Through Connecting to Success (Opens in new window) - PDF - 1mb, the West Midlands Economic Strategy (WMES), Advantage West Midlands has identified enterprise as one of the key drivers for the growth of the regional economy, along with skills, innovation, transport and economic inclusion. A particularly focus is encouraging new business formation in high-value sectors.
In developing enterprise policy in the region, Advantage West Midlands has established the West Midlands Regional Enterprise Board. Chaired by Norman Price, the Board is the strategic lead on a number of activities identified in the West Midlands Economic Strategy. Its priorities are:
To identify and support new businesses, ideally, with the potential for high growth, and in particular those from traditionally excluded or under-represented areas such as women, ethnic minorities, social, rural, and young people;
To improve the proficiencies of existing businesses, particularly small and medium-sized enterprises (SMEs), in key processes, aiming at greater competitiveness and higher added value;
To encourage a strategic shift in the regional economy, towards high value added and/or growth business areas;
Underpinning all of this is to stimulate an infrastructure and culture which generates and facilitates such enterprise.
The Enterprise Board has created a number of policy sub groups which are focused on each of the key priorities highlighted above. In order to address enterprise within underrepresented communities, Advantage West Midland has recently established four strategic Centres of Expertise focusing on developing enterprise policy for young people, women, minority ethnic and social enterprise.
The Women’s Enterprise Centre of Expertise (WECOE) has now come to an end. Over the last 2 years WECOE has developed a knowledge bank of research and findings the outcomes of which will be disseminated over the next few weeks’
‘However, to ensure that this knowledge is developed and acted upon – an opportunity has arisen to work with AWM in developing a clear set of policies and actions and ensuring these are implemented over the next 12 months. More information is contained within the documents attached in particular Annex A.’
West Midlands Minority Ethnic Business Forum
The West Midlands is characterised by its ethnic and cultural diversity. It has a large and growing minority ethnic community with an age profile that is substantially younger than the ageing indigenous white population.
It is this demographic challenge combined with relatively low productivity levels that makes it important that the minority ethnic community is helped and encouraged to become even more productive and fulfil its great latent potential.
The West Midlands Minority Ethnic Business Forum provides strategic advice to Advantage West Midlands and other partners.
It advises on strategies and policies relating to minority ethnic entrepreneurship in the West Midlands.
The Forum was established by Advantage West Midlands and is made up of men and women from the minority ethnic business community who have practical experience working as entrepreneurs in the region.