Inventing our future Collective action for a sustainable economy

What do we
need to change?
Enterprise
51
Priority 1:
Strengthening the region’s enterprise culture
New enterprises contribute to job and wealth creation and help drive
productivity growth and the development and adoption of new
innovations. Entrepreneurship is also a vehicle for economic inclusion
if it occurs within a deprived community or disadvantaged group.
There is a need to create an embedded culture of entrepreneurship
amongst all groups and parts of the region, and to increase leadership
and management capacity for both new and existing enterprises. As well
as improving enterprise performance and the survival and growth rates of
business, this will lead to improved rates of enterprise start-ups,
particularly where there is untapped potential for entrepreneurship such
as amongst women, ethnic minorities, the disabled, in deprived
neighbourhoods and amongst young people.
Priority 2:
Increasing opportunities from international trade, investment and
collaboration
There is a wide range of opportunities in the international economy that
the East of England can compete for and access, and the region is in a
prime geographical position in terms of access to European markets. As well
as continued efforts to capture and retain foreign direct investment and
secure new or expanded export markets, there are opportunities for using
new ideas and innovations from overseas, collaborating with
international partners, or deploying intangible assets internationally such
as skills or intellectual property. The region continues to be an attractive
location in terms of access to European markets. Only a small percentage
of enterprises in the region trade internationally, and support to increase
the level of internationalisation of the economy is warranted.
Priority 3:
Enabling high-growth businesses to realise their potential
The East of England can improve the rate of growth in its enterprises that
have the potential or aspiration to grow. Managing the process of growth
is complex for businesses of any size, but is particularly problematic for
small firms. They may need guidance in understanding regulation, the
practicalities of entering a new export or product market, or developing
appropriate skills. Predicting where the next growth enterprise or
home-grown multi-national corporation will come from is difficult.
Support for growth businesses must necessarily be responsive and
enabling and able to recognise the diversity of the enterprise base.
The region will need to prioritise assistance to businesses with recognised
potential for productivity improvement or growth.
The region must ensure that potential and existing entrepreneurs are
encouraged and nurtured and have the opportunity to develop the
leadership and management potential required to support growth
businesses.