Connect with us

Technology

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

Published

5 hours ago

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

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Technology

Diwali Draws Global Crowds to India – Agoda

Published

44 mins ago

on

October 28, 2024

By

SINGAPORE, Oct. 28, 2024 /PRNewswire/ — Digital travel platform Agoda reveals the top searched cities in India for Diwali celebrations, and it’s New Delhi that comes out on top among international visitors.  Goa takes the top spot for domestic travel based on searches made for check-in during the Diwali week celebration. Agoda noted 17% more accommodation searches for Diwali compared to last year’s celebrations.

Diwali, also known as the Festival of Lights, is one of India’s most significant festivals, celebrated with grand festivities, vibrant lights, and cultural events. The festival symbolizes the victory of light over darkness and good over evil, attracting both domestic and international travelers to experience its unique charm.

International travelers showing most interest in experiencing the Diwali celebrations in India come from the United States (#1), United Kingdom (#2), Singapore (#3), Malaysia (#4), and Japan (#5). The top cities in India that inbound travelers are looking to visit for the festivities are New Delhi (#1), Goa (#2), Mumbai (#3), Chennai (#4), and Jaipur (#5). These cities have become focal points for international visitors looking to immerse themselves in the rich cultural heritage and festive spirit of Diwali.

Andrew Smith, Senior Vice President, Supply at Agoda said “Diwali is a time when the world increasingly turns its eyes to India. It comes as no surprise that New Delhi and Goa leading the charge in attracting international and domestic travelers, as both destinations have so much to offer in terms of culture and exploration, especially at this festive time. At Agoda, we love being part of this celebration by helping travelers find the perfect place to stay and experience the magic of Diwali firsthand.”

Domestic travel has seen a 23% rise in accommodation searches compared to last year, with the top destinations for Diwali celebrations being Goa (#1), Udaipur (#2), Mumbai (#3), Pondicherry (#4), and Jaipur (#5). These cities provide a diverse range of experiences, from beachside festivities in Goa to the royal celebrations in Udaipur.

Agoda’s offerings include over 4.5 million holiday properties globally, plus more than 130,000 flight routes, and over 300,000 activities, all of which can be combined in the same booking. Travelers considering a trip to Goa can be inspired via this travel tips page on Agoda’s platform.

— ENDS —

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/diwali-draws-global-crowds-to-india–agoda-302287082.html

SOURCE Agoda

Continue Reading

Technology

Cactus Custody Completes SOC 2 Type II Audit, Reinforcing Security Standards in Digital Asset Custody

Published

2 hours ago

on

October 28, 2024

By

SINGAPORE, Oct. 28, 2024 /PRNewswire/ — Cactus Custody (www.mycactus.com), a licensed digital asset custodian under Hong Kong Trust Company (License No.: TC006789) and provisionally exempt from regulation by the Monetary Authority of Singapore (MAS), has completed the SOC 2 Type II audit led by Deloitte. This accomplishment highlights Cactus Custody’s dedication to providing a secure and compliant environment for digital asset management.

The SOC 2 Type II audit reinforces our ability to meet global security standards, giving clients across APAC and beyond confidence that their digital assets are securely managed in line with industry best practices and regulatory requirements.

“The SOC 2 Type II attestation reflects our unwavering commitment to protecting client assets. It strengthens trust and positions us as a reliable partner in digital asset custody. Managing billions in assets for over 300 institutions, we operate under strict regulatory frameworks governing our platform’s architecture, development, and operations,” said Wendy Jiang, General Manager of Cactus Custody.

Deloitte rigorously conducted the audit based on Security, Availability, and Confidentiality, ensuring Cactus Custody’s compliance with these critical standards.

About Cactus Custody

Cactus Custody, founded by Jihan Wu, is a leading institutional digital asset custody provider. As an ISO-certified custodian and a licensed Hong Kong Trust company (License No.: TC006789), with an exemption from regulation by the Monetary Authority of Singapore (MAS), it meets regulatory capital reserve requirements and adheres to the strict anti-money laundering and counter-terrorist financing regulations. Backed by cutting-edge security architecture, Cactus Custody protects client assets in hot and cold storage. It safeguards billions of dollars in digital assets for over 300 institutions, including top-tier mining companies, mining pools, funds, asset management platforms, and OTC traders.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cactus-custody-completes-soc-2-type-ii-audit-reinforcing-security-standards-in-digital-asset-custody-302287874.html

SOURCE Cactus Custody

Continue Reading

Technology

CCTV+: “Opportunities in China”at the Digital Trade Expo

Published

2 hours ago

on

October 28, 2024

By

BEIJING, Oct. 27, 2024 /PRNewswire/ — “Opportunities in China“at the Digital Trade Expo offers a detailed exploration of the Third Global Digital Trade Expo, through the perspectives of a journalist from Kazakhstan, a promoter of Sino-African friendship from Zimbabwe, a second-generation entrepreneur from Thailand, and a Ph.D. researcher in the new media music industry from the UK.

The story highlights Zhejiang’s high-quality development in the private sector and the wealth of opportunities that China has presented to the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cctv-opportunities-in-chinaat-the-digital-trade-expo-302288167.html

SOURCE CCTV+

Continue Reading

Trending