry has long struggled with this situation and often defaults to thought leadership in order to gain media coverage for its smaller clients. The The UK is ambivalent about business: small businesses get a lot of moral support, but expansion of new media channels – from online versions of newspapers, through 24- big business immediately gets knocked and criticised. What counts for me is whether a Scott Fulton hour rolling news, to the emergence of instant messaging – has created a seemingly business believes in itself enough to overcome setbacks and deliver value. If it does, we Julia Hobsbawm Photo courtesy of: insatiable demand for content. Provided this content is relevant, clients can and should support it, large or small. Guardian News & Media should get a hearing regardless of size. It has taken me nearly a decade to have the courage of my conviction (you need In this new media world, there are new rules on the use of thought leadership. They conviction more than certainty, to succeed as an entrepreneur) and believe that the may seem commonsensical, but a random review of recent surveys suggest that they combination of ambition, risk and constant reinvention are generally hallmarks of are often ignored. It is important to build them into PR campaigns because, as many businesses and brands which develop and endure. SMEs will have discovered, this is not a cost-free exercise and, done badly, can end up wasting money. Brand is of course key. Despite the advantages of a driving personality behind it, the definition of enduring brand for me is that people value what it is, know what it is by the Read the newspapers or get someone to do it for the company. News agenda do not name alone. Many of the brands I admire are entrepreneurial, large and small: Apple, spring unbidden – there should always be a clue somewhere that the media is about Virgin, Sainsbury’s, Comic Relief, but also Aspall, Brompton Bicycle, the Hay Festival. to get interested in a topic. You should assess your intellectual property against the There is no limit to what they push themselves to do, or develop. emerging media interest regularly and be prepared to act quickly. And then there are the mistakes. Everyone has regrets, and mistakes these days are Make sure that the focus of the research is directly relevant to the business. The very public: anyone Googling me or Editorial Intelligence will know that. But being “News agenda do purpose of raising media profile is to alert the readers, listeners or viewers to the a small business, being forced to create and grow our market without venture capital “You need conviction not spring unbidden company’s existence and that of its products or services. Combining a survey with funding or debt has made us very focussed on what our clients and customers actually more than certainty, your communications to existing customers is cost-efficient and may also provide need us to provide. – there should useful intelligence for sales and marketing. to succeed as an always be a clue The entrepreneur prizes value above all else. We want to give it with our brands, but we entrepreneur.” somewhere that the Find a topic and stick to it. The most successful surveys in the UK – think Halifax want to receive value through the political system, too: the value chain has to extend Price Index – are regular and single issue. Change is news, and the ability to comment from policy to personal customer. If we can achieve that, then the UK may well be media is about to get on movements against the previous instance will increase the chances of the comment known as the nation of entrepreneurs. interested in a topic.” being covered. The entrepreneurial spirit is also something we actively encourage through our Use digital channels to communicate the research. Pointing people to a website will networking clubs and services. We promote curiosity and lateral thinking as key drivers showcase the company’s wider commercial messages and, with the development of of workplace success, all entrepreneurial traits. To underscore our commitment to this analytics, allow it to gather key user data. Again, it is vital to build the use of a survey spirit, Editorial Intelligence is launching a new social enterprise to coincide with this into sales and marketing plans. report, ei Talent To Work, a collaboration with partners such as New Deal of the Mind designed to provide the know-how for the not-yet-employed to be as enterprising, risk- The moral of the tale is simple. What you and your customers do everyday can be taking and curious about the world as possible, and to succeed more as a result. newsworthy. You do not need a survey to tell you that.

Scott Fulton is a Director and Head of Corporate Communications at Julia Hobsbawm is the Chair and CEO of Editorial Intelligence. Smithfield Consultants.

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Learning to be Enterprising by Nick Badman

In my role at Cass I am frequently asked how a Business School can teach someone to However, at Cass our own entrepreneurial ambition goes beyond the intellectual be an entrepreneur. My answer is always the same. Since the 1980s I have worked with and skills development of the individual entrepreneur. With the financial support of a wide range of entrepreneurs, both as a Venture Capitalist and a Chairman/NED, and Peter Cullum – himself an accomplished insurance industry entrepreneur – we have the short answer is that you can’t. You can’t teach someone how to be an entrepreneur set out to explore how we can best play a truly integral role in the future success of – it’s an instinct, an attitude, a drive, an itch – but what you certainly can do is work entrepreneurial Britain. By actively combining our own personal networks, access to with them in a variety of ways to increase their chances of success. the physical and intellectual facilities of a leading Business School, and cash funding through the new Cass Entrepreneurship Fund backed by Peter, we have so far helped

