Start-up Funding Could benefit from entrepreneurial flare says FSB.
Following the announcement from the Finance Minister, Conor Murphy that he will allocate funding to assist business start-ups, FSB NI Head of External Affairs, Roger Pollen has welcomed the move which will encourage entrepreneurship.
FSB NI Head of External Affairs, Roger Pollen said: “In these uncertain times people may be hesitant to start up new enterprises, however, if our economy is to grow, create prosperity and boost employment, we need entrepreneurs and risk takers to be establishing new businesses.
“We warmly welcome the decision by the Minister to allocate this funding, which should both incentivise and assist entrepreneurship, something which can only be positive for the entire economy.
“We recognise that the design of this scheme will rest with the Department for the Economy, and we would call on them to prioritise and support those who have lost their businesses because of the unique coronavirus downturn, to ensure their entrepreneurial spirit is not lost and that their experience is utilised.
“In other economies around the globe, business failure is seen as a valuable experience by which entrepreneurs can learn lessons which can assist them when bringing forward their next idea; the Covid-19 enforced business failures should provide a fertile seedbed for new ideas to take hold.
“For too long in Northern Ireland our business birth rate, which measures the rate of business creation, has been the lowest in the UK and only marginally above the business death rate, which measures business failure. While business failure is sometimes an inevitable consequence of economic forces, what really matters is growing that rate of business creation, and encouraging the next generation of businesses to come forward.
“If our economy is to make a successful recovery from Covid-19, then we must foster a culture of entrepreneurship which can raise living standards and help build those best-in-class public services to which we all aspire, so this new funding is welcome and could play a valuable role,” added Roger Pollen.