Transparency data

Women-led high-growth enterprise taskforce meeting minutes: 21 June 2023

Updated 1 February 2024

Attendees

Taskforce members

• Anne Boden MBE (Chair), Starling Bank
• Alex Depledge MBE, Resi
• Sam Smith, finnCap Group
• Zandra Moore, Panintelligence
• Deepali Nangia, Speedinvest
• Emma Sinclair MBE, EnterpriseAlumni
• Angela Scott, TC BioPharm
• Judith Hartley, British Business Bank

Secretariat, analysts and other support staff

• Alexandra Frean, Starling Bank
• Teena Lyons, Starling Bank
• Gillian Unsworth, Equality Hub, Cabinet Office
• Barbara Collins, Equality Hub, Cabinet Office (Secretariat)
• Sue Beaumont-Staite, Equality Hub, Cabinet Office (Secretariat)
• Paul Williamson, Equality Hub, Cabinet Office
• Renny Mendoza, Equality Hub, Cabinet Office
• Libby Daniels, Senior Campaigns and Communications Manager, Equality Hub, Cabinet Office
• Francis Evans, Department for Business and Trade
• Kevin Mantle, Equality Hub, Cabinet Office

Apologies

Taskforce members

• Check Warner, Ada Ventures
• June Angelides MBE, Samos
• Helen Steers, Pantheon
• Jan Putnis, Slaughter and May

Summary of actions

1) EH Comms Team: Where possible, Comms officials to tag members in social media outputs to enable resharing.

2) Taskforce members to circulate any relevant media or digital outputs they have driven for amplification.

3) All members to let Secretariat and Paul Williamson know what stats they would be interested in using publicly and, following this, Paul will speak to Beauhurst.

4) Emma Sinclair agreed to look into the work the Gender Index is doing on defining ‘women-led businesses’.

5) Judith Hartley to speak to Zandra Moore on linking up the regional dashboard with BBB regional reps.

6) All members to send first inputs through for the report copying in Secretariat and Anne Boden (as a first outline draft – bullet form is OK) by end July.

Discussion items

1. Welcome from Chair, minutes and actions

No comments. Majority of actions completed from last month. Secretariat can follow up any outstanding actions with members.

Anne highlighted that the Taskforce is now one year into its 18-month tenure and work will now focus on honing in on final outputs for release early 2024.

2. Communications Plan (Equality Hub Communications Team)

Approach is to look at individual events on a case by case basis in order to focus in and tailor any comms whilst ensuring the drum beat of messages is maintained.

Libby Daniels also shared a toolkit for members to use for their own social media outputs.

Anne Boden mentioned that once the Taskforce begins forming any outputs then Comms can also be built individually around those too.

Emma Sinclair mentioned that it would be helpful to have any Comms/social media links distributed to Taskforce members as soon as possible in order that they can also promote them. Members agreed to message each other when they know of any key social media outputs which could be reshared.

Action: Where possible Equality Hub Comms to tag members in social media outputs.

Action: Taskforce members to circulate any relevant media or digital outputs they have driven for amplification.

Emma Sinclair offered support for upcoming media appearances, particularly engaging magazines and other media outlets.

Anne Boden and Emma Sinclair highlighted that they needed to have further clarity on what data they could talk about publicly and also key lines/messaging before any interviews etc. Paul Williamson can speak to Beauhurst but needs to gather details from members first as to what stats they would be keen to use publicly.

Action: Members to let Secretariat and Paul Williamson know what stats they would be interested in using publicly and, following this, Paul will speak to Beauhurst.

Alex Depledge spoke about the so-called “Golden Triangle” (Oxford, Cambridge and London) and how spinouts are now growing beyond these. Alexandra Frean suggested this type of research should go in any final report.

3. Revenue and Procurement Sub-Group Update (Emma Sinclair)

Emma talked through the WEConnect initiative and certification process for female controlled businesses.

Francis Evans suggested looking into the work Gender Index is doing on defining ‘women-led businesses’.

Action: Emma agreed to look into the work the Gender Index is doing. Taskforce to make introduction.

Emma spoke through the issues she has been looking at as part of her procurement and revenue work and is engaging with procurement leaders over the next three months to explore if any companies are already addressing gender in procurement and any north star initiatives that may already exist.

Anne Boden keen to look into how any certification programme can be linked into the procurement process.

Emma said she is considering the ‘ask’ for this piece of research given the time frame, and will look at options for external support, but noted that the deadline for this work is now September/October not January. Emma will start to attend procurement events this year and to engage niche procurement outlets to advocate, highlight and start to raise supplier diversity in procurement processes in the right rooms.

Emma is keen to explore a UK MVP between female-led scale ups and large corporates to test whether supplier diversity in procurement can increase revenue, reduce sales cycles, ensure multi year contracts etc.

4. Best practice role models sub-group update (Angela Scott and Sam Smith)

Angela and Sam outlined objectives of their work as per their slides. Sam highlighted that a female scale-up community and a scale up champion was needed.

Sam talked through findings from Santander that the majority of 11 to 18 year olds couldn’t name one female entrepreneur. Sam discussed with members potential options for engaging students on this agenda, making it relatable on a regional level.

Sam is also interested in looking at what more could be done on a local level to get Scale Up Champions. Francis Evans mentioned he would be keen to follow this up with Sam too given his Department’s interests in this.

Sam is also interested in defining what a ‘female-led high-growth business’ is (Sam referenced the JP Morgan/Beauhurst Powerlist 200 report).

5. Updates on other sub-groups

Private equity sub-group

Alex Depledge updated on the work of this group. She is keen to speak to Paul Williamson about cross-checking various data streams on this agenda and then is aiming to hold a workshop later in the year to look at possible financial instruments which may fill a gap between those enterprises that fall between Series A and Series B funding.

Tax relief and incentives sub-group

Deepali Nangia gave an update on the work of this group and highlighted she would be setting up a call soon with the UKBAA. They are also looking at ways to promote the SEIS/EIS to women regionally and working with Francis Evans to prepare wording to recruit more Limited Partners in the Investing in Women Code.

Regional sub-group

Zandra Moore gave an update on this group and gave members sight of the regional dashboard and developments that have been made. These included: the pipeline and the investors in the region who are backing female founders. Zandra has already mapped the regional ecosystem. Judith Hartley keen to link up with Zandra on this given the BBB has regional reps

Action: Judith Hartley to speak to Zandra Moore on linking up the regional dashboard with BBB regional reps.

6. Final outputs

Anne Boden: keen to start writing a final report setting out the Taskforce’s findings, insights and actions.

Action: All members to send first inputs through for the report copying in Secretariat and Anne Boden as a first outline draft (bullet form is OK) by end July.

Alexandra Frean: survey update. Aiming to have the results by August.

Teena Lyons: Updated on the book and is meeting with the publisher shortly and will know more on deadlines then.

7. AOB and reminder

Next meeting is Wednesday 13th September 2023 (diary invites sent).