Innovation, International Trade and Economic Recovery
/As the Secretariat for the APPG for Entrepreneurship, The Entrepreneurs Network is hosting a series of webinars to bring Parliamentarians and leading business owners together to explore what the future holds for start-ups and scale-ups post-COVID-19.
In our latest APPG for Entrepreneurship session on Innovation, International Trade and Economic Recovery, we heard from parliamentarians and expert speakers on how the start-up community will use new technology and innovation to move forward post lockdown and the opportunities for start-ups looking to export after coronavirus.
We heard from Katherine Fletcher, MP for South Ribble and Andrew Griffith, MP for Arundel & South Downs and former Chief Business Adviser to the Prime Minister. To give an entrepreneurs perspective, Chris Hulatt, co-founder of Octopus and Adviser to The Entrepreneurs Network, joined us.
Here are some of the most thought-provoking insights from the session. You can view this on our YouTube channel.
Highlights & Insights from our Speakers
Katherine Fletcher MP spoke about how the UK can increase the pipeline of businesses adding significant revenues to their business through exports. She suggested that sole traders and SMEs should take advantage of platforms like Etsy which are available to help business owners get their products online, without the huge cost of an IT department.
“The tools that the modern revolution has provided us with, especially in the last five years, allow us to have global access to products with a good front end”
She concluded with a modernised take on Napoleon's depiction of the UK, as a nation of shopkeepers.
“What the Internet and the improved integration of online tools allows us to do is to be a global nation of shopkeepers”
Chris Hulatt spoke about how the coronavirus pandemic has impacted the environment for start-up companies in the UK:
“Consumer and corporate behaviour has changed for good. We have had many years of evolution in the space of ten weeks and I think that is creating opportunities for entrepreneurs to play their part in reshaping the economy”
He suggested that the crisis has accelerated opportunities for entrepreneurs who tend to be more flexible and adaptable:
“Entrepreneurs can move quickly, they can come up with solutions, they can spot opportunities and they can evolve their business models. That nimbleness is going to be so powerful”
He proposed that the Government should rally behind entrepreneurs with policies that support them in order to create more jobs and tackle unemployment:
“At a time when most large companies are going to be focused on cutting costs, it is the high-growth small businesses that we should look to for economic growth”
Andrew Griffith MP spoke about the opportunity that has come from the accelerated adoption of new technology and remote working practices:
“The UK economy needs innovators more than it has ever needed them before. We have already seen more changes in some sectors in six to eight weeks, then you would normally expect to have happened over a couple of years”
He suggested that the coronavirus pandemic has created an opportunity to unlock new markets that were not previously available to the UK:
“Almost alone, we have the opportunity to reset our trading opportunities with the world”
Questions & Recommendations
During the Q&A session, we touched on a range of key issues.
One attendee asked about how we can keep regional partnerships open after Brexit and post-lockdown.
In response Katherine Fletcher MP suggested that the Government is planning on keeping the UK open for business and continuing to trade with its neighbours.
Chris Hulatt added that the UK should be open to expand into other markets, like Asia.
A question was raised about how the UK can attract innovators, entrepreneurs and capital, specifically from Hong Kong.
Andrew Griffith MP suggested that the Government should be both clear in its messages, that talent is welcome to the UK and should be unabashed when speaking about the talent that the UK has.
In response Chris Hulatt suggested that the UK should talk more about the qualities that attract entrepreneurs to the UK.
Katherine Fletcher MP observed when speaking about the UK, we shouldn’t just be focused on London.
“The world is starting to realise that we are four different nations and we do have genuinely different opportunities for international entrepreneurs”
One person asked about when the UK can expect for lockdown restrictions to be lifted, so that individuals can attend events in other countries.
In response Katherine Fletcher MP suggested that guarantees couldn’t be given with regards to international travel. However, she stressed that opening the UK’s borders is important to its economic recovery.
An observation was made about the social distancing rules and how they affect smaller offices and restaurants. The question raised was whether the Government would consider implementing a one metre social distancing rule in London, rather than two metres.
Andrew Griffith MP suggested that there shouldn’t be different approaches taken in different areas.
In response Chris Hulatt suggested that in the future, employers will be more flexible and allow more of their employees to work from home.
“The whole mentality around location is going to be totally different in the future”
A question was raised about what more can be done right now to support small businesses with rapid growth.
Katherine Fletcher MP spoke about how she wants to see the Government assisting UK businesses by being more proactive and creating practical tips to help businesses set up their operations so that they can effectively export their products.
In response Chris Hulatt suggested that it is a good time to be running a business that is flexible and can respond to business needs. He spoke about the growing appetite to work in creative and early stage companies, where individuals feel that they make a difference.
“There will be a deeper pool of talent to hire from”
One person asked what more could be done by the Government to support scaling tech founders in the UK.
Andrew Griffith MP stressed the importance of mentoring. In his view, the Government can do its bit to support tech founders but in practice, most entrepreneurs who have grown and scaled their businesses have benefitted from having a mentor.
A final question was raised about funding to regional areas and what more the Government can do to support businesses in these areas.
Katherine Fletcher MP spoke about how she would like to see the Government take lessons from the coronavirus pandemic and administer funding from digital pots, which aren’t focused on business location.