Driving innovation to unlock the potential of women-led businesses in Yorkshire

Selfie time with West Yorkshire Mayor Tracy Brabin

To help identify what more needs to be done to support women business owners, business leaders joined the Mayor of West Yorkshire, Tracy Brabin, and other regional stakeholders at a roundtable hosted by Lloyds Bank during the West Yorkshire Innovation Festival.

Chaired by Nancy Fielder, Editor-in-chief of National World, the roundtable explored some of the issues highlighted in Lloyds Bank’s Women Entrepreneurs: the Northern Perspective report. The specialist panel included:

- Tracy Brabin, Mayor of West Yorkshire

What more needs to be done to help nurture women-led businesses?

- Catherine Rutter, Lloyds Banking Group’s Ambassador for Yorkshire and the Humber

- Natalie Boswell, Regional Development Director for the North East at Lloyds Banking Group

- Natalie Allen, Leeds Beckett University, Head of Business Partnership

- Louise O’Brien, Greyhound Box, Managing Director

“This is about [everyone working together to give] opportunities to women who want to set up their own businesses.”

- Ali Gordon, Eat Out Round About, CEO

- Dr Sophie Dale-Black, British Business Bank, UK Network Director for the Midlands and the North of England

- Olga Watterich, CBI, Associate Regional Director, Yorkshire and Humber

- Sheena McDermott, Be the Business, Head of Leadership and Management Programmes

Supporting innovation

Mayor Tracy Brabin opened the discussion: “We know that investments in women start-ups are not where they should be, but we need to empower women to have skills to be able to earn those really great jobs.”

She highlighted the importance of supporting innovation: “[These] companies survive longer, they survive economic shocks, and they bring new ideas that bring new investment. That’s why we’ve launched the West Yorkshire Business Accelerator Fund worth £22m, so we can offer women entrepreneurs a front door where they can come and get advice, guidance, and mentoring, and connect with other businesses.”

Ali Gordon went on to discuess how she changed her whole business model and move online when the pandemic hit, saying: “My journey could have been sped up with the right advice; having that support in place earlier would have made everything much easier.”

Catherine Rutter outlined some of the ways that Lloyds is supporting innovation by helping companies develop their digital resources: “We deliver amazing packages through our Lloyds Bank Academy, and we also partner with Google and Microsoft to get small businesses off the ground.”

The importance of mentoring

The group unanimously agreed that mentoring and encouraging each other is one of the most important ways to support women-owned businesses.

Natalie Allen said: “To go into a room and feel that their idea is valued, can make a huge difference to someone’s career path. That’s where support like the ESF funded #WECAN project led by Leeds Beckett can help.”

“I also think starting with earlier education is the only way we will see real change”, said Dr Sophie Dale-Black. “By encouraging creative and critical thinking from an early age, we can teach younger people not to feel boxed in and allow them to explore their ambitions.”

“It can be difficult to make that first step but mentoring can create a culture that will support women in achieving their career ambitions”, said Sheena McDermott.

“If you can create an environment where there are a mix of role models, we will influence change from the earliest opportunity, added Louise O’Brien.

Natalie Boswell summed up the issue: “Having successful businesses speaking to each other allows ideas and experiences to be shared that could give someone the confidence they may need to pursue their own entrepreneurial career.”

So what’s next?

Olga Watterich highlighted one consideration: “It's so overwhelming [to know where to look for support]. When you’re a busy entrepreneur, finding the right place with the right information is challenging.”

As part of Lloyds Bank’s mission to help women-owned businesses, any advice its team shares is grounded in an understanding of that organisation and bespoke to its leader, whatever their circumstance or situation. The bank is committed to increasing the diversity of its own team, so business owners can speak to someone who understands the barriers and the struggles they face.

Catherine Rutter concluded: “Supporting women in Yorkshire and the Humber is about understanding opportunity. By drawing together our knowledge and sharing expertise with peers, we can champion our region’s entrepreneurs and be at the side of businesses as they explore and expand their capabilities."

For further information

Read the full report here.