Nick Badman I believe that this instinct, attitude, drive, itch (or whatever you choose to call it) is to form and finance the first few of what we hope will be many high-potential young currently present in many more people in the UK than is widely acknowledged. At enterprises. root the attitude is about independence coupled with a strong degree of ambition to change something – whether it is the whole world, a particular market, or just one’s The Cass Entrepreneurship Fund can make start-up and early-stage funding available own financial position. in amounts of up to £500,000. When combined with access to the infrastructure and networks of a leading Business School, and the unique personal development This has the clear potential to be a great positive for the economy given the huge programmes on offer, we have the ability to help create the next generation of fast- challenges we presently face. However, it is worth little unless it is combined with the growth businesses from the ground up and from the inside. right level of business skills and resilience, and is given the right culture in which to flourish. In our increasingly knowledge-intensive and networked economy, Business Schools should be taking a central leadership role in making this happen. Nick Badman is the Chair of The Peter Cullum Centre for Entrepreneurship at Cass Business School. At The Peter Cullum Centre for Entrepreneurship we believe that those who set up fast growth businesses are the heroes of our economy. Our mission is to give those “I believe that this nascent entrepreneurs who come to Cass a disproportionate chance of success. “In our increasingly instinct, attitude, Whilst a good idea is the first challenge, and the ability to articulate a business plan is knowledge-intensive necessary to attract finance and followers, a whole plethora of skills is needed to turn drive, itch (or vision into reality. and networked whatever you choose economy, Business to call it) is currently In our New Venture Creation Programme we focus on areas like cash, risk, selling Schools should be and team building/the role of the founder, which experience has taught us are the present in many early definers of success or failure. We expose participants directly to the experiences taking a central more people in the of peers who have done it before, and over a five-day period enable them to work out leadership role.” UK than is widely whether the challenges involved make it the life for them. Later, through our partners – Your Business Your Future – The Centre offers their founders the opportunity to acknowledged.” work rigorously and confidently through the multiple development challenges of more mature owner-managed businesses.

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“Our members wouldn’t be interested,” said the lady who answered the phone at the National Farmers Union. Never mind. I kept poking around, and on opening day at the Islington Farmers’ Market – June 6, 1999 – there were 16 stalls selling fruit, veg, cheese, bread, wine, pork, beef, chicken, plants, and flowers. When the Agricultural Minister rang the opening bell, all the national media were there. The Prince of Wales – attending the opening of his own farmers’ market that very day – sent a note carrying best wishes. The proverbial sell-out crowds came, too. There’s a photo of me buying the last carrot.

That was London’s first modern – or should that be retro? – farmers’ market. Today we run 18 weekly farmers’ markets in London, and there are more than four hundred in total – from zero in the 1990s! – in Britain. We’re a small business, but we make a lot of eaters smile, and more neighbourhoods want farmers’ markets than we are able to organize. We create a market (literally) for nearly 200 small farmers and food Nina Planck producers; in 2010, our markets generated about £10 million in sales to those same entrepreneurs. When you count the knock-on effects of raising farm income by £10 million – hiring more staff, expanding local farm shops, buying apple juice presses – that’s a fillip for the rural economy. And all without a penny of public funds.

More than once, a delighted little old lady would collar me at the market, cooing How the Farmers’ Markets Have Flourished about the cabbages. Then she would lean in and say, with a weary air, “It’s about time by Nina Planck the government did something for those poor farmers!”

I was homesick. Not for Virginia ham or peanuts or my mother’s cornmeal-fried In 1999, Nina Planck opened the first farmers’ markets in London, and today her chicken; no, I was homesick for fresh, local food. A farm girl raised on tomatoes and company, London Farmers’ Markets, runs 18 year-round markets. sweet corn, I spent my summers selling at farmers’ markets. Now I was living in mid- 1990s London, first as a cub reporter for TIME magazine, and later writing speeches for the American ambassador. Each weekend I went looking for farmers’ markets: the real, fresh-picked, dewy thing, with genuine farmers selling their own food. All I found were shabby street markets hawking Red Delicious from New Zealand, Dutch “London’s legendary peppers, and mangetouts from Zimbabwe heaped alongside the batteries and t-shirts. street markets had taken a whupping London’s legendary street markets had taken a whupping from suburban shopping, big slick supermarkets, and even cleverly-placed ‘little’ local grocers like Tesco Metro. from suburban The street markets were not merely shabby but looking thinner all the time. Perhaps shopping.” an American-style farmers’ market – destination shopping by any measure – would revive those high streets. I determined to start one. My first move: ring the market trading folks in the thirty-three London boroughs. The reaction was uniformly and comedically hostile, so I gave up after a half-dozen calls.

At last I found myself in the old-fashioned offices of the wonderfully named Mr Oldschool, who rented space to an antique market in Islington. This suited me nicely, as I lived up the road and the market was, above all, a self-interested, if not selfish, endeavour. I offered Mr Oldschool £100 a week for the pitch and set about finding farmers. What I wanted were English apple varieties, fresh asparagus, perfect strawberries, good raw-milk cheese. Real food: fresh, local, and seasonal.

