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HELPING ENTREPRENEURS UNLOCK THEIR TRUE POTENTIAL BY JOHN FERRIS, REGIONAL ECOSYSTEM MANAGER AT ULSTER BANK
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ince launching our Entrepreneur Accelerator programme in 2016, Ulster Bank has made a significant contribution to Northern Ireland’s entrepreneurial ecosystem. We have welcomed 600 businesses through our doors, who have secured over £20m worth of investment. A lot has changed in those five years but our drive and commitment to helping entrepreneurs unlock their true potential has remained constant. We have recently relaunched our enterprise programme to ensure we’re offering the right level of support to those businesses who need it most. In particular, we are looking to attract companies with a high growth potential and introduce them to new markets and potential investors. Working with our parent group, NatWest, across the UK, we recently carried out some research into SME recovery. Among the findings, which were gathered after speaking with over 1,000 SMEs, were some startling facts. The Springboard to Recovery Report highlighted that boosting SME productivity and growth could deliver an additional £140bn to the UK economy by 2030; that increasing the number of female-led businesses would create an extra £50bn and that encouraging more black, Asian and ethnic minority entrepreneurs to start their own businesses would lead to 310,000 new SME workers. While we know creating more businesses will be crucial to economic recovery in NI,
our Springboard to Recovery Report has also shown that boosting the productivity of existing businesses can have a positive impact. Now that we know the monetary value of this untapped potential, we are recommitting ourselves to addressing this issue for Northern Ireland businesses who could be enjoying even more success with additional help and support. Another priority for our team going forward is to increase our support for climate-focused businesses. These are companies whose main objective is related to environmentally sustainable practices and ties in with the bank’s sponsorship of the forthcoming UN COP26 climate summit to be held in Glasgow later this year. Our Belfast Hub is committed to dedicating 25% of our space to these types of businesses. Not only will this shift in focus help reduce the UK’s carbon footprint, but it will also lead to an increase in our overall GVA. The report also identified some stark findings in terms of ethnic minorities and female-led businesses. Our team has been supporting a diverse range of entrepreneurs for some time through a number of initiatives, but we have more work to do to increase the visibility of these groups. We want to see more applications from females and ethnic minorities and are currently engaging with a number of stakeholders working within this area to attract those from underrepresented sectors. Applications to join the next cohort of entrepreneurs are now live and we are excited to
be welcoming the next generation of business success stories in Northern Ireland on board. While much of the programme was delivered virtually during the pandemic, our hope is that this year’s participants will be supported using a more blended model, resuming use of our newly refurbed Belfast Hub whenever it is safe to do so but also holding on to some of the virtual elements our entrepreneurs found to be the most useful. We’ll also be continuing with some of our other Enterprise offerings; our Business Builder programme, a digital qualification offered to early-stage start-ups; and Dream Bigger, an education programme aimed at 16-18 year olds, encouraging them to consider entrepreneurship as a career choice. So, whatever stage of the growth journey your business is at or if you simply wish to find out more information about what we can offer, visit ulsterbank.co.uk/accelerator to apply today.
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