It was a day of strategy discussion followed by a prestigious banquet when Marketing Director Katrina visited Mansion House in London last month.
Celebrating the launch of the government’s Industrial Strategy, the event was a way in which Local Enterprise Partnerships (LEPs) could disseminate the work they’re doing and the benefit it’s having on businesses within their county.
Aiming to boost productivity by backing businesses, the Industrial Strategy helps create good jobs and increase the earning power of people throughout the UK with investment in skills, industries, and infrastructure.
The event provided an opportunity for businesses and LEPs from around the country to discuss the Strategy, how businesses can engage with it, and speak on behalf of the best businesses in the UK.
Invited by Elizabeth Fagan, Chair of the D2N2 LEP and Senior Vice President of Boots UK, Katrina represented businesses from the D2N2 area.
Katrina discussed business funding and support with fellow attendees, before joining in various workshops throughout the afternoon, providing feedback about the Strategy and how to improve the process.
She was then invited to join delegates and over 200 business leaders from across the country to enjoy a three-course banquet.
Local businesses to take charge
A variety of talks and discussions featured throughout the afternoon, stressing the importance of giving local businesses the opportunities they deserve, especially within the creative industries.
Stephen Jones, Director of the Cities and Local Growth Unit commented that growth, prosperity, and employment is local.
“If you want to seize opportunities, you need the right local strategies. Too much power has been stripped away and centralised, and this has not been to the advantage of local businesses. People who know the areas best are the people who live and work there, and they should drive, being given the opportunity to change. Whilst we’ve made good progress in our big cities the power and the prominence on our towns has not been given the same level of attention.”
As PM is a business within the creative sector, it was the discussions surrounding the creative sector which proved most poignant.
The creative industry is affected by a range of market failures as a result of both their size and reliance on intangible IP.
The Budget and Industrial Strategy has set out a range of measures to raise investment in R&D and to improve the UK’s creative industry’s ability to turn exciting ideas into commercial products and services, further backed by a speech by Carolyn Fairburn, Director-General of CBI.
She commented that creative industries aren’t all huge gaming incorporations or well-known film production companies. Small businesses can play just as big as the ‘big guys’ too, further stressing the importance of local businesses receiving government funding.
Taking responsibility for the future
A key takeaway from the event was that we need to champion Derby and Nottingham as places where creative industries thrive and prosper.
The Industrial Strategy helps regions to take responsibility for the future.
The creative industries account for £92bn of Gross Value Added, producing two million jobs and growing twice as fast as the economy as a whole. It is a key component of what makes us a great, global trading nation.
But there is enormous potential to go further, as recent research from NESTA has found. The priority for the sector is scale: helping SMEs and entrepreneurs that make up the industry to grow and raise productivity.
Funding and support from nationwide initiatives like the Industrial Strategy is an integral part of helping grow the local and creative industries that are often misrepresented and unsupported.
To find out more about how PM is championing the Industrial Strategy, and how your business could take advantage, get in touch!