Yesterday, I had the incredible opportunity to attend The Growth Agenda event at the historic Lancaster House in London, hosted by Goldman Sachs 10,000 Small Businesses (10KSB). This event marked a significant milestone—one year on from the launch of the Generation Growth campaign—bringing together thought leaders, policymakers, and small business owners to shape the future of entrepreneurship in the UK.
The overarching theme? Small businesses are the backbone of the economy, and it’s time for policies that support their resilience and growth.
Key Messages from Each Speaker:
Richard Gnodde – Vice Chairman, Goldman Sachs
- Emphasised the collective responsibility to drive economic progress, highlighting the importance of innovation and resilience in overcoming challenges.
- Encouraged policymakers to recognise small businesses as problem solvers and to ensure their voices shape policy decisions.
- Reinforced the impact of 10KSB over the past 15 years, advocating for its continued role in influencing policy and supporting growth.
Asahi Pompey – Global Head of Corporate Engagement, Goldman Sachs
- Defined The Growth Agenda as a roadmap to renewal, laying out 18 proposals across three categories—quick wins, momentum builders, and fundamental change.
- Stressed the need for investment in AI and innovation, ensuring the UK remains competitive on the global stage.
- Used the powerful metaphor: “The grass is greener where you water it!” to emphasise that businesses must nurture their own growth.
Jo Malone – Founder of Jo Malone & Jo Loves
- Shared her inspiring journey from leaving school with no qualifications to building a global brand.
- Highlighted the importance of resilience and adaptability, citing her own setbacks along the way.
- Advocated for entrepreneurship education from an early age and encouraged business leaders to build a strong support network—her “pizza boardroom” concept.
Gareth Thomas – Minister for Services, Small Business, and Exports
- Acknowledged the critical role of small businesses in economic success, stating “When small businesses exceed, we all exceed.”
- Committed to studying The Growth Agenda proposals to create a balanced mix of support for businesses of all sizes.
Panel Discussions
Nations and Regions: Does the UK Have What It Takes to Grow?
- Jo Perrotta (10KSB Cohort 16): Addressed the challenges of running a business in today’s landscape, adopting AI and calling for government support to match the pace of SME innovation.
- Dorian Payne: Encouraged leveraging emerging technologies and diverse funding strategies to drive growth.
- Lord Jim O’Neill: Stressed the importance of global competitiveness and the UK’s advantage of having world-class universities.
- Paul Scully: Argued that tax incentives should reward risk-taking, creating a better environment for SMEs to scale up.
The Commentators’ Context: Can the UK Go for Growth?
- Emily Maitlis: Highlighted the pressing need for small businesses to have a voice in policy-making, criticising recent NI tax increases as harmful to business confidence.
- Jon Sopel: Drew comparisons between the US and UK, noting that failure in the US is seen as “at least you tried,” whereas in the UK, it carries stigma. He urged the UK to foster a culture that encourages bold entrepreneurship.
- Russell Horwitz: Questioned why the UK isn’t doing more to retain successful entrepreneurs like Jo Malone, suggesting that policymakers need to listen to those who have built thriving businesses.
Key Takeaways from The Growth Agenda:
- A Call to Action for Policymakers: Small business owners are the problem solvers of the world. Their insights should drive policy changes that foster innovation and economic stability.
- Unlocking Growth Opportunities: The Growth Agenda lays out 18 key proposals across three categories—quick wins, momentum builders, and fundamental change—aimed at empowering SMEs.
- The Role of AI and Innovation: Businesses must embrace emerging technologies to remain competitive while ensuring ethical AI adoption.
- Entrepreneurial Resilience: Jo Malone’s inspiring journey underscored the importance of perseverance, adaptability, and strategic decision-making.
- The Need for a Supportive Business Environment: High taxes and complex regulations hinder growth. There’s a strong call for policies that reward risk and encourage investment.
Beyond the discussions, the event provided a fantastic opportunity to network with fellow 10KSB alumni, reconnecting with like-minded entrepreneurs who continue to push the boundaries of growth and innovation.
As small businesses navigate economic challenges, events like The Growth Agenda serve as a powerful reminder that collaboration, resilience, and forward-thinking strategies will drive the UK’s entrepreneurial success.
