A national mentoring scheme to help start-ups and growing businesses to flourish must be business-led with backing from the banking industry, states a new report from the Federation of Small Businesses (FSB).
The report states that, on average, around two-thirds of all start-ups will fail in their first year, the new report ‘Vision for a national mentoring scheme – connecting business owners with business mentors’ says. Approximately £10-12 billion pounds is spent on government funded business support per year, with only five per cent of that going to micro businesses even though they account for 95 per cent of all businesses in the UK.
Some of the key recommendations of the report include creating a National Mentoring Service through the Institute of Enterprise and Entrepreneurs to match mentors with businesses at all stages of the business life cycle. The report also calls for mentors to have the capacity to step away from that mentoring role and move into discussions that involve potential investment into the business.