Enterprise Week Kicks Off With £100 million of Capital Funds

The biggest ever Enterprise Week, with over 2,000 events, was kicked off with the launch of the second round of Enterprise Capital Funds - providing a further £100m of Government money to boost innovation, jobs and growth for budding entrepreneurs and existing businesses in the UK.

Small Business Minister Margaret Hodge officially opened the second round of bidding for Enterprise Capital Funds while speaking at the Enterprising Britain Debate, the flagship launch event for Enterprise Week 2006.

Margaret Hodge said:

"Too many of our most innovative businesses with genuine potential fail because they can't bridge the equity gap. Enterprise Capital Funds are a key Government intervention to help provide the investment that is vital to these businesses and provide a real boost to economic growth in the UK - and I urge potential bidders to apply."

Speaking about this year's Enterprise Week Margaret Hodge said:

"Enterprise Week is a great way to promote and celebrate an enterprise culture and instil in young people the aspiration to succeed as entrepreneurs. The sheer scale of the events is heartening, and the range of events really captures what it's like to be an entrepreneur - it's exciting, it's adventurous."

Enterprise Week, which is funded by the DTI's Small Business Service, will see a record number of events this year to get young people thinking about starting their own business and taking their first steps towards being the entrepreneurs of the future.

The country will be caught up in enterprise fever - from local events at schools and colleges, to big national events like 'Business Start Up 2006' at Earls Court which is expected to attract over 20,000 people.

The second round of Enterprise Capital Funds (ECFs) builds on the successful 'Pathfinder' round of ECFs, which attracted over 40 bids and resulted in six funds being awarded. This new round follows the Chancellor of the Exchequer's announcement in this years Budget that he was making an extra £100m available for the ECF programme.

More information about Enterprise Week:

1. Enterprise Week events are taking place across the country.

2. The DTI's Small Business Service has provided £5m for 06/07and £5m for 07/08 to fund the ongoing Make Your Mark Campaign and Enterprise Week.

3. Margaret Hodge was speaking at Enterprising Britain: The Debate. The official Enterprise Week launch event that brings together key figures from the worlds of business, education, enterprise and the media to discuss how to best nurture ideas and develop entrepreneurial talent. The event took place at Victoria Park Plaza, London.

4. The competition for second round ECFs will run through 2007 with two closing dates. To be considered in the first closing prospective ECF fund managers have until the end of February to prepare their bids in accordance with the guidance published on the SBS website. Bidders need to demonstrate how their proposal will target small and medium sized businesses in the equity gap.

5. In selecting which bids to back, the Government will be advised by the Capital for Enterprise Board, an advisory group of industry experts, chaired by David Quysner of Abingworth Management.

6. Detailed bidding guidance for prospective bidders.

Posted 14/11/06

Back