Women-owned businesses already contribute an impressive £70bn to the UK economy. This is despite the fact that they currently secure significantly less than 5% of corporate and public sector contracts. It is estimated that if access to the market place was equalized, this would create a growth in our overall economy of 10% by 2030.
The UK Economic Blueprint for Women will enable women to achieve their maximum potential and to participate fully in the country’s economic growth. It aims to help create the conditions for scalable women-owned businesses to gain a fairer share of business opportunities and contracts nationally.
We aim to stimulate the growth of scalable Women-owned Businesses (WBs) in the UK and to become the definitive hub for the UK’s female entrepreneurs.
UK Economic Blueprint 10-point plan
Our vision is that by the end of 2020:
- The percentage of WBs will increase to 30% (from 18% in 2015)
- Gross value-added revenues generated by WBs will increase by 30% and the number of new jobs created in WBs will increase by 30%
- Sustainability of WBs established 5 years will be measured and increased by 30%
- The value of exports by WBs will increase by 30%
- An index of the corporate and government spend with WBs, will be created, tracked and published – working towards a target of 5% (from 1% in 2015)
- An index to measure mentoring for WBs will be created
- PSF will have built 80 collaborative partnerships in the UK
- A definitive ‘Go To’ online resource portal for UK based WBs will be created
- A marketplace will be developed to enable WBs to cluster in order to win contracts and to do more business with each other
- The number of women angel investors will increase to 30% (15% in 2015)
- To obtain gender disaggregated data
- To develop the outline design for the Economic Blueprint website/portal
- To secure sponsorship
- To pilot a platform for clusters of women-owned businesses to tender collaboratively for major contracts
- To influence the creation and publication of an Index of Spend with women-owned businesses by corporations and Government Departments
- To schedule a series of Economic Blueprint road shows across the UK during 2017 in collaboration with regional partners
An Economic Blueprint Taskforce with work streams led by relevant experts was established during 2015 and each work stream has developed a number of projects that support achievement of the 10-point plan.