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Generation Growth: How Can the UK Support Small Businesses to Thrive?

Two recent events, delivered by Goldman Sachs 10,000 Small Businesses UK (10KSBUK) and supported by Seven Hills BPI, explored how the UK could fuel the growth of the next generation of small businesses.

On 19th November, 60 10KSB alumni gathered for a Hackathon to design policy ideas aimed at supporting small businesses. These ideas, facilitated by growth experts from Saïd Business School, University of Oxford, were pitched to a leadership panel of industry experts, including former government ministers Robert Halfon and Margot James, British Business Bank chair Stephen Welton, serial entrepreneur Simon Calver, AI expert and Turing Innovation Catalyst Director Elizabeth Scott MBE, London & Partners CEO Laura Citron, the Open Data Institute’s Emma Thwaites, and Varun Chandra, the Prime Minister’s Special Advisor on Business and Investment.

In addition, the annual 10KSB UK alumni celebration focused on “Thinking Differently”, bringing together thought leaders to discuss the challenges and opportunities facing small businesses. Guests heard from Sir Anthony Seldon on how businesses can maximise the benefits of AI, Dr Eliza Filby on bridging generational gaps in the workforce, and 19-time Paralympic champion Dame Sarah Storey on resilience and building a winning team.

Following both of these events, a group of participating alumni were invited to Downing Street to meet again with Varun Chandra, as well as small business minister Gareth Thomas MP and a number of business policy experts.

A further report, to be launched at Lancaster House in February, will also take a more detailed dive into some of the ideas proposed throughout the day during the Hackathon and from the in depth discussions that Goldman Sachs 10KSB has brought together in 2024 across the country.

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Chapter 1 outlines the concept of mission and how the breakthrough brands of today have succeeded by building a mission that inspires belief, generates a following and instils a purpose beyond profit.