Only a grassroots, joined-up funding approach will keep our entrepreneurs growing

"In our current climate, setting up shop has never been more daunting. The pandemic has subsided, but businesspeople are now amid a perfect storm of skyrocketing costs and straining consumer confidence. The cost-of-living crisis is equally a cost-of-doing-business crisis. Entrepreneurs need investment, but with the future of economic development funding facing post-Brexit uncertainty, their growth ambitions could be stifled in years to come. The loss of EU funding in March 2023 poses significant challenges to the local enterprise sector. At Enterprise NI, we work with more than 4,000 entrepreneurs and local micro and small businesses every week. Our local enterprise agency network is the front line of support throughout Northern Ireland, providing start-ups with bespoke support, flexible tenancies, and advice they require to help move from idea through launch to growth. Simply put, any loss in resource would mean fewer successful entrepreneurs. The UK's Shared Prosperity and Levelling Up Funds are proving exciting prospects, and with the right approach, can provide a thriving support model for our local pre-enterprisers, start-ups, and growing businesses. For this funding to work on a local level, leadership is required. A new, grassroots, co-designed approach is required to ensure that each pound being spent is providing the best service and support for individuals and businesses across Northern Ireland. Our proposed solution is simple. By working closely with local government, central government, and Invest NI, we can create the powerful enterprise support service that aspiring entrepreneurs need. Meeting ongoing challenges means working together – in tandem, not in our silos. We can ensure the best bits of our entrepreneurial ecosystem become more effective.