New Economy research released on attracting and retaining innovative entrepreneurs

A report released today, carried out by New Economy for the North West Regional Development Agency (NWDA), finds that Manchester would be better at attracting and retaining innovative entrepreneurs if it improved its image in other parts of the UK, and was better able to connect its large base of talented residents with successful small and medium sized businesses.

The research, entitled ‘Attracting and Retaining Innovative Entrepreneurs’, is based on in-depth qualitative interviews carried out with successful innovative entrepreneurs across the UK, around half of which were from Manchester.

The report finds that there is an apparent mismatch between the perceptions of those entrepreneurs that successfully live and work in Manchester and many of those who have never been to the city; especially amongst senior executives and those in the South. A perceived lack of senior executive level talent locally could be seen to make it difficult to hire top people and limit the quality of networking opportunities for entrepreneurs. The report recommends that the public and private sector should work together on a coherent and sustainable marketing and ‘sense of place’ policy which would improve perceptions of the city as a place to live and work and better promote its achievements.

Furthermore, the interviews reveal that existing efforts to connect potential talent to the local labour market could be better co-ordinated and promoted, and highlights the importance of fostering better links between universities and business. The report also recommends further efforts to increase the take-up and supply of internships, which were almost universally welcomed by businesses.

Alex Cole, senior economic analyst at Manchester’s New Economy said: "Previous research highlights the importance of innovative entrepreneurs in driving economic growth. This report shows that Manchester has done many good things to become an attractive place to live and work for such people, and has indeed become a key UK hub of creative and innovative talent.

However, in terms of improving Manchester’s offer to innovative entrepreneurs, it is clear that more can be done to attract and retain senior executive talent to the city region and more can also be done to connect the large pool of graduates with local high-growth firms.”

Mike Emmerich, chief executive at New Economy added: “Manchester means talent, creativity and progress. Nothing is more important to our economy than attracting, retaining and nurturing innovative and entrepreneurial people. This research confirms that we are better than ever – but have the potential to do so much more. How do we get the Manchester message of quality of life, high achievement and cultural capital to the people we want to live here?”

Chris Oglesby of the Business Leadership Council, and CEO of Bruntwood, commented: “Entrepreneurs are the lifeblood of our economy and it is vital that Manchester is an attractive base for these people to live and grow in to the big businesses of the future, indeed many of Bruntwood’s largest customers today are in fact home grown entrepreneurial businesses. Many of the issues identified by innovative entrepreneurs are shared by large firms already in Manchester and it is vital that there is a concerted effort to address these.”

ENDS

Notes to Editors

For further information, photo and interview opportunities please contact:

Katy Ratican
Communications Executive
Marketing Manchester
0161 238 4593

• Manchester’s New Economy has been established to strategically co-ordinate work in the field of economic development, employment and skills in the area of the ten AGMA Local Authorities (the Association for Greater Manchester Authorities, made up of the local authorities of Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan).
• New Economy is one of seven such commissions created as part of the new governance arrangements for Greater Manchester. Its operations are overseen by a private sector-majority board chaired by Mike Blackburn of BT, which includes most of the AGMA authority leaders. The others are health, public protection, planning and housing, transport, environment and improvement and efficiency.
• For information on the work of New Economy please visit: www.neweconomymanchester.com

To view the full report click here (205kb).