NATIONAL growth demands a focus on building a culture of entrepreneurship and supporting business talent across the country, helping businesses to start up, grow and trade across the world.
The government is working to support British businesses to expand trade and operations across the world because what we do abroad also matters for growth here at home.
Entrepreneurship begins early, and while the world is full of opportunities for male and female entrepreneurs, we want to see those opportunities reach young people. That is why I was so pleased this week to host Kidpreneurs and young entrepreneurs aged 10 to 20 at the Foreign, Commonwealth and Development Office with my Department for Business and Trade (DBT) colleague, minister Blair McDougall, alongside the British Chambers of Commerce and youth enterprise organisations including Ultra Education, Young Enterprise, The King’s Trust, Future Leaders UK and Unloc.
Minister Seema Malhotra speaking at the event for Kidpreneurs and young entrepreneurs FCDO
I grew up above our family shop in Osterley. My childhood saw me serving customers, working with my parents to price goods and sharing their passion for serving the community in which we lived.
Passion and the spirit of enterprise are what we see in so many young people. Beauhurst data suggests 187 active high growth UK companies have a founder aged 25 or younger1, with culture, technology and the wider entrepreneurial ecosystem around young people playing a significant role.
With so much potential and determination in the room, I was reminded why Britain’s future business leaders must be supported to think internationally from the start.
Young people showcased products, shared ideas and spoke directly to organisations that can help them build the partnerships and networks they need to succeed. Every successful business starts with an idea and someone willing to take a chance on it.
That is what drives innovation, creates jobs and strengthens our economy.
Kidpreneurs and young entrepreneurs aged 10 to 20 at the Foreign, Commonwealth and Development Office FCDO
Across our towns and cities, young people are launching businesses, developing technologies, creating products and providing services that can compete on a global stage.
Among the top 10 UK places for youth entrepreneurship, according to Capital Tap, are Manchester, Brighton, Birmingham and Belfast. This is a whole-nation story.
That entrepreneurial spirit is demonstrably visible within Britain’s south Asian communities, whose contribution to our economy, high streets and international trade links has helped shape modern Britain.
The next generation is building on that legacy, but the world they are entering is not always straightforward.
International opportunities are growing, yet so too are global uncertainties – from geopolitical tensions and supply chain disruption to rapidly changing markets and technologies.
Seema Malhotra presents certificate during the eventFCDO
That is why government must do more than encourage ambition; it should help realise it. Through the Diplomatic Advisory Hub, a partnership between the Foreign, Common - wealth and Development Office and the British Chambers of Commerce, we are helping UK businesses access diplomatic insight, geopolitical expertise and international market intelligence.
The Hub helps bridge the gap between ambition and access. Through events around the country, webinars and one-to-one support, businesses can receive practical advice to navigate global developments and make informed decisions about international growth.
Since launching earlier this year, it has engaged with more than 3,000 businesses from communities across the UK.
For many British Asian entrepreneurs, insight into the international outlook and how to expand comes alongside family, cultural and business connections that often span continents, creating valuable links with some of the world’s fastest growing economies. These connections can be important in building understanding, trust and commercial opportunity, recognising where future international opportunities may lie.
The UK’s relationship with India is one example of a fast-growing partnership creating new possibilities for trade, investment and collaboration, supported by the UK-India FTA and the wider deepening of our economic relationship.
Seema Malhotra with participants during the eventFCDO
The young entrepreneurs I met reminded me that Britain’s future prosperity will be driven not only by established companies, but by those just starting out today. That partnership between government, business and civil society is vital if talent is to be recognised wherever it is found.
My message to young entrepreneurs is simple: think big and think global. Your future markets can be anywhere, and our economic links are a vital part of the relationship between our nations.
The government is committed to helping create the conditions for your success, and through initiatives like the Diplomatic Advisory Hub, we want world-class expertise to be available not just to the largest companies, but to every ambitious young business with the determination to grow.
Seema Malhotra with participants during the eventFCDO
The next great British success story could start anywhere, and government has a role in helping ensure that talent, wherever it is found, has the opportunity to grow.
1. beauhurst.com/blog/the-uks-youngest-entrepreneurs/
Seema Malhotra is minister for the Indo-Pacific and minister for growth
