A new study says that Greater Manchester’s £3.8bn productivity gap could be reduced by removing barriers to innovation, faced by Black and Asian-led businesses.
The Breaking Barriers to Growth report was carried out by The Black United Representation Network, commission by GM Business Growth Hub.
It features insights from 20 Ethnic Minority Businesses (EMB) along with recommendations.
In the report, it states that despite steps forward, the “stark reality” is that a fraction of EMBs are tapping into available resources, and securing investments.
“For 30 years, The Growth Company and GM Business Growth Hub have been dedicated to supporting innovative businesses in Greater Manchester,” said Donna Edwards, Managing Director of Business Support and Business Finance at GC.
“We know that despite our efforts, we are only engaging with a fraction of the innovation-led EMBs that we could and should support. That is why this study and paper were commissioned – to ensure that the voices of the ethnic minority business community were clearly heard. We are thankful to all involved and remain committed to working with the Black United Representation Network and others to drive positive change.
“The barriers faced by EMB owners underscore the urgent need for targeted interventions to create an inclusive and supportive environment for ethnic minority businesses in the region. We hope these findings inspire a stronger, equitable local economy where everyone can thrive.”
Among the key recommendations are:
- the adoption of sustainable, customised business support delivered by diverse providers;
- the creation of a Diverse Founders Network;
- the establishment of a new Diverse Founders Investment Fund;
- bespoke bid writing support for minority owned businesses;
- mandatory reporting of ethnicity across the business support ecosystem to provide the evidence base for targeted funding.
“Nearly 30 per cent of Greater Manchester is of a diverse population. My experience of innovation networks does not near represent that of the region. Greater EMB representation at board level for Growth Hub, innovation and grant boards would help to shift the dial,” explained Azhar Quaiyoom, Q Sustain founder.
Olu Alemoru, founder of Nutmeg Animations added:
“Short of a magic wand, I would like to see a seismic change in attitudes amongst those key stakeholders. There are good ideas and talent out there just waiting for those opportunities.”
Dr Marilyn Comrie OBE [pictured], the founding member of BURN and report co-author, said:
“We hope this study will be the catalyst for impactful change. Inequalities in accessing and benefitting from business support services in Greater Manchester currently exist, particularly for innovative EMBs. Yet while successive attempts to modernise service delivery and improve the diversity of businesses accessing this support have been made, the same problems recur.
“Understanding the specific barriers that EMBs face is the crucial first step in creating solutions that can overcome long-standing racial inequities. This report shines a light on the tangible changes that are needed for Greater Manchester to fulfil its aspirations of becoming an integrated, innovation-led economy where all businesses can thrive.”
