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Women-led high-growth enterprise taskforce meeting minutes: 18 January 2023

Updated 1 February 2024

This was published under the 2019 to 2022 Johnson Conservative government

Attendees

Taskforce members

• Anne Boden MBE (Chair), Starling Bank
• Alex Depledge MBE, Resi
• Check Warner, Ada Ventures
• Jan Putnis, Slaughter and May
• Sam Smith, finnCap Group
• Zandra Moore, Panintelligence
• Deepali Nangia, Speedinvest
• June Angelides MBE, Samos
• Judith Hartley, British Business Bank
• Emma Sinclair MBE, EnterpriseAlumni

Secretariat, analysts and other support staff

• Alexandra Cardenas, Starling Bank
• 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)
• Hannah Morris, Equality Hub, Cabinet Office (Analysts)
• Paul Williamson, Equality Hub, Cabinet Office (Analysts)
• Leah Shearer, Minister’s Office, DHSC
• Francis Evans, Department for Business (BEIS)
• Simon Altman, PricewaterhouseCoopers
• Nina Lawrence, Equality Hub, Cabinet Office (Observer)
• Yasmin Goldsmith, Number 10 (Observer)

Apologies

Taskforce members

• Angela Scott, TC BioPharm
• Helen Steers, Pantheon

Secretariat, analysts and other support staff

• Marcus Bell, Equality Hub, Cabinet Office
• Renny Mendoza, Equality Hub, Cabinet Office (Observer)

Summary of actions

1) Sam to share the list of companies from the Scale Up Institute’s list of 261 high-growth enterprises (HGEs) to the Secretariat and Starling. The Secretariat will explore options for high-profile events where those on the list could be invited to celebrate their achievements and it could also be used for further research for the Taskforce’s report.

2) Jan to set up a meeting with the Prudential Regulation Authority, Financial Conduct Authority and British Private Equity and Venture Capital Association to discuss diversity and ESG (Environmental, Social and Governance) in investment committees with an aim to help accelerate the regulators commitments to gender equality. Check also to attend.

3) Check and Deepali to provide further information that could be included in an MP ‘Dear Colleague’ letter on EIS/SEIS to the Secretariat. The letter should include a pack and a process for follow-up.

4) Judith to share with Zandra British Business Bank’s regional data on HGE local funding per city.

5) Equality Hub data analysts (Paul/Hannah) to meet Zandra to discuss Beauhurst licences (exploring whether it’s possible for local councils to use it) and additional support for her sub-group in regards to regional specific data.

6) Alex to send Zandra the contact details for her colleague working within her local LEP (Local Enterprise Partnership). (Judith also passed on the name of her contact in the LEP Network).

7) Check to reach out to Emma Sinclair’s contact at the Angel Academy.

8) Emma to speak to Zandra on the work of the Procurement and Revenue sub-group as Zandra mentioned previously she was keen to be involved.

9) Zandra to link Emma up with her contact in WeConnect.

10) Emma to provide the Secretariat with  further information on her request for resources and support for the Procurement and Revenue sub-group.

11) Starling and the Secretariat to explore putting together a comms plan for 2023 including discussing a marketing campaign which would include EIS/SEIS.

12) Starling to start the process for the book, including setting up the interviews with the members of the Taskforce.

13) Zandra to send on further details to the Secretariat and BEIS on the Investment Conference in Leeds taking place on 23/24th May to allow them to consider potential government speaker/engagement.

14) Analysts to contact Companies House to discuss what data they collect in regards to specific demographics on enterprises (including on SEIS/EIS).

15) Secretariat to speak to HMT on the sunset clause for SEIS and feedback to Check.

16) June to speak to the Secretariat to discuss what contacts she might need on the international side of things.

Discussion items

1. Minutes and actions

No comments. Majority of actions completed from last month. Francis will chase CIFE again regarding their meeting minutes and Jan to put together a research note for the Taskforce with a few examples on high-growth businesses in other jurisdictions.

2. Welcome from Anne

Anne updated Taskforce members on the news that Poppy Gustafsson has sadly had to step down from the Taskforce. Anne advised that her role on the Taskforce will not be replaced.

Anne also provided an update on her attendance at the most recent Rose Review Board meeting. She discussed the great work they are doing and the need for both groups to avoid duplication. Francis highlighted that the Rose Review Board would welcome any support or inputs on the Investing in Women Hub.

3. Welcome from the minister

Maria Caulfield, Minister for Women, thanked members for their hard work and commitment to this agenda and also set out her own priorities as Minister for Women. The minister signalled her commitment to the work of the Taskforce.

