Championing the next generation of women innovators – Lloyds Bank explains why it is vital

Catherine Rutter, Lloyds Banking Group’s Ambassador for Yorkshire and the Humber, has recently spearheaded research into the challenges and opportunities facing women in business across the North.
“We need to help women-led businesses of all shapes and sizes and across all sectors access the tools that will allow them to turn their ideas into reality.”“We need to help women-led businesses of all shapes and sizes and across all sectors access the tools that will allow them to turn their ideas into reality.”
“We need to help women-led businesses of all shapes and sizes and across all sectors access the tools that will allow them to turn their ideas into reality.”

Now, with 30 years of financial services experience to her name, Catherine is using the findings of Women Entrepreneurs: the Northern Perspective to support innovation across the region and champion increased collaboration:

Innovation, growth and digitisation. It’s rare that a day goes by where I don’t either hear, or speak these words. That’s why it’s crucial we’re doing all we can to help those across the region looking to excel in their field. For me, I’m personally invested in supporting women entrepreneurs. After being involved in the Lloyds Bank research, I can see the extent of the issue first-hand and want to do all I can to help bring innovation to the surface of the many promising women-owned start-ups that call Yorkshire home.

Let’s start at the very beginning

“The idea of innovation can be daunting, so being able to draw from support networks is a significant part of the journey.”“The idea of innovation can be daunting, so being able to draw from support networks is a significant part of the journey.”
“The idea of innovation can be daunting, so being able to draw from support networks is a significant part of the journey.”

Unlocking innovation doesn’t only support resilience and inspire creativity, it also has a significant impact on productivity for women in business. Almost seven in ten (69%) say hiring staff with relevant skills would increase their business’s productivity while 62% say upskilling or training existing staff would help.

That’s why we need to help women-led businesses of all shapes and sizes and across all sectors access the tools that will allow them to turn their ideas into reality.  

For some, the idea of innovation can be daunting, so being able to draw from support networks is a significant part of the journey. But I also believe that more could be done far earlier. At school, I learned about jobs including doctors, vets or florists, but I struggle to remember ever hearing ‘entrepreneur’ as a career option.

We need to give younger people the guidance and reassurance that they really can achieve anything they put their mind to, including entrepreneurship.

The challenge, however, is to have the support networks in place to nurture the next generation from the earliest opportunity. For example, if we can get role models involved in school programmes, as well as with each other, we can start to build a culture that will support women achieve their career ambitions in the world of business well into the future.  

Creating communities

From speaking to women-led businesses across Yorkshire, we know 42% want access to case studies about people like them that have experienced the same journey that they are on. Whether it’s role models, mentors, or peer-to-peer networks, supporting each other is crucial. Indeed, sharing personal experiences can give someone the confirmation needed to pursue their ambitions and unlock the innovation we have across the region.

There are also a number of projects and funds across the region that help guide women-led businesses to success. For example, the ESF funded #WECAN project led by Leeds Beckett University. This project helps businesses identify their needs and map out a plan to reach their ambitions, while the West Yorkshire Business Accelerator Fund worth £22m provides women entrepreneurs with a place to get advice, guidance, and mentoring, and connect with other likeminded businesses. 

Through our Lloyds Bank Academy, we deliver free online digital packages which help people and businesses gain confidence and learn new skills. This is particularly useful for the 38% looking for help with leadership skills, the 36% with digital skills and the 31% in finding talented employees, who can find specific support through our online portal.

We also know that a fifth (23%) have digitised their business since day one. To help stay on top of the ever-changing digital landscape and offer the most updated support, we partner with Google and Microsoft.  

Unlocking potential

While innovation can drive growth, collaboration is the key that can unlock our region’s full potential.

Yorkshire and the Humber is a great place to live and work and we’ll continue to be at the side of businesses and support women, their ideas of innovation, and their work to help the region thrive for generations to come.  

Read the full report here.