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Enterprise is Personal The Uncommon Virtue of Enterprise by Alain de Botton Encouraging the Culture of Entreprise Enterprise involves the capacity to see through the status quo, to imagine an alternative, by Martin Bright and to have the tenacity and courage to construct it.

Last month I received a letter from a young man working on a New Deal of the Mind This brief description hints at just how many qualities enterprising individuals will need project we are running in partnership with the British Council and the British Film to possess. They will need not only to be visionaries, they will also have to be profoundly Institute. Sam is part of a team of five young people who have been working on UK practical and attuned to miniscule details. Furthermore, they will need an internal propaganda films from the 1930s and 40s. Until recently, all five were unemployed. But strength that is psychologically quite uncommon. Most of us don’t like to be repeatedly in a matter of months they have created an enterprise, Time/Image, that has received rebuffed, and yet it’s impossible to achieve anything great without being insulted on a coverage on all the main television news bulletins, The Guardian, The Daily Telegraph fairly regular basis. Alain de Botton and The Daily Mail. While many of us give up on the possibilities of enterprise and look to the state to solve The letter thanked NDotM for encouraging Sam and the team to make a job for all known problems, capitalism as currently developed remains in its infancy. We may Martin Bright themselves rather than wait until one came along through the usual process of endless think of ourselves as living late on in the history of consumer society, but the most job applications and free internships. But more tellingly, it also provided a stinging sophisticated contemporary economy stands to be perceived by subsequent generations critique of this country’s education system. as no less primitive than we judge Europe to have been in the Dark Ages.

“Entrepreneurship is not something that is taught in schools,” wrote Sam. “From a very It is a mere eighty years since deodorant was introduced, the remote-control garage early age, we are no longer educated, but taught to pass exams... Everything, if you’ll door has been in existence for barely thirty-five, and only in the last five years have excuse the colloquialism, was given to us on a plate”. surgeons discovered how safely to remove tumours from our adrenal glands and insert aortic keyhole valves into our hearts. After leaving university, Sam found himself without the tools to make his way in the world. His diagnosis was that he and his peers just didn’t have the most basic life We are still waiting for computers to help us identify whom we might confidently marry, skills: “There’s no taking the initiative, no using common sense, no making your own for scanners to locate our lost keys, for a reliable method of eradicating household opportunities,” he wrote. moths, and for medicines which will guarantee us eternal life. Untold numbers of “There’s no taking the new businesses lie latent in our present inefficiencies and wishes. The fulfilment of a “We are still waiting initiative, no using Sam said he felt the entrepreneurial spirit needed to be instilled at a far younger age, so significant, and perhaps the most important, share of our needs remains untethered to for computers to help common sense, no that school and university leavers were able to function in a world that demands just the the mechanisms of commerce. us identify whom we qualities he felt were so lacking. That must be the long-term goal. making your own Profit is often attacked as evil and amoral. Wealth that is stolen clearly is, but profit might confidently opportunities.” But meanwhile, what can we do to help? In our report, ‘Make a Job, Don’t Take a Job: fairly gained in enterprise is evidence of uncommon virtue. It suggests that one has m a r r y.” Building the Creative Society’, we argued that young people facing the crisis needed to the capacity to read reality correctly, ahead of one’s peers, and to tap into an as-yet think of themselves as entrepreneurs. But the rest of society also needs to think how unfulfilled side of human nature. best we can encourage and nurture them. Unpaid internships are not the answer. By providing small start-up grants or loans, mentoring and business support and space for young entrepreneurs to work, we can begin the long process of changing the culture. Alain de Botton is the author of The Pleasures and Sorrows of Work.

Martin Bright is Founder and Chief Executive of New Deal of the Mind.

Make a Job, Don’t Take a Job by Barbara Gunnell and Martin Bright can be downloaded from www.newdealofthemind.com

The British Council/BFI film project Time/Image is atwww.timeimage.org.uk

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Personal Transport: Jessica Hatcher Interviews Emerson Roberts, Sales & Marketing Director of Brompton Bicycle

Why do you think Brompton Bicycle has been so successful? How can we foster innovation in business today?

I think the best thing about our approach has been our refusal to over-promise. This We need to make roles in industry more attractive than they are. It’s noticeable how goes back years. We’ve always had a low-key, diffident approach. We had this great many talented scientists over the last 20 years have been lured away by the City. Until product which speaks for itself, but the consumer picks it up as a commuting solution that is redressed we will continue to lose a lot of the most talented people, people who Emerson Roberts and then discovers in the weeks that follow all sorts of ways in which it can be used; might otherwise have been able to contribute to a more constructive pursuit than things they didn’t think about and things that we don’t shout about. What we’ve got moving money around. This is part of the wider problem I’ve already touched on, with most of our consumers is an ongoing love affair – the more they use it, the more of placing too much emphasis on the financial service sector. Here there hasn’t been they appreciate it. It serves us very well in the long run because it feeds into word of anything like the support, either politically or financially, from central government for mouth, which is the best basis for any brand’s ongoing success. Even though we’re now small to medium-sized enterprises, in the way that Germany supports its Mittelstand, the largest bike manufacturer in the UK, we’re still seen as quite left-field. We don’t do for instance. And fundamentally, the only way we can carry on as a Western a lot of promotional advertising. But we’re very visible on the streets. People like that. developed economy in a global market is by putting innovation front and centre of Consumers enjoy finding things out for themselves. what we do.

