Issue 7 2021

CEO MONTHLY / ISSUE 7 2021 5 , The Black British Business Awards’ (BBBAwards) has partnered with global communications firm Weber Shandwick to launch Project RISE, an initiative created to supercharge the profile of Black-owned businesses in the UK. Weber Shandwick will provide £100,000 in pro-bono communications services to five hand-picked Black-owned businesses, giving each business £20,000 worth of consultancy time to accelerate their reach and influence and take their business to the next level. In addition, all applicants to the programme will receive access to a series of training sessions focused on skills such as media relations, social media, and video creation. These sessions will aim to enable all businesses to improve their communications strategy and impact. Despite the enormous success of Black-owned businesses across a variety of sectors, these businesses are severely underrepresented within UK mainstream media. Black-owned businesses in the UK also face disproportionately more challenges than their white counterparts in other areas including limited access to investment and finance, lack of representation in senior ranks and discrimination. Project RISE was developed to increase the visibility and representation of Black-owned businesses across the media landscape to ensure the industry is a reflective mirror of the vibrant Black business community in the UK helping shift the balance for minority groups and fight against inequality and injustice. Sophie Chandauka, Executive Founder and Chair of the Black British Business Awards said: “ In an ideal world access to resources and funds would be equal. Unfortunately, as many black entrepreneurs have found, this is just not the case and instead the effect of this imbalance weighs heavy on their shoulders. Even before the pandemic, small minority-owned businesses were at a higher risk of failing; this has increased exponentially over the past year. Ensuring that these businesses survive the turbulent times ahead will require a fundamental shift in how we all come together to support them. Through this strategic partnership, the Black British Business Awards and Weber Shandwick are committed to empowering and supporting the growth and sustained longevity of Black owned businesses”. Helen Bennett, Managing Director at Weber Shandwick said: “The last year has brought the ongoing need for positive and lasting change when addressing systemic inequalities in our society into sharp focus. The communications industry has the power to help raise the visibility and appeal of Black-owned businesses to a wider range of audiences and with this power we have a responsibility to do better. With this in mind, and with our partners at the Black British Business Awards, we look forward to launching Project RISE, an initiative that will leverage (or deploy) our communications expertise to help these businesses thrive. ” To help launch the initiative, Weber Shandwick invited Black animator DuaneUba to create a filmbringing to life the relentless adversity faced by the Black community, which includes the challenges and inequities faced by Black businesses in the UK, and the ambition of Project RISE to help shine a brighter spotlight on Black UK entrepreneurs. Link to film. Weber Shandwick and the BBBAwards are calling on Black business owners and entrepreneurs from across the country to apply to Project RISE. In September, a judging panel of leading Black comms and business professionals will select five finalists. Applications for Project RISE open on 7 July and close on 31 August. The programme will become a core part of Weber Shandwick’s commitment to scale and support the influence of Black businesses in the UK. The research reveals that access to funding, estab- lishing the brand, finding their audience and staying open during Covid are all front of mind for entrepre- neurs, whether they are established business owners or someone who is considering becoming their own boss. Additionally, more than one in three (36%) would-be entre- preneurs are concerned about what financial support is out there. However, entrepreneurs in the UK are optimistic – with almost three quarters (74%) saying they feel more confident about the future. The economy bouncing back (45%), customers’ willing- ness to spend again (44%) and more demand for what their business offers (41%) were cited as key drivers of this increased confidence. But would-be entrepreneurs are feeling a bit more cautious, with almost a third (31%) planning on waiting beyond the next 12 months before setting up their new business. The new research comes as Virgin Money begins working alongside Virgin StartUp, a not-for-profit organisation within the Virgin Group which focuses on supporting business founders in the UK with expert guidance, funding, and mentorship. This is the first joint business banking initiative by two Virgin compa- nies, who are pooling their expertise to help more businesses start up and grow. This support is coming at the right time, as Companies House data reveals 810,316 companies were incorporated between March 2020 and March 2021, an increase of 21.8% when compared with the previous 12 months. 2020 to 2021 saw the highest number of incorporations on record2. Gavin Opperman, Group Business Director, at Virgin Money said: “The pandemic has provided an opportunity for many people to take their passion and turn it into a full-time business, and we’re seeing more people starting out on the road to launch their business. “That’s why we’ve joined forces with Virgin StartUp to offer the right support and guidance in key areas to help make people’s entrepreneurial dreams a reality. We are committed to working with business founders to ensure they not only survive but thrive, and we’re excited to see the difference we can make together.” Linda Grant, Chair, Virgin StartUp said: “We know that the right support is vital for new businesses in those early days, yet many people underestimate how much help they will need. And there is also a pool of would-be entrepreneurs whose concerns may be holding them back from taking that next step and setting up – establishing their brand, finding their audience and access to funding are all areas they feel they need help with. “At Virgin StartUp we understand the road to starting a busi- ness isn’t all plain sailing, and have a wealth of knowledge of experience in helping founders make their ideas a reality – it’s something we’ve been doing at Virgin for 50 years. By working alongside Virgin Money, we can offer this support to even more people who want to start up and scale.” All Virgin Money business customers now have access to the expertise of Virgin StartUp. This includes free digital events designed to guide founders on specialist topics; free digital resources to tackle knowledge gaps; and discounted Master- classes from renowned business leaders. On 21 July, Virgin StartUp and Virgin Money will host a free event, ‘How to Start and Scale a Food and Drink Brand’, with Ben Branson, founder of Seedlip, Vivien Wong, co-founder of Little Moons, and COO of The Vurger Co., Neil Potts. This session is one of many specialist events designed to support founders across different industries. From early July, people will also be able to sign up for the first three Virgin StartUp Masterclasses, which will help founders build skills in Branding, Marketing and PR. The Black British Business Awards and Weber Shandwick launch Project Rise to boost Black business representation in the media