Inventing our future Collective action for a sustainable economy

What do we
need to change?
Enterprise
For information on sources of data
used within the Enterprise goal,
please, see the evidence base, part 2
section 3 and statistical annex
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3.1 Enterprise
Improving business performance and
a stronger culture of entrepreneurship
Improving the performance of the region’s enterprises and encouraging
more people to start an enterprise can contribute significantly to economic
growth, productivity and job creation. New enterprises and increased
market competition can also help to stimulate the adoption and
development of innovations. Enterprises can increase their performance
by taking advantage of opportunities in the international economy.
A number of enterprises also have the ambition and prospects to realise
high growth. These enterprises will become some of the major innovators
and employers of the future. Responding to their needs, and assisting
growth potential in these enterprises, will also sustain and help improve
the region’s economic performance. New and growth enterprises can also
inject new wealth and jobs into the economies of areas that are deprived
or that are in need of regeneration.
There are persistent disparities in rates of entrepreneurship according to
ethnic background, disability, age and gender. This represents untapped
potential which, once addressed, will boost the overall rate of
entrepreneurship in the region.
The regional economic strategy seeks to encourage entrepreneurship and
improve leadership and management capacity amongst existing and
potential entrepreneurs. The strategy aims to seek further benefits and
opportunities in the international economy, using the advantage of the
proximity of the region to core European markets. Being responsive to
growth enterprises, and the need to enable improved business
performance, the strategy seeks to improve the accessibility and impact
of business support services.
What will success look like?
• start-up rates increased to 60 per 10,000 resident adults by 2031
(around 12,000 more new businesses created each year than in 2004)
• total entrepreneurship activity rates to 2031 that are:
• higher than in 2008
• above the UK average
• demonstrating female entrepreneurship rates closer to male
rates than in 2008.
• an increase in the share of small and medium-sized enterprises
(SMEs) using external advice
• an increase in the proportion of the region’s SMEs that operate
internationally.