Mentoring, innovation, and the drive to unlock the potential of women leaders in Yorkshire

To help identify what more needs to be done to help nurture women-founded businesses and build on the innovation already taking place across the region, business leaders spoke candidly with the Mayor of West Yorkshire, Tracy Brabin, and other regional stakeholders at a roundtable hosted by Lloyds Bank during the West Yorkshire Innovation Festival.

The roundtable followed research commissioned by Lloyds Bank which explored the issues impacting women-owned businesses across the North: Women Entrepreneurs: the Northern Perspective.

Chaired by Nancy Fielder, Editor-in-chief of National World, the specialist panel included:

- Tracy Brabin, Mayor of West Yorkshire

- Catherine Rutter, Lloyds Banking Group’s Ambassador for Yorkshire and the Humber

- Natalie Boswell, Regional Development Director for the North East at Lloyds Banking Group

- Natalie Allen, Leeds Beckett University, Head of Business Partnership

- Louise O’Brien, Greyhound Box, Managing Director

- Ali Gordon, Eat Out Round About, CEO

- Dr Sophie Dale-Black, British Business Bank, UK Network Director for the Midlands and the North of England

- Olga Watterich, CBI, Associate Regional Director, Yorkshire and Humber

- Sheena McDermott, Be the Business, Head of Leadership and Management Programmes

Supporting innovation

Opening the discussion, Mayor Tracy Brabin said: “We know that investments in women start-ups are not where they should be. It's really important that we collectively stand together to make the argument that this isn't just a 50% of the population conversation. This is about [everyone working together to give] opportunities to women who want to set up their own businesses.”

She continued, highlighting the importance of supporting innovation within businesses: “[These] companies survive longer, they survive economic shocks, and they bring new ideas that bring new investment. That’s why we’ve launched the West Yorkshire Business Accelerator Fund worth £22m, so we can offer women entrepreneurs a front door where they can come and get advice, guidance, and mentoring, and also connect with other businesses.”

Ali Gordon brought this point to life, explaining how she had to rethink her entire business model when the pandemic hit: “Access to digital programmes is invaluable. I think my journey could have been sped up with the right advice; I had a great prototype but no money to get it into the market. It was a struggle but when I got support from Innovate UK, it was a lifeline – having that support in place earlier would have made everything much easier.”

Catherine Rutter discussed how Lloyds is supporting innovation through the development of companies’ digital resources: “We’re doing a lot of work to support women who have innovative ideas but aren’t quite sure on the next steps. For example, we deliver amazing packages through our Lloyds Bank Academy, and we also partner with Google and Microsoft to get small businesses off the ground.”

Mentoring counts

The were in agreement that mentoring and encouragment is one of the best ways to support women-owned businesses, while real-life examples of innovation can help entrepreneurs take their idea and turn it into a real opportunity.

Natalie Allen helps businesses identify their needs and how they can have a successful future. She said “Embedding support like role models, mentors or peer-to-peer networks is crucial. To go into a room and ask for another woman’s help, or feel that their idea is valued, can make a huge difference to their career path. That’s where support like the ESF funded #WECAN project led by Leeds Beckett can help.”

“If you can create an environment where there are role models including a mixture of business owners, mentors, academics and people in finance, we will influence change from the earliest opportunity”, agreed Louise O’Brien.

“Having successful businesses speaking to each other is crucial and can create a real sense of community”, explained Natalie Boswell. “It also allows ideas and experiences to be shared that could give someone the confidence they may need to pursue their own entrepreneurial career.”

Mayor Tracy Brabin summed it up: “We need to work together and empower women to have skills to be able to earn those really great jobs that are well paid, that can put money back in their pockets.”

Inspiring women entrepreneurs of the future

Sheena McDermott said: “We need to let young people know that entrepreneurship is an option. If role models can support others, we can create a culture that will support women in achieving their career ambitions.”

“I also think starting with earlier education is the only way we will see real change”, said Dr Sophie Dale-Black. “By encouraging creative and critical thinking from an early age, we can teach younger people not to feel boxed in and allow them to explore their ambitions.”

So what’s next?

Olga Watterich highlighted one stumbling block: “It's so overwhelming [to know where to look for support]. When you’re a busy entrepreneur, finding the time to be able to do that digging around and find the right place with the right information is challenging.”

As part of Lloyds Bank’s mission to help women-owned businesses, any advice its team shares is always grounded in an understanding of that organisation and bespoke to its leader, whatever their circumstance or situation. The bank is committed to increasing the diversity of its own team, so business owners can speak to someone who understands the barriers and the struggles they face.

Catherine Rutter concluded: “Supporting women in Yorkshire and the Humber is about understanding opportunity. By drawing together our knowledge and sharing expertise with peers, we can champion our region’s entrepreneurs.

“Yorkshire and the Humber is a great place to live and work and we’ll continue to be at the side of businesses and support women, their ideas of innovation and work together to help the region thrive for years to come.”

For further information

Read the full report here.