Banking boss on mission to boost start-ups

A BANKING chief is aiming to convince 56% of people in the UK who would like to start their own business, but who are held back by fear of failure, to take the plunge.

NatWest chief executive of commercial and private banking Alison Rose was speaking as the bank launched new business hubs for thousands of would-be entrepreneurs.

Nearly half of Britons would prefer to be self employed, according to the NatWest Entrepreneurship Monitor.

The data, compiled for NatWest by Populus, shows a record 27% also think now is a good time to set up their own business, however, fewer than 5% of those who have not already done so are actually preparing to set out on their own.

To support entrepreneurs across the UK, NatWest is opening 10 Entrepreneurial Spark free business accelerator hubs, or ‘Hatcheries’ in its buildings across the country, including one at Hardman Boulevard, Spinningfields in Manchewster in February.

Together with existing hubs in Glasgow, Edinburgh, Ayrshire and Birmingham, the aim is to support 7,000 entrepreneurs over the next five years in partnership with KPMG.

“It’s really vital for UK economic growth that more smaller businesses start up and survive,” Rose told TheBusinessDesk.

“There is a real desire for people to be entrepreneurial and start their own businesses. And 56% say if they had the advice and business support it would make a real difference.

“Launching a business can be a difficult and lonely journey – things like compiling a business plan, and how go about the whole process. That’s where we can make a difference.

“We plan for our accelerator hubs to harness that entrepreneurial spirit. The experience of Spark so far is that the survival rate of small businesses it works with is up to 80%, compared to an overall average of 40%.”

Rose said the hubs offer space, facilities, technology, bankers, and existing successful entrepreneurs who act as mentors for start-ups.

“Participation enables new businesses to access our network,” she said.

“It is also a learning experience for us as a bank because we find out from our team working with the start-ups what SMEs really need, so it is a two-way street in many ways.”