Power Up Your Potential
Welcome to an exclusive three-part series, where Quine shines a spotlight on Royal Bank of Scotland’s support for business owners and its unwavering commitment to empowering women entrepreneurs.
Join us on a journey of inspiration, as we explore the advantages and opportunities of Royal Bank of Scotland’s numerous initiatives. We’ll speak to the female leaders from inside the bank, female founders who have succeeded with the programme and hear from our founder’s own experience on the start-up programme.
Whether you’re a budding entrepreneur or an established business owner seeking to take your venture to new heights, our series offers practical advice and insider tips to help you unlock your full potential and thrive in the world of business.
With its powerful network and abundant resources, Royal Bank of Scotland’s support equips entrepreneurs with the tools they need to shine and build valuable connections.
We spoke to Mandy Bailey, Regional Ecosystem Manager at Royal Bank of Scotland, who is part of the Enterprise Delivery Team for the Royal Bank Enterprise programme throughout Scotland, providing expert guidance to support the next generation of start-up businesses.
She told us about Royal Bank of Scotland’s highly regarded Entrepreneur Accelerator programme, now in its 10th year of helping Scottish business owners to power up...
Why is it so important to empower women in business?
Scotland is a country with a rich history of innovation and creativity, but when it comes to entrepreneurship, there is a significant gender gap. According to the latest statistics, only one in five of Scotland’s entrepreneurs are women, despite women making up 51.4% of the population1. Moreover, only 2% of institutional investment goes to women-led companies in Scotland2, which means that many female entrepreneurs face barriers to accessing finance and ultimately growing their businesses.
Women’s enterprise is not only a matter of equality and empowerment, but also a matter of economic potential and social impact. Research shows that if women started businesses at the same rate as men, the number of entrepreneurs in the UK would increase dramatically. Women-owned businesses already contribute a staggering £8.8 billion to the Scottish economy every year, more than many of the growth sectors such as Food and Drink, Creative Industries, Sustainable Tourism and Life Sciences3. Imagine what could be achieved if more women were supported to start and scale up their businesses.
Running a business can be an intimidating challenge, especially for women who often face additional obstacles such as managing family and caring responsibilities and accessing funding. Fortunately, Royal Bank of Scotland’s Entrepreneur Accelerator programme is here to provide solutions to these complex problems.
Can you tell us more about the Accelerator Hub and its key achievements?
We launched the Entrepreneur Accelerator programme a decade ago. During that time, we have been able to consistently help business owners excel in various areas including accessing new markets, building effective teams, and leadership development. While this programme is open to all business owners, it is worth noting that an impressive 59% of the programme’s business founders are women. This demonstrates the valuable impact the programme is having in supporting women in business in Scotland. The programme has also supported over 202 individual entrepreneurs, helped create over 148 jobs, raised over £5.96M and helped turnover over £26.85M in the first six months of this year4.
So what does life look like on the Entrepreneur Accelerator programme?
The key focus for our Accelerator programme is to create a sense of community and support for all the business owners we help to grow, run and succeed sustainably. We do this through dedicated one-on-one coaching with our qualified Acceleration Managers, as well as making sure that we bring together a community of like-minded business owners to share experiences and develop together in our vibrant co-working space.
We also aim to provide access to networking events, and collaborative opportunities that can help ignite creativity and open doors for our Accelerator businesses.
Essentially, we try and create the best possible environment for each Accelerator business owner to grow their personal and professional skills and provide the tools they need to thrive in a competitive business landscape. All with the support of our Acceleration Managers who are always in your corner, cheering you on.
How does the programme work with business and life commitments?
We absolutely recognise the importance of flexibility, allowing you to balance your business and personal life according to your needs and commitments, particularly for our founders who identify as female as we know evidence suggests that managing family responsibilities still falls more frequently on this group. Events, networking and learning opportunities through the programme are all optional and we provide a range of options to suit different routines and availability.
Royal Bank of Scotland has curated a community of entrepreneurs and offers 13 physical co-working spaces across the UK, along with a thriving digital community. By joining the programme, you will receive regular notifications about upcoming meet-ups and networking opportunities with fellow entrepreneurs. Collaboration can extend beyond the physical spaces through the community WhatsApp group, enabling you to connect and be inspired by other like-minded individuals who share your entrepreneurial spirit.
While rising costs present a challenge for businesses, the Entrepreneur Accelerator programme offers support tools and expertise to help you forecast cashflow and estimate the financial impact of such costs. The programme also recognises the added pressure faced by teams during uncertain times, providing support to manage stress, build resilience, and offer assistance.
We’ve just launched MentorMatch, our new online mentoring platform which pairs up female entrepreneurs and women in business with their ideal mentor and allows them to book in sessions around their busy schedules. The service also provides training for women interested in becoming a mentor to others, creating an ongoing chain of support.
Why would you encourage readers to apply for the Royal Bank Entrepreneur Accelerator programme?
Ultimately our Entrepreneur Accelerator programme is here to empower women in business across Scotland. It’s carefully designed to break down the barriers that may hold business owners back, thus creating opportunities for great ideas to flourish. By leveraging the programme’s resources, knowledge, and expertise, women business owners can create success stories that inspire others and show that all barriers can indeed be overcome.
We must do more to empower the current and future generations of women-led start-ups. I’d encourage anyone with a big idea to get in touch and see if our programme can help to drive you and your business towards accelerated success.
Royal Bank of Scotland’s Accelerator Programme is ran twice yearly with intake in March and September. If you are interested in joining the programme, visit Royal Bank of Scotland Business for more details and register your interest today.
Citations
2. Pathways Forward Report, 2023
3. FSB Economic Case for Women’s Enterprise in the UK, 2018
4. Royal Bank of Scotland Accelerator Programme data, 2022
