Hidden Innovators Could Swell Great Britain's Economy

Very interesting piece from PublicTechnology.net on how hidden innovators could yield as much as 15 billion sterling pounds to the British economy through their innovations if only they can be plugged into the stream of commerce:

The report, which combined in depth statistical research with qualitative case study analysis, was conducted over a six month period. It examined how we might unlock the barriers and pathways to entrepreneurial innovation in three important groups, recognised for their entrepreneurial potential: - “Olderpreneurs” (those aged over 50) - Black Minority and Ethnic (BME) - People with a disability (including dyslexia).

One of the report’s key findings is that entrepreneurial self-confidence is a critical issue for all the hidden innovator groups and a major barrier in pursuing an entrepreneurial path. However, it also reveals that this self-confidence can be nurtured if there is a culture of entrepreneurship to support it.

Some of the critical steps to creating that culture are:

- Policy makers should be urged to provide equivalent support to the over 50s as they do to younger people

- younger entrepreneurs need investment and support but that should be balanced against support for other parts of the entrepreneurial ecosystem

- Business support services must take diversity seriously - understanding barriers and helping to break them down

- Government should strive to change the image of entrepreneurship

- make business ownership a mainstream ambition

- Encourage improvement as well as innovation

- a successful and sustainable business doesn’t have to be completely unique

- Provide tailored encouragement and support

- the right mentoring can have a dramatic effect on business success

Gordon Frazer, Managing Director, Microsoft UK, commented: “Technology, and software in particular, is an extremely powerful tool which enables innovation and entrepreneurialism. It provides a platform on which new ideas can be built, it breaks down barriers to entry for new businesses and allows access to markets far beyond traditional boundaries. It appears that as a nation, we’re currently only focussed on supporting a relatively small part of the UK when it comes to entrepreneurial and innovative potential. By tapping into the knowledge and passion of all our communities we can both drive economic growth and help to create a culture of successful start ups and growing businesses. We are passionate about helping the UK to become a nation of successful business owners.”

This is just a portion of this must read. There's quite a bit here that merits discussion in the future so you haven't heard the last word on this.

Napoleon Bonaparte once scornfully remarked that England was a nation of shopkeepers. The joke was on him as these shopkeepers were the backbound of a British economy that ultimately allowed the English to defeat the Corsican general and his French legions. This study signals that the UK should double down on that great tradition.