4. Government/Ministerial update (Gillian Unsworth, Equality Hub)

Gillian provided an update on key events happening over the coming months including International Women’s Day (8 March) and the Commission on the Status of Women (6-17 March).

5. Sub-group updates

i) Tax relief and incentives sub-group: Check Warner

Check highlighted the recent positive changes to SEIS and said that EIS/SEIS had the potential to shift this agenda positively for women.

Data collection on EIS/SEIS is important as there is currently no data recorded as to the gender of people in receipt of EIS support. Equality Hub analysts to speak with Companies House regarding the data they collect on SEIS/EIS and other demographics.

Check also felt there was more to be done on SEIS regarding the sunset clause of 2025. Secretariat to speak to HMT on this.

Check discussed the idea of a ‘Dear Colleague’ letter from the minister asking MPs to highlight to constituents the role of EIS/SEIS to increase awareness. A related marketing campaign would also be of benefit.

Anne agreed that data collection was the important first step followed by a marketing campaign.

There was a wide-ranging discussion on getting more women on Investment Committees and options for soft targets. It was mooted as a possible option for a recommendation i.e. that Investment Committees have x% women on them and that Companies House collect this data.

Check also raised the issue of childcare and agreed to follow it up directly with the minister.

ii) Private equity sub-group: Alex Depledge

Alex highlighted that the focus for this group were those women run enterprises who were caught between not being small enough for relevant financial support but then also not being big enough to attract private equity. It was felt there is a huge gap here on the funding spectrum.

The current focus for the sub-group is gathering the data on the extent of this funding gap. Alex highlighted that the majority of women who fall into this gap don’t run tech companies so often investors aren’t immediately looking to fund them.

Alex discussed a ‘prefequity’ product. Beneficial for funders but less diluted for businesses. Incentives would need to be put in place to get funders to focus as much on these smaller deals as they would with the larger ones.

Jan discussed whether it would be useful to have one standardised legal document on venture debt to avoid it getting too complicated – just based on the documentation that is already out there with the aim that it would become the market standard as to how you structure venture debt. Anne was supportive of this and asked Jan to follow it up.

iii) Regional sub-group: Zandra Moore

Zandra talked members through the work she has been doing in Leeds with the Inclusive Growth Board. This was established to specifically focus on building a local ecosystem which supports underrepresented groups of founders of potential high-growth enterprises to get access to capital, networks and accelerators.

Zandra also highlighted the Inclusive Growth Dashboard which would be a portal for entrepreneurs, investors and advisors and which would include a sustainable regional data platform. There was a discussion around accessing the data – ONS has some data which is accessible but the more granular data is with Beauhurst. Zandra said it would be helpful for Councils/LA’s to have access to this. Paul to provide Zandra with advice on this separately.

The long-term goal is that the Leeds case study will become a blueprint for other cities.

There was an open discussion on LEPs (Local Enterprise Partnerships) and engaging them with the regional work and the Inclusive Growth Boards. There was also a discussion as to whether it would be helpful for a female founder to sit on each LEP.

iv) Procurement and revenue update: Emma Sinclair

Emma advised that she had spoken to a number of global diversity procurement experts to understand more about the existing frameworks in place to help women tap into global supplier diversity budgets. She felt that the US were leading the way on this issue.

Emma has started to identify an initial list of US companies who have significant dedicated budgets for diverse founders and has been considering options for how UK businesses can be incentivised or pushed to do this too. Emma also has calls lined up with FTSE 100 companies with similar supplier initiatives.

Emma mentioned she was keen for more resources/support to be able to replicate what the US does over here in the UK. Gillian said the Secretariat would be happy to consider possible support options for various elements of the work.

v) Best practice and role models sub-group

Sam discussed her thinking behind a possible ‘Scale Up Britain’ campaign including options for convening women who have led the way – possibly focusing on the 261 women included in the Scale Up Institute’s report – creating a community and showcasing their journey in regards to funding. Gillian agreed to look into this and at possible options for events around IWD and other high-profile events.

Alex Depledge highlighted that the Taskforce needed a Communications Plan which included engaging stakeholders, marketing and raising awareness. Starling Comms to work with Equality Hub Comms to prepare this. Emma and Check keen to be involved in this. Anne also keen for this to be kicked off.

6. Taskforce deliverables

Anne explained that there will be both a report and a book to mark the outcomes and end of the Taskforce which members should work towards. The report will be prepared with support from PWC. Starling will prepare the book and will be reaching out to all members individually to discuss this.

7. Any other business

Next meeting: 15 March 2023.