Connect with us

Technology

LGBTQ+ businesses contribute over £106 billion to the UK economy despite huge challenges, report finds

Published

on

Based on largest-ever survey of UK LGBTQ+ entrepreneursSector focus on tech, fintech, biotech and sustainabilityChallenges include disclosure issues, discrimination and doubt

LONDON, Oct. 28, 2024 /PRNewswire/ — In partnership with OutBritain, the UK’s first LGBTQ+ chamber of commerce, Open Political Economy Network (OPEN), a leading think tank focusing on diversity and tech, has today launched its LGBTQ+ Businesses Count report, which examines the contribution, challenges and characteristics of LGBTQ+ entrepreneurs across the UK. In the absence of official UK data on LGBTQ+ businesses, this pioneering report presents the results of the largest-ever survey of LGBTQ+ entrepreneurs in the UK.

The report, sponsored by Accenture, Dow and Goldman Sachs, estimates that there are at least 250,000 LGBTQ+ businesses in the UK, which employ at least 750,000 people, many of them LGBTQ+, and have a combined turnover of at least £106 billion. The largest business founded by an LGBTQ+ entrepreneur that the report identifies is Global Media and Entertainment, which owns Heart, Capital, LBC and many other radio stations, whose founder and CEO Ashley Tabor-King is openly gay.

Most LGBTQ+ entrepreneurs in the report’s survey pointed to particular challenges that they have faced in business because of being LGBTQ+. The most prevalent was doubt, followed by disclosure issues, notably invasive or inappropriate questions and a lack of role models. Next were discrimination and disconnection from mainstream business networks.

At the same time, most entrepreneurs mentioned benefits to their business from being LGBTQ+. Some 68% said it made them more determined to succeed and overcome adversity and 67% that their diverse perspectives and experience yielded business benefits, while 42% gained from an LGBTQ+ customer base.

To mitigate some of the challenges faced by LGBTQ+ entrepreneurs, OPEN proposes three recommendations on collecting better data, providing distinct support and developing supplier diversity:

Better data. Good public policy, sound business decisions and broader public understanding all require solid data. Companies House therefore ought to ask (but not require) company directors to disclose their sexual orientation and gender identity.Distinct support. To ensure that LGBTQ+ businesses have a voice in government, an LGBTQ+ business envoy should be appointed. Mainstream business networks should also be more pro-active in attracting, including and representing LGBTQ+ businesses. OutBritain also has a crucial role to play.Supplier diversity. Both large corporates and public authorities ought to do more to enhance equality of opportunity for diverse businesses, notably LGBTQ+ ones, in their procurement decisions. This would help LGBTQ+ businesses overcome the entrenched disadvantages they face, while providing corporates with more diverse and resilient supply chains.

Philippe Legrain, Founder of OPEN and lead author of the report, said: “While the UK has made huge progress in tackling legal injustices and social prejudices against LGBTQ+ people, the past leaves scars. Moreover, business tends to lag behind society as a whole in its acceptance of LGBTQ+ people; among the chief executives of the FTSE 100 leading companies, only one is openly gay. So, it is hugely important to document both the contribution and the challenges of LGBTQ+ entrepreneurs in the UK, which is why we have produced this report as a call to action to the government, mainstream business organisations and large corporations.”

Matt Dabrowski, Founder of OutBritain, said: “OutBritain has become a beacon in the UK’s business landscape, demonstrating how diversity is not merely a tagline but a potent catalyst for unprecedented change. Supporting LGBTQ+ businesses and seamlessly integrating them into the global economic ecosystem is at the heart of our organisation. This report not only celebrates the vibrant and dynamic contributions our community make to the UK’s economy, but more importantly, it will allow us to focus and align our efforts in driving a fairer, more diverse UK economy where LGBTQ+ entrepreneurs and businesses are given fair representation and the opportunity to thrive.”