Looking back to why we became successful in the first place, it’s about the product. What does the future hold for personal transport? It’s made by hand and by passionate people who care about detail. It all goes back to Andrew [Ritchie] and the design. If you look at the drawings he’s done, it’s been Personal transport is the tag-line I adopted a few years ago, to position the Brompton constantly worked on over the last 25 years; it’s forever being tweaked, fractions of a Bicycle between public transport and private transport, the car, the idea being you millimetre here or there. We’ve tried to make it as perfect as possible. can jump between the two and take it with you. I don’t see how the current approach in the UK is going to be successful in the long term. Distances are not huge; we’re a Is business enterprise alive in Britain today? small nation. Most of the travel we do is just a couple of miles, and in most cases it “What we’ve got is still done by car. That’s not sustainable, not just from an environmental point of “The only way we can Yes, particularly in manufacturing. The end of 2010 was a bad quarter in terms view (although electric vehicles are becoming ever more common), but because of with most of our of GDP, and it was noticeable that the only success story was the strength of congestion. carry on as a Western consumers is an manufacturing; those companies making things and exporting them to the world. developed economy ongoing love affair As more and more people take to cycling, more and more people follow. There’s a in a global market is It’s telling that Nick Clegg and Vince Cable came here to launch their manufacturing tipping point of sorts that has been reached. The more cyclists you see, the more - the more they use review. They realise the economy has been skewed for too long towards the service you want to become a cyclist yourself; the less concerned you are about safety. It is by putting innovation it, the more they sector, in particular banking. Governments have become too accustomed to those tax interesting that cyclists have doubled in London over the last 5 years, yet the number front and centre of revenues. Manufacturing is something we’re still good at, but increasingly a lot of the of accidents involving cyclists if anything has fallen. Other road users are now much appreciate it.” value in our products is being lost overseas because we’re outsourcing manufacturing. more aware. what we do.” And now those countries like China are the ones innovating and taking more of the value. The phones coming out of China and Taiwan are every bit as good in terms of innovation as the stuff we send there just to be put together. I think the coalition has Emerson Roberts is Brompton Bicycle’s Sales and Marketing Director. recognised that and will keep a handle on it.

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Defining a Good Idea Women and Enterprise by Michael Bennett by Lynne Franks

What is Enterprise? The Oxford dictionary defines it as “disposition to engage in Forty years ago when I started my first business at my kitchen table, I never thought undertakings of difficulty, risk or danger”. of myself as a business pioneer – or even an entrepreneur. I had grown up in a North London Jewish family who, like many of immigrant descent, found it easier to work In modern parlance we tend to define it as “using initiative, acting boldly and for ourselves than be employed by others. Like all good Jewish girls of the age, I did decisively, and thinking outside the box”. my shorthand-typing course after leaving school at sixteen, then after a few years as a secretary and then as a young journalist, I decided to start my own PR agency. In my view it is probably an amalgam of both definitions, with the caveat that sound planning minimizes the risks. Who knew what drove our generation of young women – and men in the early Michael Bennett seventies, such as Philip Green, Richard Branson and Richard Caring – who decided to Lynne Franks The trading of goods and services was established by the earliest humans, and the be their own bosses, working incredibly hard to build businesses? Clearly many of the principles of their enterprise has not really changed over the centuries. What have men of my generation have been enormous successes and are now some of the richest changed, however, are the tools available to us today to plan and build our enterprises, entrepreneurs in the country. While the women? We are still working hard, believing in and along with them has come the need for rapid change to stay ahead in the game. what we are doing, yet most of us are not remotely as rich as our male contemporaries.

