The Trampery is a new shared workspace for creative and tech start-ups, which Akoni has the pleasure to be part of due to being selected amongst Accenture’s top 5 in the Retail banking stream for the Innovation Lab. Akoni is an innovative platform for ensuring SMEs are making the most of their cash, in an easy and simple manner, and was selected as a technology driver to improve financial returns for businesses.
As patron of the Trampery, HRH The Duke of York, came to meet some of the young businesses that are now based there. Among these are the various creative sectors as well as participants from Accenture’s largest fin tech innovation lab yet, including Akoni.
HRH was very impressed and said: “it’s fantastic to see fin tech alongside Art-Tech and so many other things. The number of skills melted in an organisation like this is hugely beneficial not just to the companies who are inside the building but to those outside too.”
Akoni is excited to be part of this project and we are maximising our time working with other innovative entrepreneurial start-ups as well as the incredible professional lab team.
SMEs were the focus of much attention from both sides of the Brexit campaigns, and there is no surprise why. These businesses are the bedrock – the wheels and cogs – that keep our economy going.
According to government figures, SMEs accounted for 99.3% of all private sector businesses at the start of 2015 and 99.9% were small or medium-sized businesses. SMEs employed 15.6 million – 60% – of all private sector employment in the UK, making their contribution to the economy enormous. Did you know that the combined annual turnover of SMEs was £1.8 trillion or 47% of all private sector turnover in the UK? Rather impressive stats.
As a previous SME owner myself, I must confess that I was absolutely gutted when the Brexit referendum results were revealed, and wondered how many of my fellow SME business owners would be affected by the predictions of a full-on recession.
But what is heartening news is that there have recently been some surprisingly upbeat post-Brexit surveys and barometer results published – it seems that SME owners are rallying against the forecast economic doom and gloom:
According to the September 2016 Owner Managed Business (OMB) Barometer from Bank of Cyprus UK, over half (51%) of business owners and small businesses expect revenues to increase in the next 12 months, with a mere 15% disagreeing.
Commenting on the research findings, Nick Fahy, Chief Executive of Bank of Cyprus UK said that despite the general post-Brexit blues, the UK’s business owners and small businesses remain optimistic about their prospects. There was an immediate reaction to the Brexit news, but that the nation’s vital bedrock of businesses – the shopkeepers, family-owned businesses, the small and medium business owners and the independent traders have remained stable. It was vital that the UK government kept the SMEs in mind when negotiating the best deal with the EU, as to fail to do so would let down the British people.
What was quite noteworthy in the survey, was that 55% of small business owners did not think that the UK’s Brexit trade negotiations would necessarily boost key activities – sales, export, commercial opportunities, customer base and talent pool – for their businesses. It seems that many businesses are UK based and UK focused, while others may be trading/ or planning to expand their business to with non-EU customers.
One could say that the massive fintech revolution that has taken place in the UK could be spurring these statistics on. New York, Singapore, Hong Kong , Australia are the fintech hubs outside the UK, and may be making trade with the EU less vital in that sector.
If the UK government emphasized the positive advantages of trading with the UK, creating incentives such as an attractive tax regime, and geared-to-growth regulations, this would certainly drive this industry forward and set the UK up as a more competitive option than Europe to international traders and investors.
Another huge bonus was that, according to the same survey, a large portion of SME owners (45%) believed that the UK economy was in good shape, with a 28% saying they didn’t agree.So much for the doom merchants and nay-sayers. The overwhelming feeling is that British SME owners are doing what they are best at, and simply carrying on regardless, making the best of the situation.
In another recent survey conducted by CitySprint, that over half the SME businesses that thought that their businesses would suffer post Brexit have now changed their minds, and believe in a more positive outcome. Two-thirds of the respondents reckoned they were in a better place than they were this time last year.
The fall in the Pound may have resulted in better exporting deals for SME that trade internationally. This has encouraged overseas buyers to snap up British-made goods, because they are available at a lower price.
City AM also recently reported that two large banks – JP Morgan and Morgan Stanley – had adjusted their outlook to a more positive one, following news that the services purchasing managers’ index (PMI) soared from 47.4 to 52.9 in August. Results below 50 indicate economic contraction – and two consecutive contractions indicate a technical recession. This recent result was an unexpected outcome – and one that showed that the economy is much more resilient than expected.
The two Morgans have now revised their expectations for the UK economy, Morgan Stanley saying that it can now predict that the UK will avoid a technical recession, to grow by 1.9 per cent this year. The bank had previously foreseen the economy shrinking by 0,4% in the third quarter, but it now foresees growth of 0.3 per cent. Which is a very positive result after all Britain has been through.
