The research, carried out on behalf of The Association of Greater Manchester and the Commission for the New Economy, investigated the availability of funding and support for entrepreneurs in the Greater Manchester region.
The research has outlined 10 recommendations to establish Manchester as the UK’s leading region for innovation and enterprise including the creation of Centre for Business Angel Research, in Manchester in association with the three leading business schools.
The pro.manchester analysis challenges the Rowlands Report, published in late 2009, which suggested there is an equity gap SMEs who need between £2 million and £10 million of funding.
The Manchester report finds no evidence for this proposition and suggests that companies looking for funding between £2 million and £10 million (and any other size for that matter) should come to Manchester, where the Manchester Private Equity Group, will be happy to accommodate them,
The research suggests there is an opportunity to develop more co-working facilities in Greater Manchester along the lines of New Work City, Dogpatch Labs and the Feel Good Factor in the USA.
Co-working schemes provide soft rents, rates, Wi-Fi and desk facilities to help entrepreneurs get projects and businesses off the ground. Fly the Coop in the Hive is an example of the way forward in Greater Manchester.
John Ashcroft, chief executive of pro.manchester, and director of the innovation and enterprise research project, said:
“Over the past six months pro.manchester has undertaken some great workshops with hundreds of financial, professional and business representatives across all sectors.
“We have developed 10 key recommendations to ensure the Manchester region creates the right environment for entrepreneurs and SMEs to flourish and grow.”