NOTES TO EDITORS

ABOUT THE REPORT #LGBTQBusinessesCount

The report is based on an online survey of 1,517 self-identified LGBTQ+ business founders and owners conducted between January and May 2024.

ABOUT OUTBRITAIN 

OutBritain, the UK’s first LGBTQ+ chamber of commerce, connects, supports and grows the UK LGBTQ+ business community, while connecting it with the rest of the world.

ABOUT OPEN @open2progress

OPEN is an international think tank that focuses on diversity and other openness issues. Its previous reports include Minority Businesses Matter: The Contribution and Challenges of Ethnic Minority Businesses in the UK.

DISCLAIMER

OPEN gratefully acknowledges the financial support of the sponsors of this report, Accenture, Dow and Goldman Sachs. At the same time, the content, words, opinions and views are solely its own and do not necessarily reflect the institutional views of said sponsors or any of their affiliates.

PRESS CONTACTS
info@opennetwork.net
matt@outbritain.co.uk 

Report https://www.opennetwork.net/wp-content/uploads/2024/10/OPEN_LGBTQ-Businesses-Count-final_hi-res.pdf
Photo https://www.opennetwork.net/wp-content/uploads/2024/10/slide-cover-hi-res.png

Photo – https://mma.prnewswire.com/media/2540471/LGBTQ_Businesses_Count.jpg

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/lgbtq-businesses-contribute-over-106-billion-to-the-uk-economy-despite-huge-challenges-report-finds-302287354.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Peak3 and DJI Launch Innovative Insurance for Agriculture Drones to Boost Smart Agriculture

Published

on

By

SINGAPORE, Oct. 28, 2024 /PRNewswire/ — Peak3, a leading InsurTech company headquartered in Singapore, has announced a strategic partnership with DJI, the global leader in drone manufacturing, to expand DJI’s Agricultural Drone Insurance program in Thailand. This collaboration marks a significant advancement in fostering smart farming technologies across the region.

Under this new partnership, DJI offers comprehensive drone hull insurance and cost-effective third-party liability insurance with the purchase of agriculture drones. Peak3 streamlines the customer journey through its SaaS technology platform and insurance expertise, working in tandem with DJI to reduce claims costs by 20% to 30% compared to industry standards. Bangkok Insurance underwrites the coverage, ensuring reliable protection for customers.

This initiative represents a major step forward in propelling smart farming innovations across the region while enhancing the financial resilience of farmers. Given the substantial upfront investment required for agricultural drones, embedding insurance for accidental damage helps mitigate financial risks and provides farmers with peace of mind.

Since the launch of its agriculture drones, DJI has sold hundreds of thousands of drones worldwide, including in Thailand, Brazil, the U.S., Mexico, Vietnam, and Indonesia. These drones empower farmers to improve efficiency, conserve resources, reduce emissions, and boost yields, contributing to more sustainable agriculture practices.

This partnership exemplifies the realization of environmental and social benefits through innovative technology and insurance solutions. As DJI continues its growth journey, Peak3 strives to leverage its extensive international network and advanced insurance technology to facilitate similar opportunities in other markets, while bolstering DJI’s expansion and leadership in the global agricultural drone business.

For more information on Peak3, please visit www.peak3.com.
For more information on DJI Agriculture, please visit www.ag.dji.com.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/peak3-and-dji-launch-innovative-insurance-for-agriculture-drones-to-boost-smart-agriculture-302287166.html

SOURCE Peak3

Continue Reading

Technology

Risen Energy Achieves Top 5% in Global ESG Scores by S&P Global

Published

on

By

NINGBO, China, Oct. 28, 2024 /PRNewswire/ — Risen Energy is pleased to announce that the company has achieved an ESG score of 65 from S&P Global, outperforming 95% of the global semiconductor industry. The achievement underscores the deep commitment to environmental stewardship, social responsibility, and governance excellence, establishing Risen Energy as a leader in the global photovoltaic market’s green transformation.