A great entrepreneur once asked me if I could build a boat without a set of blueprints, I have spent the last twelve years working with women entrepreneurs through my SEED to which I gave the obvious answer, “no”. He then went on to say to me, “You’ll never training programmes and books. And now through B.Hive – the women’s business build a business without a set of blueprints,” as I had been promoting my ideas for the centres I recently opened with Regus, itself founded by mega-entrepreneur Mark Dixon growth of a company relying only on the vision in my head. – it is clear that opening a business or indeed being self-employed is the career of choice for hundreds of thousands of women. And of course many of the forty-something There are many great ideas out there, but bringing them to fruition is the great trick. women entrepreneurs are huge successes. Familiar names like Karen Brady, Nathalie A great idea is a good start, but this must be followed by a business plan which, Massenet of Net-A-Porter, Tamara Mellon of Jimmy Choo and Cath Kidson have all among other things, assesses the level of finance required and then in turn secures made millions out of their businesses and have become icons of the age. But there are that finance. In the early stages, the founder has to be single-minded about his or thousands more of all ages who actually like being the S of SMEs and who consider “There are many her enterprise, and if s/he has a partner, make sure the partner buys into the social success to be based on a broader view than purely money in the bank. “For many women great ideas out there, consequences of that single-mindedness. entrepreneurs, For many women entrepreneurs, running a business has to be in balance with bringing but bringing them to How does one define a good idea? Well, it must be an idea that provides a) goods up a family – or even spending time with grandchildren – as well as contributing back running a business fruition is the great or services not presently available for which a demand can be created, or b) existing to community and creating products and services which in themselves are ethical. The has to be in balance t r i c k .” services more cheaply or efficiently. Quite often the visionary with the good idea may technology revolution – social networking, sending emails on your blackberry while with bringing up a not be the person with the skill to administrate the company, and they may have to running your child’s bath and networking with like-minded businesswomen at B.Hive consider bringing in a commercial partner/shareholder. and women’s networks generally – has given opportunities to a new kind of woman f a m i l y.” entrepreneur. And these women are now creating critical mass all over the world, from Although we live in challenging times, in my view it is a time of great opportunity, in African villages to the big cities of Europe. The feminine way of doing business has, I am that existing enterprises are understandably being cautious, so that helps clear the way delighted to say, truly started to bloom. for brave new entrepreneurs.

Lynne Franks ran her highly successful consumer PR agency for twenty years. Michael Bennett is a renowned retail industry entrepreneur. He is joint chairman of She now supports women in business: Long Tall Sally and Kookai UK with his brother Maurice. www.lynnefranks.com www.seednetworkingforwomen.com www.bhive.co

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Enterprising Worlds

ei Interviews Charlie Mayfield, Chairman of the John Lewis Partnership How has the John Lewis Partnership had to adapt its staff ownership ‘social enterprise’ model since John Spedan Lewis initiated the idea eighty years ago?

The basic constitution set up by John Spedan Lewis in 1928 is incredibly resilient Do large organisations have to be enterprising? and relevant to the business today, but of course we have had to change some things because eighty years ago there were 500 Partners and now there are 76,500 of them. In a small business there is the struggle to survive, stimulating enterprise on an urgent When it was smaller, communication could be much more informal, but now we have daily basis. In a large, well-established organization,there is often a kind of inertia to work much harder to make sure that everyone knows what is happening and that and complacency, which can get in the way of fleet-footed change. In a small business we stay open, fair and transparent. the level of impact from a fresh way of doing things is immediate, whereas in a large business it can sometimes be a slow and painful process to actually see ideas come to The same goes for getting the culture of the John Lewis Partnership across. We can’t Charlie Mayfield fruition. That’s why in a large business it is so important to foster ambition and drive. just expect people to know when they start working here, so we are really careful that If a large company is to strengthen, it must encourage a culture of enterprise, and managers are trained to get the message across. It is not just about Partners’ rights but this will then fuel and energise the whole company. A large business also has a real also about the ethos of giving in order to get. opportunity to ‘scale up’ enterprising ideas because of greater resources. Do you think the John Lewis model could be rolled out to other UK businesses? Why do you think the John Lewis Partnership has managed to thrive? There are quite a few organizations that are wholly or substantially owned by Both John Lewis and Waitrose are long-term businesses, and the way we have got employees. Successful employee-owned companies based in the UK include the through short-term difficulties is to stick to our investment plans. The difficult engineering firm Arup, the logistics group Unipart, and many others. What has economic climate provided a stimulus to push ahead and invest in stores in new areas happened to the economy recently should mean that we all take a look at these and in our multi-channel strategy. alternative business structures which move away from short-term, quick-fix “Our priority will remedies. Most people regard the PLC model as the answer, but businesses tend to “I want the British to We have a wider set of goals that go well beyond profit. If we tried just to maximise thrive and grow in the long term when the people involved on a day-to-day basis feel always be in the UK, our short-term profit we would certainly under-deliver for our Partners and on they have a real stake in their future and where there is a rich stream of information stop being so self- but expanding into customer experience. Everyone who works at the John Lewis Partnership is a Partner on how the company is doing. depreciating and the overseas online and so our long-term view includes increasing levels of capability as well as investing. celebrate what an Rather than shipping people in from outside to bring about our long-term plans we Do you feel that Britain is still an enterprising nation? market in a couple equip our Partners with the skills to operate in different areas of the business. This enterprising nation of months’ time is a means that everyone has the knowledge of how the Partnership is growing and how Yes, I do. I think that too many people lament the decline of certain parts of the we are.” to implement these changes. This confidence and knowledge is then passed on to our economy and don’t celebrate what is still innovative and original. I want the British to good way of learning customer experience both in stores and online. stop being so self-depreciating and celebrate what an enterprising nation we are. on the spot.” What is the thinking behind your plans to expand into the overseas online market? Charlie Mayfield is the Chairman of the John Lewis Partnership. Our business has been growing steadily for a long time, so it is not a sudden thing for us to be moving into the international market. Many UK retailers have moved into the international market and we realise that it is not an easy path. Our priority will always be in the UK, but expanding into the overseas online market in a couple of months’ time is a good way of learning on the spot about how to trade successfully in other countries and cultures.

