Aston University researchers’ recommendations to boost the UK's ethnic minority businesses are to be adopted by the government.
The Department for Business and Trade has announced it will be using proposals made in the Time to Change report which was produced by the University’s Centre for Research in Ethnic Minority Entrepreneurship (CREME) and NatWest Group.
The report identifies key barriers faced by these businesses including access to finance, markets, and professional support. The researchers have calculated that if these problems are addressed the UK economy would be boosted by an additional £75 billion Gross Value Added or GVA – the economic measure representing the value of goods and services produced by any economic unit, industry, or region. It highlights 10 evidence-based recommendations to drive inclusion in policy, finance and business support. CREME’s research which provided the evidence was supported by investment and collaboration from NatWest.
The study, which was published in 2022, will be incorporated in ‘Backing your business’, the government’s new plan for small and medium-sized businesses which sets out the long-term direction support for smaller firms. Improvements will include a business growth service designed with ethnic minority businesses in mind and involving trusted community organisations in decisions.
Professor of small business at Aston Business School and director of CREME, Monder Ram OBE, said:
“We’re delighted that the Department for Business and Trade has committed to being an implementation partner for the time to change report and will be working alongside us to embed its recommendations within the department and across the wider business support ecosystem."
“The UK government’s new Backing your business strategy represents a pivotal moment in the inclusive entrepreneurship agenda in this country. Our recommendations - backed by rigorous research - are now formally embedded within national policy, signalling a shift from advocacy to commitment.”
The government will be running a series of regional SME summits and roadshows to allow ethnic minority businesses to give their opinions and feedback to help shape its strategies.
Professor Ram added: “At CREME our mission is to translate research into policy and practice. For years we have advocated that inclusive entrepreneurship requires systemic integration, not retrofitting. This strategy - including the Department for Business and Trade becoming an official implementation partner - marks just that kind of structural turn.”
Photo left to right:
• Julie Baker, Head of Strategic Partnerships, NatWest
• Sharniya Ferdinand, Strategic Partnership Inclusion Lead, NatWest
• Gurdeep Chima, Centre Manager, CREME Aston University
• Chantel Thompson, Content Marketing & Engagement Manager, CREME Aston University
• Prof Monder Ram OBE, Director, CREME Aston University
• Dr Susan Lanz, Impact Fellow, CREME Aston University
