Supporting Black and Asian business leaders in Greater Manchester could help boost the local economy by billions, a new study has found.
The ‘Barriers to Inclusion Research’ report says businesses in the city region are struggling to find the support they need to grow. It features 20 Black and Asian-led businesses talking about the barriers they have faced when accessing business support- and about the changes they would like to see.
The (BURN), commissioned by GM Business Growth Hub, shows that just a fraction of Ethnic Minority Businesses (EMBs) are able to find the funding and investment they need.
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Businesses said they struggled to develop and commercialise new products or services due to a lack of funding. They also found that accessing innovation support and networks was a challenge as existing networks were “perceived as too insular”.
The report’s recommendations include the creation of a network of customised business support delivered by diverse providers. It also suggests the creation of a Diverse Founders Investment Fund and a Diverse Founders Network.
Other suggestions include bespoke bid writing support for minority owned businesses, as well as mandatory reporting of ethnicity across the business support ecosystem to ensure funding can be targeted.
The Growth Hub says it is committed to supporting Black and Asian business leaders and helping them to grow and to create jobs.
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Among those who contributed to the report was Azhar Quaiyoom, Q Sustain founder, who said: “Nearly 30% 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.”
Ray Evans, SRI Forensics founder, said: “As far as investment, (we) wouldn’t know where to go for this…when you go down to London and see the success that Black businesses are enjoying down there, you think why can’t we have this in Manchester.”
Olu Alemoru, Nutmeg Animations founder, said: “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, BURN founding member 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.”
Donna Edwards, managing director of business support and business finance at GC, said: “For 30 years, The Growth Company and GM Business Growth Hub have been dedicated to supporting innovative businesses in Greater Manchester.
“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.”