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Innovation, Enterprise and Talented Workers are Women: Enterprise and a Connected World the Keys to Rebuilding UK Economic Prospects by Gita Patel by Ian Powell We are lucky to be living in a time when innovation has helped create paradigm shifts which have benefited women hugely, especially the mobile phone and the Web. One of the best parts of my job is meeting other business leaders and entrepreneurs

to talk about their views on the business outlook and their plans to grow their own The mobile phone has superseded expensive landline infrastructures and has been a businesses. As you might imagine, the implications of the worst recession for a phenomenal force in connecting women and opening access to services like healthcare generation has dominated many of these conversations in the past couple of years. But advice. It has been instrumental for business and banking, for improving social welfare over the past few months I have seen more cautious optimism. and creating environments where women feel safer. Equally, it is the medium that has revolutionised the ability to report events as they happen, whether they occur in rural Each year PwC surveys over 1,200 CEOs from businesses around the world, including Ian Powell districts or hard-to-reach places. Women in media have an edge here, as they can report Gita Patel more than a hundred here in the UK. This year’s results make interesting reading. UK on gender-sensitive and gender-related issues and maximize social impact through CEOs told us that demand in many traditional export markets has weakened, and their understanding of common concerns and their outreach to under-represented with little sign of immediate recovery, they need to be braver and focus on specific communities. new international markets to compete in the global environment. The fact that our

exports to the whole BRIC group of countries are roughly the same as those to Ireland The challenge is to ensure that many more women, especially in the emerging economies, is clearly no longer a sustainable equation. have access to mobile phones at affordable prices, and this is an issue that should be addressed urgently (through development agencies and community media initiatives). UK CEOs, unlike their counterparts in many developing countries, do not anticipate It is worth noting that women reporters – once they have been given a platform in any the luxury of strengthening domestic demand to underpin their growth, and as a form of media – are not afraid to address tough issues, from corruption to human rights, consequence they are prepared to look further afield, and beyond traditional export as they break down barriers and facilitate dialogue. markets, to compete.

The internet has also been a huge liberating force that has benefited the advancement of Some 20% of UK CEOs we talked to identified new geographic markets as the women. It has created level playing fields – it does not discriminate by gender, race, social main opportunity to grow their business over the next 12 months, up from 14% the status, culture or tradition. Geographical boundaries and time zones do not matter – it previous year. There is also a marked new commitment to invest in developing new “The fact that our is open 24/7 to connect, communicate and trade. The role of the media has been critical “Microfinance was products and services to sell to these new markets. exports to the whole in achieving transformational change, working alongside the internet’s improved access the news of the last to information, from providing learning tools to creating supportive networks. This has However, there are some clouds on the horizon. UK CEOs are more concerned BRIC group of given more women an equal opportunity to participate and contribute to topics they are decade. This decade with increasing tax burdens than most other major European countries. UK CEOs countries are roughly passionate about, resulting in social, political and economic change. must be about consistently tell me that the stability of the financial system and affordability of capital the same as those to should remain key priorities for government. empowering women The role of the media is set to expand massively beyond the field of development as it Ireland is clearly no services the growing needs of a newer economy, the ‘female economy’, and responds to build bigger The message I take away from the survey, which is backed by the numerous meetings to opportunities created by women setting up their own businesses and gaining access longer a sustainable and conversations I’m having with UK CEOs, is that the prospects in the UK are businesses and global to global markets. This goes hand-in-hand with the growth of the internet, especially equation.” looking up, but that to take advantage of them we’ll have to look further afield and be b r a n d s .” in the social media space. Microfinance was the news of the last decade. This decade more ambitious than ever before. must be about empowering women, including those in developed economies, to build bigger businesses and global brands by addressing ‘the missing middle’ through angel investment and venture funding. Ian Powell is the Chairman and Senior Partner of the UK firm of PricewaterhouseCoopers LLP. Gita Patel is a co-founder of Stargate Investment management group and a fund manager of Stargate’s Trapezia EIS Fund. www.trapeziacapital.co.uk

28 www.commentconference.com 29 Enterprising Worlds The Power of the Enterprise Economy Biographies

