How women-founded business in Leeds can unlock their potential through mentoring and innovation

This is despite more than 50 per cent reporting an increase in revenues over the past 12 months.

To find out what needs to be done to help women-founded businesses, using innvoation already being seen across the region, business leaders spoke with the Mayor of West Yorkshire, Tracy Brabin, and other regional stakeholders at a roundtable hosted by Lloyds Bank during the West Yorkshire Innovation Festival.

The roundtable followed research commissioned by Lloyds Bank which explored the issues impacting women-owned businesses across the North, Women Entrepreneurs: the Northern Perspective. Chaired by Nancy Fielder, Editor-in-chief of National World, the specialist panel included:

- Tracy Brabin, Mayor of West Yorkshire

- Catherine Rutter, Lloyds Banking Group’s Ambassador for Yorkshire and the Humber

- Natalie Boswell, Regional Development Director for the North East at Lloyds Banking Group

- Natalie Allen, Leeds Beckett University, Head of Business Partnership

- Louise O’Brien, Greyhound Box, Managing Director

- Ali Gordon, Eat Out Round About, CEO

- Dr Sophie Dale-Black, British Business Bank, UK Network Director for the Midlands and the North of England

- Olga Watterich, CBI, Associate Regional Director, Yorkshire and Humber

- Sheena McDermott, Be the Business, Head of Leadership and Management Programmes

Supporting innovation

Mayor of West Yorkshire, Tracy Brabin said: “We know that investments in women start-ups are not where they should be. It's important that we stand together to make the argument that this is about [everyone working together to give] opportunities to women who want to set up their own businesses.”

She highlighted innovation as being vital: “[These] companies survive longer, they survive economic shocks, and they bring new ideas that bring new investment. That’s why we’ve launched the West Yorkshire Business Accelerator Fund worth £22m, so we can offer women entrepreneurs a front door where they can come and get advice, guidance, and mentoring, and connect with other businesses.”

Ali Gordon agreed: “Access to digital programmes is invaluable. My journey could have been sped up with the right advice – having that support in place earlier would have made everything much easier.”

Catherine Rutter outlined some of the ways that Lloyds is supporting innovation through helping companies develop their digital resources: “We’re doing a lot of work to support women who have innovative ideas. For example, we deliver amazing packages through our Lloyds Bank Academy, and we also partner with Google and Microsoft to get small businesses off the ground.”

Why mentoring is important

The group unanimously agreed that mentoring and encouraging each other is one of the most important ways to support women-owned businesses.

Natalie Allen said: “Embedding support like role models, mentors, or peer-to-peer networks can make a huge different to someone’s career path. That’s where support like the ESF funded #WECAN project led by Leeds Beckett can help.”

“Starting with earlier education is the only way we will see real change”, said Dr Sophie Dale-Black. “By encouraging creative and critical thinking from an early age, we can teach younger people not to feel boxed in and allow them to explore their ambitions.”

Sheena McDermott agreed: “We need to let young people know that entrepreneurship is an option. If role models can support others, we can create a culture that will support women in achieving their career ambitions.”

“If you can create an environment where there are a mixture of role models, we will influence change from the earliest opportunity”, added Louise O’Brien.

Natalie Boswell added: “Having successful businesses speaking to each other can create a real sense of community. It also allows ideas and experiences to be shared that could give someone the confidence they may need to pursue their own entrepreneurial career.”

What happens now?

Olga Watterich looked at one important aspect: “It's so overwhelming [to know where to look for support]. When you’re a busy entrepreneur, finding the right place with the right information is challenging.”

Lloyds Bank has a mission to help women-owned businesses and any advice its team shares has an understanding of that organisation and is linked to its leader, whatever their circumstance or situation. The bank is committed to increasing the diversity of its own team, so business owners can speak to someone who understands the barriers and the struggles they face.

Catherine Rutter concluded: “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 work together to help the region thrive for years to come.”

For further information

Read the full report here.