With more than half a million new businesses being created every year on this little island, we are right up there with the best nations in the world in terms of resilience, innovation and enterprise. As the Brexit blues clear, the doom-mongers are being pushed to the sidelines. Backed by more-positive-than-expected predictions from the financial sector, SMEs have every right to feel buoyant and bullish about the future British economy.
Gemma Godfrey is a woman who has it all. She’s got fans across the world who hang on her every word across various media platforms for the latest investment advice; great smile, great hair (which has it’s own Twitter account); a husband who is a film producer and a beautiful son, who is a regular star feature in her Instagram posts. Now she also has a FinTech startup called Moo.la, which was (no surprise here) recently named as one of the top ten FinTech companies to watch this year.
Godfrey started out at Goldman Sachs as an intern, worked her way up through the corporate world, working for GAM as a Fund Manager, as Chairman of the Investment Committee at Credo Capital and Head of Investment Strategy for Brooks Macdonald – all the while contributing on Sky Business News, CNBC, the BBC and writing for Huffington Post, The Telegraph and The Times and various other publications. She was also Founder and Editor for The Investment Insight, giving online insight into the how’s, who’s, when’s and why’s of investing for five years. She is Board Advisor to Templars and CLU School of Management.
Godfrey was named among the “savviest” on Wall Street by the Wall Street Journal, the City of London’s “Commentator of the Year”, and most popular Business Influencer on social media in the New York Shorty Awards in 2014.
You can see why she’s popular – just take the topic of her December 2013 TEDxWallStreet talk, entitled How to Kiss. “Today I’m going to teach you to kiss. At work. On TV. In life or death situations. I’m going to show you how. And then when we go our separate ways you’re going to kiss with other people more than you’ve ever done before!”
It was a business talk, of course. Kiss stood for Kiss was Keep It Simple Stupid, by the way.
Gemma Godfrey speaking at TEDxWallStreet, 13 December, 2013: “How To Kiss”
Her advice for tomorrow’s leaders? In an article by Marisa Nadolny in her article, Godfrey’s Law of Success: Follow your Passion, the answer is,“Follow your passion, and success will come more naturally… People try to funnel themselves into what they think is an appropriate place,” she explains, “but it’s better to follow what they’re good at. A lot of people will force themselves to do something they think they should do, with little success.”
One of last week’s StrongJones blogs Inspiring Women in Tech Series #1: Lady Judge buys into Tech Startup featured British and American boardroom lioness, Lady Barbara Judge, CBE, who said that she regretted not having studied maths or science at University, as she felt that she had been playing catchup her whole life. Lucky for Godfrey, her passion was science. “Having a scientific background, you’re used to taking the complicated and complex and presenting it in an accessible way,” says Godfrey. Possibly one of her most valuable skills throughout her career.
Godfrey says it was a “pure love of the subject” that fuelled her interest in physics at a young age. She credits her father with cultivating her scientific curiosity – she holds a degree in Quantum Physics from the University of Leeds.
Selected by the BBC as one of the world’s Top 100 Women, the unstoppable Godfrey was profiled by the Sunday Times on the ascent of women in the boardroom – something that is under the spotlight right now, in the British banking and finance industries.
Jayne-Anne Gadhia, CEO of Virgin Money, was asked by the then Economic Secretary to the Treasury, Harriett Baldwin, to lead a Review focussing on the representation of women in senior managerial roles in the Financial Services industry. When the Review was released in March this year, it showed that in the UK, “New Financial’s sample of 200 firms active in UK Financial Services showed an average of 23% female representation on Boards, but only 14% on Executive Committees. Only 50% of women, compared to 70% of men believe they have an equal opportunity to advance regardless of their personal characteristics or circumstances.” Pretty appalling stuff.
Courageous women like Gemma Godfrey are pure gold. We couldn’t have a more inspiring person – who literally seems to fizz with eneregy and passion – to shakeup things, and spur on the aspiring FinTech women out there.
“The big thing that motivates me, is this feeling that you want to have an impact, you want to make a difference,” says Gemma, “I’ve always felt like that, wanting to work in smaller teams and be able to actually shape something. … I’ve realised I’ve spent the last few years waiting for somebody else to do this, and I thought I would join them! But there aren’t really that many people out there who’re doing this. This is a great opportunity to do it myself.” @gcgodfrey
How SMEs are using FinTech and cloud tools for Growth and Profitability
There is much talk about the disruption of FinTech innovation, and not much in terms of understanding the business impact. In particular, small and medium-size enterprises, who can benefit in terms of financial leverage, use various online tools to increase productivity, streamline processes, improve reporting and the business balance sheet. In the age of digital innovation, FinTech is providing solutions that can benefit small enterprises as much as it does the retail market. We aim to present a few pragmatic options for you to explore.