Biographies

Social Enterprise – An Unhelpful Fad? Lord Adonis is a British academic, journalist, Labour Democrat Shadow Chancellor from November 2003 politician and life peer. until May 2010 and was Deputy Leader of the Liberal by Giles Gibbons Lord Adonis was the Secretary of State for Transport Democrats until May 2010. He founded and, until from 2009-2010. He was first appointed to the Labour recently, chaired the All Party Parliamentary Group Government following the 2005 general election, on Victims of Crime. He has published several books Social enterprises are definitely the flavour of the month. And it might seem as a Parliamentary Under Secretary of State in the and reports on international economics, trade and strange not to like them. Take what’s best about business and apply it to a social or Department for Children, Schools and Families. environmental issues. environmental purpose. Reinvest a large chunk of profits back into the business. Make decisions based on what will best serve the purpose rather than what will best serve Nick Badman is Chair of the Peter Cullum Centre for John Denham MP is the Shadow Secretary of State for shareholders’ pockets. It all sounds great. Entrepreneurship at Cass Business School. Business, Innovation and Skills. After early practice as a corporate lawyer with Clifford John Denham was first elected as Member of Parliament And indeed it is great. But we don’t need a special vehicle called a social enterprise to Chance, Nick joined venture capital and private equity for Southampton, Itchen in 1992. In 2003, he resigned do it. Any and all businesses, in all sectors, can and should and do create social and group 3i. Nick combines his new role at Cass with from his post at the Home Office in protest of the Iraq Giles Gibbons environmental value. Take Unilever. Hardly anyone’s idea of a ‘social enterprise’. Yet practice as a Chairman, Director, investor and advisor to war. John returned to government in Gordon Brown’s first its mission is: “We aim to provide people the world over with products that are good growth businesses, with a particular focus on the service cabinet as Secretary of State for Innovation, Universities for them and good for others”. Like most businesses, it invests to generate long-term sectors. and Skills. In June 2009, John became Secretary of State growth. And it is so clear that its shareholders’ interests shouldn’t trump those of for Communities and Local Government, where he other stakeholders that it has recently stopped issuing a quarterly earning guidance to Michael Bennett is joint Chair of Long Tall Sally and remained until Labour left office in May 2010. the stock market. Kookai UK. Michael and his brother Maurice are renowned retail Lynne Franks is the founder of SEED – Sustainable As CEO Paul Polman said in an interview with that most business-like of publications industry entrepreneurs with a career spanning more Enterprise and Empowerment Dynamics – a provider of the Financial Times: “I do not work for the shareholder, to be honest; I work for the than 50 years. They founded and developed a number women’s learning and coaching programmes. consumer, the customer. I discovered a long time ago that if I focus on doing the right of highly successful fashion retail chains, including Lynne Franks ran her consumer PR agency for twenty thing for the long term to improve the lives of consumers and customers all over the Warehouse, Oasis, Coast, and Phase Eight. years. After selling her business at the end of the eighties, world, the business results will come…” she chaired Viva Women’s Radio; put on What Women Alain de Botton is a writer and philosopher. Want, a celebration of all aspects of modern women’s lives And there are countless other examples from the very mainstream business world. Alain is a writer of essayistic books that have been at the South Bank; and moved to California where she ran Take PepsiCo, which is committed to ‘Performance with Purpose’, which means described as a “philosophy of everyday life”. His books her US marketing business Globalfusion and wrote The “The ‘social’ element delivering sustainable growth by investing in a healthier future for people and our have been bestsellers in 30 countries. Alain also started SEED Handbook: The Feminine Way to Create Business. planet. Or Google, which exists “to organize the world’s information and make it of the regular and helps to run a school in London called The School of universally accessible and useful.” enterprise is definitely Life. His latest book is titled The Pleasures and Sorrows of Scott Fulton is a Director and Head of Corporate Work. Communications at Smithfield Consultants. rising up the agenda.” In fact, one of the most notable developments in the corporate world in recent times Scott was an investment analyst for 13 years, working has been the growing emphasis on social and environmental impacts. Of course Martin Bright is the Founder and Chief Executive of New for banks such as Merrill Lynch, Credit Suisse and there’s more to be done; it’s not as though every business out there is trying to change Deal of the Mind. ABN Amro. He has worked at a number of leading the world for good. But the ‘social’ element of the regular enterprise is definitely rising Martin is the former Political Editor of the New communications agencies and set up his own up the agenda. Statesman. His idea for a New Deal of the Mind consultancy. He joined Smithfield from Just Retirement, organisation has captured the imagination of the cultural where he managed the company’s sale to Avalon So it seems at best ironic, and at worst dangerous, to suddenly introduce the idea of world. Since March he has been working closely with Acquisitions Limited, a vehicle backed by Permira. social enterprises to the mix. Why cordon off a small niche of the business world for ministers, officials and arts organisations to deliver jobs in social progress? Surely it’s for everyone. the creative industries. Giles Gibbons is a founding partner and the CEO of Good Business. Dr Vince Cable is MP for Twickenham and Secretary of He managed domestic and international marketing Giles Gibbons is the CEO of Good Business. www.goodbusiness.co.uk State for Business, Innovation and Skills. campaigns at Saatchi & Saatchi before starting Good First elected to Parliament in 1997, he joined the Business in 1997 with Steve Hilton. Since then, Good Liberal Democrat Shadow Cabinet in October 1999 as Business has advised L’Oreal, McDonald’s, The Coca-Cola Spokesman on Trade and Industry. He was the Liberal Company and Orange.

