Category: Corporate Responsibility (CSR) Subcategory: Business Awareness for the Community Award won: Business Awareness for the Community subcategory
RBS Inspiring Enterprise is encouraging a more entrepreneurial UK. From the classroom to the boardroom, we’re inspiring and enabling enterprise. We focus efforts on three groups that, with more support, could play a stronger role in the economy: young people, women and social entrepreneurs.
Inspiring Enterprise draws together our work to help people explore and develop their enterprise potential:
• RBS activity, including a range of services, events, support and advice
• Large-scale partnerships with organisations such as The Prince’s Trust, Entrepreneurial Spark, Social Enterprise UK, and everywoman.
• Funding and support through Inspiring Enterprise grant funding and RBS MicroFinance Fund.
Since January 2013, Inspiring Enterprise has supported 37,538 youth, women and social entrepreneurs.
-We’ve inspired and enabled 30,485 young people to explore enterprise, develop skills and start up in business.
-We’ve inspired and enabled 6,004 women to explore and unlock enterprise potential.
-We’ve supported 1,049 social enterprises, improving access to expertise, markets and finance.
Benefits to RBS include improved reputation, particularly across UK enterprise support sector and UK & Scottish governments. 6% of UK population are aware of Inspiring Enterprise. Our grant funding programme has to date created 300 new businesses.
When designing Inspiring Enterprise, we noticed significant duplication in the enterprise support sector: many organisations deliver very similar things. Rather than create more new content and add to the duplication, Inspiring Enterprise is designed to increase support for potential entrepreneurs by adding extra fuel in the form of money, resource and other support to local, regional and national enterprise support programmes, thereby boosting the effectiveness of what’s already out there.
We also published three targets to illustrate our support for our target audiences. We’re publicly reporting progress against these targets to show the impact of our investment in enterprise.[/one_half_last]
We published our targets but then realised we weren’t set up to record all data we needed to report on progress. So we’ve had to develop a new process which will enable us to record consistent, reportable, information, enabling us to demonstrate how we create real value for the economy.
We underestimated how popular our grant funding scheme would be. In 2013, we received over 1000 applications, totalling over £40m, for just £2m on funding (shared amongst 72 organisations). Handling this volume of interest has increased our costs and obviously meant there are a lot of disappointed people out there.
We understand that entrepreneurs and businesses need support, advice and funding to succeed. We also know that people need help to explore the idea of enterprise, unlock potential, and gain the skills, knowledge and networks. Inspiring Enterprise supports across all of these areas.
We’ve been able to channel additional support where it’s needed, inspiring and enabling more young people, women and social enterprises. Inspiring Enterprise is creating new businesses, providing employment opportunities, thus contributing to the economy.[/one_half_last]