In the unlikely event that fans of chef Marcus Waring stumbled across my blog (Vectors of Prosperity) published yesterday on the Medium platform they might inadvertently imagine that I’d confused fine dining with economic policy – Place three ways!
But that accidental analogy (and terrible pun) has some depth. Without care in balancing ingredients, even the most creative cooks will fail to satisfy. Today’s Irish Stew (unlikely contender for the lunch menu in Brussels) was enriched by weekend observations of the strong correlation between the lower half of the Social Mobility Index and votes for Brexit.
One of the ingredients for economic success is a metric that is closely observed and oft celebrated – the number of new business start-ups. But, as Sherry Coutu reminds us, that emphasis on new enterprise distracts attention from a deeper need – nurturing growth by ‘scaling up’ enterprises that have survived those early steps. “Increasing the number of scale-up businesses in a country boosts job creation and the economy as a whole to a greater extent than increasing the number of startups.”
That distinction between Start-Ups and Scales-Ups is a critical issue. ‘The UK is ranked as third in the world by the Organisation for Economic Cooperation and Development (OECD) for the amount of startups created although sits at thirteenth for scaleups.’ The 2017 annual ScaleUp review once again enters a plea for better metrics – particularly for the benefit of ‘local community developers.
As chef Marcus would observe, getting the balance of flavours right requires careful selection of ingredients and experience. The local leaders best placed to succeed are those who recognise the need for learning – which is why the Bloomberg-backed school for mayors (particularly for those transitioning from the National to Local) is more than seasoning.
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Groupe Intellex 