30 www.commentconference.com 31 Biographies The Power of the Enterprise Economy

Biographies

Julia Hobsbawm is the Chair and CEO of Gita Patel is a co-founder of Stargate Investment and a Editorial Intelligence. fund manager of Stargate’s Trapezia EIS Fund. Julia Hobsbawm is the only UK media business CEO An active business angel, Gita has held senior positions on the World Economic Forum’s Global Council on at NatWest, Arthur Andersen and Gulf Oil before Informed Societies 2010-2011. She is a communications co-founding Stargate. Gita has employed her City expert and entrepreneur who has successfully pioneered background to create a business environment in which a new kind of media business which puts networking, entrepreneurship can flourish. She is seen as an expert publishing and events at its heart. leading change in the women’s market and is frequently approached by decision-makers for her insights. John Kiely is the Managing Director of Smithfield Consultants. Jules Peck is Chairman of the Edelman Sustainability John has worked in the financial communications and Citizenship Group. industry for over 18 years. Prior to co-founding Jules is also a Founding Partner at strategy and Smithfield he was a Director of Bell Pottinger innovation consultancy Abundancy Partners, a Trustee Financial. He has extensive M&A experience and crisis of nef (new economics foundation), an adviser to The management expertise and has a particularly deep Green Thing, outgoing Chair of the Bulmer Foundation understanding of the financial services, transport and and a Fellow of the think tank ResPublica. Jules’ special consumer industries sectors. interest is the updating of capitalism and the business implications of wellbeing economics. John Maltby is the Managing Director of Lloyds TSB Commercial. Nina Planck is the founder of London Farmers’ Markets. John is responsible for developing the successful A farmer’s daughter, food writer, farmers’ market commercial finance and SME banking divisions as key entrepreneur, local foodist and advocate for traditional areas of growth for the Group. John joined the Lloyds foods, she is the author of The Farmers’ Market TSB Group from Kensington Group Plc where he Cookbook, Real Food: What to Eat and Why, and Real served as Group Chief Executive. John was responsible Food for Mother and Baby. for developing and executing the growth strategy that saw the Kensington business double in value. Ian Powell is the Chairman and Senior Partner of the UK firm of PwC. Charlie Mayfield is the Chairman of the He joined the UK firm’s Management Board in 2006 John Lewis Partnership. as Head of the Advisory Business and was elected He joined the Partnership in 2000 as Head of Business Chairman and Senior Partner with effect from 1 July Development for both John Lewis and Waitrose. Charlie 2008. Ian joined the UK firm as a graduate trainee in joined the Board as Development Director in 2001 and 1977 and is a qualified chartered accountant (ICAEW). was responsible for developing the Partnership’s online New Deal of the Mind strategy. He became Managing Director of John Lewis Emerson Roberts is Brompton Bicycle’s Sales and in January 2005 prior to taking up his appointment as Marketing Director. Chairman of the Partnership in March 2007. Emerson joined Brompton Bicycle in 2006. He is a is a coalition of artists, entrepreneurs and opinion-formers who qualified barrister, has an MBA from London Business David Mullin is the Investment In Innovation Manager School and worked as a consultant for KPMG before recognise the economic, social and cultural value of at BAE Systems. joining Brompton. He has been instrumental in driving Dave has worked for BAE Systems since 2001 in numerous awareness and sales of the Brompton brand across the Britain’s creative talent. roles within the National Security and Resilience teams globe and has opened up numerous overseas markets, and the corporate research centre. He has managed most recently in Brazil, Argentina and Chile. Investment In Innovation since the summer of 2008. Dave is also a non-executive director of SITC, the Security Innovation & Technology Consortium. www.thecreativesociety.co.uk www.thecreativesociety.co.uk www.thecreativesociety.co.uk

32 -

This collection of short essays and interviews has been written to complement www.commmentconference.com - and add to Editorial Intelligence’s Comment Conference on Enterprise, April - 2011. We have brought together leading politicians, business people from large Includes essays from Charlie Mayfield, Dr Vince Cable MP, Alain de Botton, Lynne Franks, - organisations to SMEs, as well as leading thinkers and opinion-formers, to discuss Lord Adonis, Julia Hobsbawm and John Denham MP - four major topics around enterprise: The Business of Enterprise, Enterprising Trends, Enterprise is Personal and Enterprising Worlds. Although we have received some - very different responses, from the personal story of farmers’ market founder Nina - Planck through to the encouraging promise of support for SMEs from Dr Vince Cable - MP, the overall message from our contributors is that support for enterprise and - entrepreneurial individuals is at the very heart of sustainable economic growth. -

Publication Partner: The Power of the Enterprise Economy

Comments on the potential of the enterprise economy, in association with Editorial Intelligence’s Comment Conference, Spring 2011

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