4 Ways the New Mayor of London Can Help City Start Ups
Despite all the rancour surrounding the new London mayor, his political leanings, his background and his future ability to get on with a potential future president of the USA, there are four very clear and definite steps he could take to make a difference for any city start up business. Entrepreneurs need these steps, urgently and well thought through to enable businesses to flourish. If they flourish and employment steps up, then London will thrive.
These are to:
1) Create some city venture funds. ‘Warm up’ the banks or business angels and generate some funding opportunities that entrepreneurs can pitch for. Create London’s own dragons den. It does not have to be difficult, no strings attached and the businesses have to be ‘start-ups’, looking to employ 5 staff in year one, have a qualified professional on the board and operate within greater London
2) Source some government or London grants for plant and equipment. This encourages businesses to invest and also provides much needed purchasing power.
3) Give 'business rate' holidays to start ups in various designated areas such that employment can flourish in those areas. They may not be the most fashionable areas, need improvement and also may need certain expenditure for development, however unless encouragement is given then they will lay waste for years, if not generations. There is an awful lot of wasted space across London, such as around and about railway lines or dual carriageway bridges etc
4) Apprenticeships. One of the key issues with the future is that the next generation learn basic skills. Not necessarily in school or tertiary education, but at the "coal face working". Picking up interpersonal skills, relating to people, presenting and upskilling in their job. Apprenticeship, either seems to be a word from the past or a word never to be used again. It is simply the passing down of skills from one generation to another. We all know that the new world with IT and the internet is exactly that, brand new, however there are basic skills which do need to be learnt. Day release at college, or passing practical examinations in any one chosen field or profession. Under 30’s need encouragement. Unemployed at 23 lost at 33!
There is much for Mr Khan to do, can he deliver? Connect with me on: Twitter – Facebook – LinkedIn. For more insight into the behaviour and characteristics of entrepreneurs read Drive Like a Real Entrepreneur.