Transparency data

Women-led high-growth enterprise taskforce meeting minutes: 1 July 2022

Updated 1 February 2024

Attendees

Taskforce members

• Anne Boden MBE (Chair), Starling Bank
• Alex Depledge MBE, Resi
• Angela Scott, TC BioPharm
• Baroness Stedman-Scott, Minister for Women
• Check Warner, Ada Ventures
• Deepali Nangia, Speedinvest
• Emma Sinclair MBE, EnterpriseAlumni
• Helen Steers, Pantheon
• Jan Putnis, Slaughter and May
• Judith Hartley, British Business Bank
• June Angelides MBE, Samos
• Sam Smith, finnCap Group
• Zandra Moore, Panintelligence

Secretariat, analysts and other support staff

• Alexandra Cardenas, Starling Bank
• Alexandra Frean, Starling Bank
• Barbara Collins, Equality Hub, Cabinet Office
• Hannah Morris, Equality Hub, Cabinet Office
• Helen Cook, No10 Policy Unit
• Leah Shearer, Equality Hub, Cabinet Office
• Marcus Bell, Equality Hub, Cabinet Office
• Paul Williamson, Equality Hub, Cabinet Office
• Rebecca Wilson, Equality Hub, Cabinet Office
• Shikha Thakur, Baroness Stedman-Scott’s Private Office

Apologies

Taskforce Members

• Poppy Gustafsson OBE, Darktrace

Secretariat, analysts and other support staff

• Gillian Unsworth, Equality Hub, Cabinet Office
• Susan Beaumont-Staite, Equality Hub, Cabinet Office
• Neha Dean, BEIS

Summary of actions

1) Check Warner to lead the workstream on governmental fiscal measures and tax relief for entrepreneurs and high-growth businesses. This will include looking at the Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS) and government engagement on these schemes. Deepali Nangia will support Check with this workstream.

2) Alex Depledge to lead a ‘whiteboard’ exercise with the Taskforce and external finance experts (including from the Big 4) to identify gaps, barriers and possible viable solutions or products to make private equity more accessible. In the first instance Alexandra Cardenas will work with Alex to create a document to be shared and commented on by Members in order to collate initial ideas.

3) The Secretariat to:

a. prepare a regional map showing the current state of play for women-led high-growth enterprises (key data) and also related initiatives, alongside a data gap analysis. To be presented at the next meeting;

b. create a one-page summary setting out key sub-group themes, who sits on each sub-group, timings of sub-group meetings etc;

c. produce a short paper setting out the other initiatives that exist on high-growth women-led businesses. Including, the work of the Rose Review Board and the Investing in Women Code (and who has signed up to these commitments); and,

d. identify key specialists across government as required to inform the Taskforce’s work.

4) Potential sub-group focus: Identify role models and consider how best to showcase their success routes (include best practice from VC’s).

Discussion Items

(i) Welcome and Introductions

Welcome and introductions were received from Chair, Anne Boden MBE; The Rt Hon. Elizabeth Truss, Secretary of State for Foreign, Commonwealth and Development Affairs and Minister for Women and Equalities (via video); and, Baroness Stedman-Scott.

Anne invited all Members to provide a brief introduction and to highlight their areas of expertise and interest.

(ii) Ambitions for the Taskforce

Anne set out her ambitions for the work of the Taskforce. The right support and infrastructure was needed to improve the UK’s global standing and it was important that the UK performed as well as the US in women’s entrepreneurship rates – Anne commented that there is more growth capital in the US and more new businesses in the US are women led.

Anne discussed the idea of a ‘playbook’ which would be a guide on setting up and scaling up high-growth enterprises – sharing what worked/didn’t work, showcasing role models and best practice.

(iii) Tax relief

There was a general discussion around incentivising tax breaks to increase levels of angel funding to stimulate more growth. It was thought that the Government’s Seed Enterprise Investment Scheme (SEIS) and it’s Enterprise Investment Scheme (EIS) needed to be reviewed to increase thresholds or the prescribed timescales, in order to increase the numbers of businesses within scope for these funds.

Action: Check Warner agreed to take a look at the Government’s tax breaks offer with support from Deepali enabling the taskforce to act as a catalyst to drive improvements to SEIS and EIS schemes.

(iv) Private Equity

There was a general discussion around what needed to be done to improve the overarching system for investing via private equity and venture capital firms.

Judith pointed out that the British Business Bank was set up to address key gaps in investment and much could be learned from the US where there was more evidence of diverse growth capital.

Helen Steers offered to reach out to The British Private Equity and Venture Capital Association (BVCA) to discuss what resources, linkages and information they held on financing initiatives.

Members agreed that there was a significant funding gap in the UK and there was a need to de-mystify private equity funding.

(v) Regional discrepancies

Zandra highlighted the regional gap – resource and support was low in the north of England where female entrepreneurs had little access to events, sponsors, advisors and general information. More face to face events in the regions were required to enable women to build networks and receive the same information and benefits as those who attend events in London. Zandra commented that Angels are predominantly London based and there was a need for them to have a physical presence across the country. Judith confirmed that the British Business Bank also had strong regional networks.

It was suggested that the taskforce act as a ‘connector’ between organisations already providing services and funding to women entrepreneurs in the regions.

Action: It was agreed that an agenda item for the next taskforce meeting should be focused on what’s happening regionally.

Action: Secretariat to map regional data and initiatives.

(vi) Other key points of discussion

Incentives: Jan highlighted that more thought needed to be given to incentives. These could take many forms: financial or through influencing behaviours. There were options to develop charters or a set of principles with clear goals in terms of company commitments. It was highlighted that the Investing in Women Code was already attempting to engage businesses and had succeeded in gaining over one hundred signatories.

US: Sam made the point that high-growth businesses were a relatively novel area so more needed to be done to help cultivate aspirations, help women to navigate complex systems and identify and promote successful and relatable role models. The Taskforce should look at why the US has been so successful.

Helen Steers offered to explore what is being done across the US and EU via the Private Equity and Venture Capital industry associations.

Action: Identify role models and consider how best to showcase their success routes (include best practice at VCs).

(vii) Future meetings, next steps and AOB

The members agreed that the quarterly meetings would provide useful check-in points to assess progress but that work could be driven forward by individuals or in sub-groups in the meantime in order to maintain momentum.

Marcus Bell highlighted that one core role for the Equality Hub would be to utilise its convening power particularly across Government and specifically HMRC, HMTreasury and BEIS.