The ESG percentile ranking surged by 42% year-over-year, with a 41-point score improvement, representing a transformative improvement.

Risen Energy has upgraded its Environmental, Social, and Governance (ESG) management system and policy framework, enhancing strategic planning and decision-making at the C-suite level. The development marks a significant milestone in the company’s ongoing commitment to sustainable development governance, further building upon the foundation established by the creation of its Strategy and Sustainable Development Committee and Office. Additionally, the company has instituted three panel groups aimed at strengthening governance transparency and the effectiveness of systematic management practices.

The company has a proven track record of success in key performance indicators, including investments in environmental protection, use of renewable energies, and customer satisfaction, showcasing its successful implementation of a comprehensive sustainable development strategy.

As it looks to the future, Risen Energy is steadfast in its commitment to deepen its ESG initiatives and contribute to global sustainability efforts, striving for a balanced coexistence between humanity and the natural world.

Photo – https://mma.prnewswire.com/media/2534394/image_810906_22450629.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/risen-energy-achieves-top-5-in-global-esg-scores-by-sp-global-302285903.html

Continue Reading

Technology

Rising Interest in A-shares ETFs Amid Market Sentiment Surge and Overseas Capital Influx

Published

on

By

GUANGZHOU, China, Oct. 28, 2024 /PRNewswire/ — Recently, the National Bureau of Statistics of China announced that investment in high-tech industries continued to scale up in the first three quarters, of which the investment in high-tech manufacturing and high-tech services grew by 9.4% and 11.4% respectively. Since September 24th, a series of favorable policies, such as interest rate cuts, mortgage rate reductions, and new monetary tools have boosted China’s stock market sentiment. Interest in high-quality assets continues to rise, with broad-based ETFs gaining traction as an attractive investment option. It’s also observed that foreign capital is accelerating its inflow into Chinese assets.

EPFR data shows that US$57.6 billion flowed into A-shares between September 23rd and October 20th, making up more than 90% of total flows into emerging markets. As of October 24th, Bloomberg data shows that China-focused ETFs occupied five of the top 10 global ETF inflows, totaling US$19.2 billion for the past month. Global investors particularly favored technology industries, which accounted for a significant portion of these inflows.

Notably, E Fund ChiNext ETF (Code: 159915) and E Fund STAR 50 ETF (Code: 588080) provided by E Fund Management (“E Fund”), the largest mutual fund manager in China, are attracting attention. These ETFs focus on high-growth technology and innovation-driven industries, aligning with the increasing investor interest in China’s tech sectors. To be more specific, while the ChiNext index prioritizes sectors such as new energy and healthcare, the STAR 50 Index leans more towards semiconductor sector.

In addition, E Fund continues to innovate, expanding its ETF product line to meet growing market demand for diverse, sector-specific investment opportunities, including E Fund AI ETF (Code: 159819) and E Fund CSI Cloud Computing & Big Data ETF (Code:516510), which are available via ETF Connect to empower offshore investors.

About E Fund

Established in 2001, E Fund Management Co., Ltd. (“E Fund”) is a leading comprehensive mutual fund manager in China with over RMB 3.5 trillion (USD 505 billion) under management.* It offers investment solutions to onshore and offshore clients, helping clients achieve long-term sustainable investment performances. E Fund’s clients include both individuals and institutions, ranging from central banks, sovereign wealth funds, social security funds, pension funds, insurance and reinsurance companies, to corporates and banks. Long-term oriented, it has been focusing on the investment management business since inception and believes in the power of in-depth research and time in investing. It is a pioneer and leading practitioner in responsible investments in China and is widely recognized as one of the most trusted and outstanding Chinese asset managers.

Source: E Fund. AuM is preliminary and includes subsidiaries. Data as of Sep 30, 2024. FX rate is sourced from PBoC.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/rising-interest-in-a-shares-etfs-amid-market-sentiment-surge-and-overseas-capital-influx-302288133.html

SOURCE E Fund Management

Continue Reading

Trending