How to help SME owners usher in new era of entrepreneurship: Jane Slimming

The UK has a reputation as one of the top business destinations in the world thanks to its thriving SME ecosystem. However, statistics point to a sobering reality: about 60 per cent of start-ups in the UK fail.

Experience of supporting a diverse range of start-ups suggests that the failure rate could be drastically reduced with some simple measures.

Everyone thrives when they feel that someone has their back and support is there when needed. Its one of the reasons why we launched Zeal Connect, a network of trusted advisers who are thoroughly vetted for their relevant experience in helping entrepreneurs grow their businesses.

Our conversations with entrepreneurs show that they often have fantastic ideas but frequently need help to develop a support network. Its vital to build a community around an idea and a business that will bring individuals together to network and support one another.

There are lots of examples of the value of developing a community and ecosystem to support innovation and entrepreneurship. In the past, Silicon Valley in the US was the unrivalled global epicentre of innovation. In today’s globalised world, the ‘Start-up Zones’ concept can revolutionise how entrepreneurs access resources and support.

Designated areas within cities or regions where start-ups can thrive will aid the development of a symbiotic relationship with established companies, universities, and government bodies. Ideally, these zones would offer tax incentives, streamlined regulatory processes, and co-working spaces designed to foster collaboration.

By concentrating resources and expertise in these zones, we can create hotbeds of innovation, encouraging entrepreneurship on a massive scale.

The approach would enable our region to tap into its unique strengths, propelling start-up success rates to new heights.

Access to capital remains a significant hurdle for many start-ups. While venture capital and angel investors have been the traditional sources, there is room for innovation in this space. There is huge potential to democratise access to funding.

Its vital to reduce geographical barriers to funding, which will allow start-ups to tap into international funding sources and expertise.

Finally, in the evolving landscape of start-ups, entrepreneurship should be recognised as a valuable skill, much like finance or engineering. To encourage a culture of innovation and risk-taking, educational institutions and governments must invest in entrepreneurship programmes from an early age.

Entrepreneurship should be taught as a core subject in schools and universities. It would expose young minds to the principles of business, innovation, and problem-solving, nurturing the next generation of entrepreneurs.

We can promote apprenticeship programmes connecting students with start-ups and experienced entrepreneurs. The practical exposure would help bridge the gap between theory and practice, enabling students to develop essential skills and networks.

We can significantly enhance start-up success rates in the coming years by focusing on ecosystem nurturing, reimagining access to capital, and emphasising entrepreneurship education.

Collectively, we can all play a pivotal role in championing these ideas and inspiring governments, businesses, and educational institutions to embrace change. In doing so, we can usher in a new era of entrepreneurship, fostering innovation and economic growth on an unprecedented scale.

Jane Slimming is the CEO of Zeal, a digital marketing agency in Leeds and founder of Zeal Connect, a start-up support network.