By Dr Louise Venables

Entrepreneurship is tough enough, but for those in Cornwall, the challenges often feel amplified. How might we begin to address the issues faced by low-income individuals seeking to start or grow enterprises in Cornwall?

On 3rd December 2024, policymakers, community leaders and key stakeholders came together to answer this question, and gave us plenty to reflect on.

Importance of this workshop

Hosted by the University of Exeter’s Entrepreneurial Futures project, the Breaking Barriers to Entrepreneurship: Insights and Policy Solutions for Cornwall workshop aimed to create a space for collaboration, bringing together a diverse gathering of influential voices to brainstorm solutions that could empower entrepreneurship and ultimately strengthen the region’s economy.

What struck us most was the shared sense of enthusiasm; everyone seemed genuinely committed to finding real solutions to the issues discussed, suggesting meaningful, practical ways to support entrepreneurs who are often overlooked in Cornwall’s business landscape.

Sign up to our next Entrepreneurial Futures event on 23rd January 2025. Register here >>

Exploring the barriers

The workshop began by framing the challenges uncovered by our research.

Limited access to affordable credit, coupled with fears of financial risk, prevents many individuals from taking the leap into starting their own businesses.

Another major challenge is a lack of skills and confidence. Many aspiring entrepreneurs feel they don’t have the knowledge or self-assurance to move forward, which can be just as debilitating as practical barriers.

Social isolation also plays a significant role. An overreliance on close-knit networks often restricts opportunities, while Cornwall’s geographic remoteness exacerbates the difficulty of accessing larger markets, resources and professional connections.

Finally, bureaucratic hurdles frequently deter individuals from formalising or expanding their businesses. Complex processes and confusing systems can make entrepreneurship feel like an insurmountable challenge, particularly for those with limited experience navigating such frameworks.

Hearing these challenges echoed by workshop participants (in the form of a mind map) wasn’t surprising. It underscored how vital it is to address these barriers in ways that resonate with those experiencing them.

Breakout room insights

The breakout sessions were where the workshop really came to life. These smaller discussions gave participants the space to dive into specific issues faced by prospective entrepreneurs from low-income households, sparking lively discussions and the generation of some practical solutions.

Participants highlighted the importance of leveraging underutilised local resources, and use of local policy to address Cornwall’s unique challenges. Participants emphasised the need for building networks, such as mentorship programmes and community collaborations.

Simplifying bureaucratic processes and ensuring accessible, plain-language communication were also identified as critical for making resources more inclusive and navigable for disadvantaged communities.

What’s next?

As the workshop came to a close, we were encouraged by participants’ enthusiasm and the resultant sense of possibility. The challenges are real, but so is the potential for change.

Insights from the session will inform a research brief we’re developing, which will provide actionable suggestions to help policymakers and other organisations address the barriers faced by low-income entrepreneurs in Cornwall. The discussions pave the way for practical policies that could open doors for aspiring entrepreneurs.

And stakeholders can continue the conversation at our next Entrepreneurial Futures event on 23rd January 2025. Register here >>

Acknowledgements

The research team responsible for this project includes Dr Louise Venables, Dr Paul Bedford, Dr Daniel Derbyshire, Lucia Pratto, Prof Emma Bland, Prof Tim Taylor, Dr Becca Lovell, and Dr Lewis Elliott.

We extend our thanks to all who attended and contributed to this important discussion, including representatives from Transformation Cornwall, Truro City Council, CIoS Growth Hub, Cornwall Chamber of Commerce, Cornwall Council, Inclusion Cornwall, Coastline Housing and more. This project is funded by the Entrepreneurial Futures SPF Project, and the UK Government through the UK Shared Prosperity Fund.