Transparency data

Women-led high-growth enterprise taskforce meeting minutes: 10 March 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
• Sam Smith, finnCap Group
• Zandra Moore, Panintelligence
• Deepali Nangia, Speedinvest
• June Angelides MBE, Samos
• Emma Sinclair MBE, EnterpriseAlumni
• Helen Steers, Pantheon

Secretariat, analysts and other support staff

• Alexandra Frean, Starling Bank
• Gillian Unsworth, Equality Hub, Cabinet Office (dialled in)
• Barbara Collins, Equality Hub, Cabinet Office (Secretariat) (dialled in)
• Sue Beaumont-Staite, Equality Hub, Cabinet Office (Secretariat)
• Paul Williamson, Equality Hub, Cabinet Office (Analysts)
• Francis Evans, Department for Business & Trade
• Olivia Creber, Number 10

Apologies

Taskforce members

• Angela Scott, TC BioPharm
• Jan Putnis, Slaughter and May
• Judith Hartley, British Business Bank

Summary of actions

1) Francis to send the secretariat contact details for the Rose Review’s communications team so they can be linked up with members of the Taskforce around the launch of the renewed Invest in Women Hub in order to amplify any messaging.

2) Equality Hub analysts and secretariat to reshare link and password to slides for detailed data presented at the meeting.

3) Equality Hub analysts to prepare short note listing top key data findings which members can use publicly.

4) Zandra to send round details of Climb23 event in Leeds in May. Members to confirm if they are able to attend and if they would be happy to take part in a panel event.

5) Equality Hub analysts to discuss options for Companies House collecting more granular data.

6) Check to discuss further with the secretariat and Francis options for expanding the Investing in Women Code to include something on limited partners.

7) Sam and Zandra to discuss potential linkages between Sam’s idea around getting Growth Champions on the board of every Growth Hub and Zandra’s Inclusive Growth Boards.

8) It was agreed that a communications and project plan needed to be set out with key dates and opportunities. Secretariat to speak to Equality Hub communications team on this.

9) Taskforce members to share any contact details with Emma for leaders in large corporates who might be appropriate to include in her research and project on UK supplier diversity.

10) Alexandra to share with Taskforce members the list of people who will be interviewed and included in the book to be produced at the end of the Taskforce’s tenure.

Discussion items

1. Welcome from chair, minutes and actions

No comments. Majority of actions completed from last month. Secretariat can follow up any outstanding actions with members.

2. Update on Rose Review

Francis gave an update to the Taskforce on the findings and key points from the recently published Rose Review update report. Two key highlights:

• in 2022, women in the UK established over 150,000 new companies – more than twice as many as in 2018
• a total of 190 banks, venture capital firms, angel syndicates and other financial services organisations, including private equity and pension funds, are now signatories to the Investing in Women Code, up from 134 this time last year – together, they represent over £1 trillion in assets under management

There was a discussion on the relaunch/revision of the Invest in Women Hub and how the members of the Taskforce could support that.

3. Regional sub-group dashboard

Zandra Moore, regional sub-group lead, presented data on high-growth enterprises across the country and also went through in detail the progress she had made with two initiatives she has been driving forward called the Inclusive Growth Board and an Inclusive Dashboard. Zandra has been working on delivering these within the Leeds area with the aim that they could be used as ‘blueprints’ for other cities and local authorities.

Zandra highlighted the Climb23 event in Leeds on 23 and 24 May 2023 and suggested this event be used to promote or launch the work she has been doing in Leeds. A number of members agreed to attend the event if diaries permitted. Zandra agreed to send round details for the event.

4. Sub-group updates

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

Check provided an update on progress with a ‘Dear Colleague’ letter to MPs highlighting the SEIS and EIS. She will let members know once this goes out.

Equality Hub analysts and Check have been linking up to look at the data collected by Companies House and whether it might be possible to capture more data on gender. Paul to continue discussions with Companies House and link in with Check. Check suggested that this may also be something to include in the final report of the Taskforce.

Check is also interested in looking at developing an ‘Investing in Limited Partners’ Code – similar to the Investing in Women Code. Francis suggested that maybe there might be an option to look at incorporating something on limited partners within the current Investing in Women Code. Francis mentioned that one of the UK’s biggest limited partnerships had just signed the Code so this is a good starting point.

Check to discuss further with the secretariat and Francis.

Helen also highlighted that one of the biggest issues remains the fact that these sectors are still male dominated – particularly in the most senior roles.

ii) Private equity sub-group: Alex Depledge

Alex detailed the next steps with her sub-group work which included:

• talking to funders to get their perspective on the key issues on this agenda
• looking at sector to sector comparators
• drilling down to look at investor skills and knowledge

Alex was looking at hosting a roundtable for investors in May or June time.

iii) Procurement and revenue sub-group update: Emma Sinclair

Emma highlighted that she is reviewing organisations who certify companies that can demonstrate they are women owned or controlled. This is more commonplace in the USA where businesses able to evidence their diversity credentials can benefit from procurement budgets specifically allocated to women owned businesses. She is reviewing how this certification works in practice – including how UK companies can best access this – and how it can impact contract wins.

Emma is also looking at overseas government and private sector best practice including the USA, Canada and Australia where individuals, departments and companies have targets and/or key performance indicators directly associated with buying from women-led businesses.

Emma has also identified and is engaging with FTSE and other leading companies with supplier diversity initiatives globally (but where the UK are not necessarily targeted to spend this budget) ahead of considering how to embed supplier diversity into UK best practices

Options were being looked at by Emma to potentially run a pilot initiative with a small group of UK female founders to accelerate growth, highlight the urgency of introducing supplier diversity, reduce the length of sales cycles and create a replicable model for UK female-led scale-ups on a long term basis. Emma asked members of the taskforce to share any contacts they have with her who might be suitable for this initiative.

iv) Best practice and role models sub-group: Sam Smith

Sam is keen to link up the data from the Scale Up Institute with the data presented by Zandra – turning it into a ‘Superscaling’ piece.

There was a detailed discussion on the definition of ‘high-growth’ and whether ‘20%’ growth is the most appropriate definition given that those businesses just off the ground will likely grow at a much quicker rate than those further down this line who will grow at a slower rate.

Alex suggested that rather than reworking any definitions that the members look at a ‘codification check’ – so codifying throughout the phases, from seed to growth and looking at the most suitable funding routes and options for each stage.

Sam highlighted that she is interested in organising a half-day conference on ‘Scale Up Female Founders’ – likely to be around June time.

Sam also highlighted that she is going to scope out options to look at the possibility of getting a ‘Growth Champion’ for each local Growth Hub who could champion this agenda and have ownership of it. There was a discussion between Sam and Zandra on this because of the related ‘local’ focus and linkages to Zandra’s work. Sam and Zandra agreed to take this away and discuss in further detail.

5. Survey – Alexandra Frean (Starling)

Alexandra set out the background behind a survey they are looking to undertake with investment companies. This will look to gather more granular data and also pull out key areas of best practice.

6. Any other business

Alexandra updated on the book which Tina from Starling is working on. Alexandra said she will share a list of the people who will be being interviewed and included within the book.

It was agreed that a communications and project plan needed to be set out with key dates and opportunities. Secretariat to speak to the Equality Hub communications team about this.

Next meeting: Wednesday 21 June 2023 (diary invites already sent).