Lloyds Bank explains why unlocking innovation is key to the success of the next generation of entrepreneurs

Catherine Rutter, Lloyds Banking Group’s Ambassador for Yorkshire and the Humber, is calling for increased collaboration to support women-owned businesses across the region.

As a woman in business with more than three decades of financial services experience to her name, Catherine wants to highlight the challenges experienced by women-owned businesses.

Catherine recently took part in a roundtable to discuss research commissioned by Lloyds Bank, Women Entrepreneurs: the Northern Perspective, and wants to see more collaboration across the region to help boost innovation.

Innovation: the practical implementation of ideas that result in the introduction of new goods or services. When you see the explanation, it doesn’t seem that complicated but there’s a real issue facing innovation among women-owned start-ups.

We need to increase our collaboration and help women business leaders unlock the potential we know is there and help start-ups be where they need to be. To do this, we need to increase collaboration and encourage women business leaders to share their experiences to unlock and maximise the growth potential of what’s essentially half of the population.

And a key driver for this growth is going to be innovation. Whether that's new products and services, or simply using technology to boost productivity, we need to work together to ensure equal opportunities for all.

Earlier education

For innovation and productivity to grow, we need to help women-led businesses of all shapes and sizes across all sectors to access the tools that will allow them to transform ideas into reality.

Signposting support is a significant part of the journey as to many, the idea of innovation can be overwhelming. But even before this, I believe more can be done to educate women earlier in their journey about the opportunities that are available to them.

Showing younger people that they really can achieve anything they put their mind to is essential. But to do this successfully, we need people in place to nurture these ambitions and encourage creative and critical thinking from the first opportunity. For example, if we can get role models supporting school programmes, as well as each other, we can start to build a culture that will support women achieve their career ambitions in the world of business well into the future.

Knowledge is power

Whether it’s role models, mentors, or peer-to-peer networks, supporting each other by creating a sense of community is crucial. Our research shows that 42% of women-led businesses in Yorkshire want access to case studies about people like them that have experienced the same journey that they are on. Sharing personal experiences can give someone the confirmation needed to pursue their ambitions and unlock the innovation we have across the region.

For example, the ESF funded #WECAN project led by Leeds Beckett University helps businesses identify their needs and map out a plan to reach their ambitions.

Through our Lloyds Bank Academy, we deliver free online digital packages designed to give people and businesses the confidence to boost their skills. We know from speaking to women across Yorkshire and the Humber that 38% are looking for help with leadership skills, 36% with digital skills and 31% in finding talented employees, all support available through our online portal.

We also know that only a fifth (23%) have digitised their business since day one. To help stay on top of the ever-changing digital landscape and offer the most updated support, we partner with Google and Microsoft.

Championing an innovative future

While innovation is a key driver for growth, it will be the coming together of knowledge and expertise among peers that will really help to champion our region’s women entrepreneurs.

Yorkshire and the Humber is a great place to live and work and we’ll continue to be at the side of businesses and support women, their ideas of innovation, and their work, to help the region thrive for generations to come.

Read the full Women Entrepreneurs: the Northern Perspective report.