Jump to navigation
Lancashire is one of the largest economies in the north of England, generating £29bn of GVA and supporting over 623,000 jobs. The importance of the SME base to Lancashire's economy and the vital role of entrepreneurship as a driver of economic growth and job creation mean that Lancashire needs to significantly improve the level of entrepreneurial activity. At present Lancashire experiences low levels of entrepreneurship, with a business formation rates, business death rates, long term business survival rates and business densities all performing below the UK average. For this reason, the measure aims to enhance the competitiveness of small and medium sized enterprises (SMEs) and specifically:
An important positive factor impacting on the degree of success of this measure is the presence of a strong and active ecosystem of the innovation. Vice versa, a negative factor is the low propensity of SMEs in investing in R&D for improving competitiveness.
In launching this kind of measure is important having an overall economic picture of the territory. In particular regional stakeholders must analyse the entrepreneurial activity in the area. After understanding the main needs, it is necessary provides actions for covering these lacks. It is important avoid focusing only on economic indicators but is better focusing also on indicators about education and innovation in order to have a better vision.