ISSUES
: Business and Trade
Chapter 1: Business today
8
support enterprise and nurture the
entrepreneurial culture we need
throughout the UK.
One question that arises for
universities as some develop funds
to provide financial support for start-
ups, is the size of the financial stake
it is appropriate for them to take in
fledgling businesses. Of course,
this is dependent on the level of
investment put in – financial or
facilities.
But as we go down this route, I would
argue that we are best placed looking
to models in the US where the aim is
for universities to make lots of small
investments by taking a 2–3% stake
in the resulting companies. And this
would be with a higher goal in mind –
establishing a long-term relationship
and generating future opportunities
through engagement.
For government, one very pressing
issue is to ensure that the highly
successful Cambridge model –
supporting start-ups and spin-outs
from the so-called ‘Silicon Fens’ – is
rolled out across the UK, from Bristol
to Lincoln, Plymouth, Teeside and
elsewhere. Cambridge is a great
example of what can be achieved, but
if that is the extent of our ambition,
we are in trouble.
Starting and sustaining your own
business is not easy. Universities
don’t just offer knowledge and
skills on how to develop ideas,
enter new markets and utilise digital
technologies. They can also offer the
connections, networks and support
to help individuals flourish. There
is no other place where budding
entrepreneurs will have access to so
many people to spark ideas off – to
test them with their peers, experts
and professionals.
7 May 2014
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Enterprise for all:
the relevance of
enterprise in education
The relevance of enterprise in education is Lord Young’s
third and final report on enterprise.
W
hen the Internet reached
critical mass it changed far
more than the social and
shopping habits of the nation. Only
a few years ago the definition of a
small firm was one employing fewer
than 500: today 95.5% of firms by
number in this country employ fewer
than ten. The skills sought by large
companies, invariably process-
driven, were in those days typified
by team sports and conformity and
that is what the school system was
encouraged to deliver. The world
of those now leaving education
will be one in which self-reliance
and creativity will be rewarded and
the education system will have to
adapt. Nothing in this report will
undermine the present curriculum;
indeed the most employable
skills of all are the three Rs – but
they, by themselves, may not be
sufficient unless accompanied by
an enterprising attitude.
Enterprise means more than just the
ability to become an entrepreneur.
It is that quality that gives an
individual a positive outlook, an
ability to see the glass as half full
rather than half empty, and is a
valuable attribute for the whole of
life. It is a quality many bring with
them on starting primary school
but far too many leave secondary
school without. This report looks at
fostering an enterprising attitude in
both formal and informal education,
including the desire to become an
entrepreneur, and encouraging
more to enter self-employment or
start their own company.
It is not just the business world
that has changed. We are now
asking young people who leave
the school system at 18 to make a
serious economic decision when
they choose a particular university
and degree course. By making a
Future Earnings and Employment
Record available, as outlined in
my report, we will enable them to
decide if a particular course makes
sense. I have spent enough years
in the higher education sector to
know how jealously universities
regard their reputations and how
they compare their results with their
peers; the availability of this kind of
information will be a powerful driver
for raising standards throughout
the sector.
It is now well over 30 years since
I played a part in the introduction
of the Youth Training Scheme. The
challenges we faced then are similar
to those we have today, namely, the
number of young people who leave
school demotivated with few or no
qualifications. It is difficult for many
young people to connect what they
are asked to learn in school with the
outside world and that is why I am
proposing that head teachers have
an Enterprise Adviser to assist them
by introducing speakers from all
walks of life to enthuse pupils in the
classroom.Wemust alsomakemany
of the subjects learned in school
more relevant to the outside world,
including encouraging more pupils
in STEM (Science, Technology,
Engineering and Maths) subjects. I
anticipate that the Local Enterprise
Partnerships may well wish to have
a coordinating role.
But people are more than just the
sum of their qualifications. There
are many activities in and around
school that help to broaden the
experience of the individual. We
have introduced a programme
called Fiver* which is giving primary
school pupils £5 for the month of
June to see what they can make
of it and I look forward to meeting
those that have done best after the
summer. We have received 27,000
