Encouraging Business Ventures Among Disabled Individuals Championed by ARU Peterborough
A landmark report, backed by the government, has highlighted strategies to bolster support for disabled entrepreneurs in the UK, potentially propelling significant economic growth. Known as The Lilac Review, this independent report underscores the financial, operational, and accessibility challenges that hinder the expansion of disabled-led businesses, with only 8.6% of business turnover comprising these entrepreneurs, despite representing 25% of the UK's 5.45 million small businesses.
The report, supported by researchers from Anglia Ruskin University (ARU) in Peterborough, indicates that mitigating these obstacles could unlock a staggering £230 billion in UK business revenue.
The academics from ARU analyzed survey data from 750 disabled entrepreneurs and found that, despite their resilience, these founders encounter additional, complex barriers to growth and funding. Approximately 57% of respondents identified financial support as their critical need for the upcoming year.
Key recommendations from The Lilac Review encompass targeted assistance, tailored solutions, and extended reach of the new Disability Finance Code, launched last December. Moreover, the report emphasizes the necessity of greater access to peer-led business networks and mentorship, with 51% of respondents asserting that bridging this gap would be beneficial.
The report also prioritizes inclusivity in all future business support, to foster equity and opportunities. Unfortunately, 35% of disabled entrepreneurs find current programs inaccessible.
Further recommendations include greater investment and innovation in inclusive AI training and skills development, as well as AI-powered assistive technology. This acknowledges AI's transformative potential in leveling the business playing field.
Professor Tom Williamson of ARU Peterborough contributed to the review's Steering Board, alongside representatives from Small Business Britain, Lloyds, eBay, BT, Federation of Small Businesses, British Chambers of Commerce, The Entrepreneurs Network, and the Business Disability Forum.
Professor Williamson expressed enthusiasm for ARU Peterborough's role in the report, stating that the recommendations could empower millions of disabled entrepreneurs across the UK, combating inequality and driving business growth, benefiting the UK economy. The next phase will involve collaborating with Small Business Britain to develop The LILAC Centre for Disabled Entrepreneurship over the following 12 months, potentially making ARU Peterborough the host for this UK-first business incubator and research center.
In acknowledging the review's significance, the government reiterated its commitment to delivering further and faster economic growth by ensuring that individuals with ambitions to start and scale up businesses receive the necessary support, regardless of their background or circumstances.
For more details on The Lilac Review, visit https://lilacreview.com/final-report.
ARU Peterborough is a partnership between Anglia Ruskin University, Peterborough City Council, and the Cambridgeshire and Peterborough Combined Authority.
- The report, titled The Lilac Review, endorsed by the government, suggests strategies to enhance support for disabled entrepreneurs in the UK, potentially triggering substantial economic growth, with findings stemming from research conducted by academics at Anglia Ruskin University (ARU) in Peterborough.
- The academics from ARU uncovered that financial support is a pressing concern for 57% of disabled entrepreneurs, underscoring the need for targeted assistance and tailored solutions to mitigate growth and funding barriers they face.
- Recommendations from The Lilac Review encompass extending the reach of the Disability Finance Code, launched last December, and providing greater access to peer-led business networks and mentorship for disabled entrepreneurs.
- The report also calls for increased investment in inclusive AI training and AI-powered assistive technology to level the business playing field, promote equity, and foster opportunities for disabled entrepreneurs across the UK.
