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5 Ways Expertise Marketing Supports Digital Transformation
Digital transformation is much more than merely redesigning your website or moving your files to the cloud. It’s about harnessing digital technologies to elevate your business. Specifically, digital transformation is strategically adapting your business processes to change company culture, empower your staff and keep up with rising consumer demands. Organizations of all sizes are taking on transformative initiatives to meet today’s expectations in the digital space, but research by IDG has concluded that we still have some growing to do: “IT leaders are making steady and sequential progress to becoming digital-first organizations – though not at the same breakneck speed that the technologies themselves are proliferating. For many organizations, the foundational pieces are in place, and they’re actively working on adopting newer technologies like AI and IoT. But successful digital transformation will also require equal attention to change management and workforce strategy for the entire organization.” Supporting the Bigger Picture It’s easy to get hung up on the technology but successfully transforming your business means thinking about everyone involved – including your experts. Here are five ways expertise marketing supports digital transformation: It aligns people. Most companies aren’t particularly good at telling their people that their expertise is valued and many employees don’t understand the role they play as brand ambassadors. On top of that, outdated biographies on the company website fail to share the work that these experts with the audiences who are looking for it. A well-constructed expertise marketing program helps get experts and executives aligned on how they can help the brand – and it helps marketing teams feed the content beast. It tracks data. Metrics on visitor behaviour are critical to calculating ROI and ensuring your content is working. That said, most organizations don’t have an intuitive way of tracking internal contributions to the corresponding engagement data – making it difficult to determine which people and topics are driving results. Expertise marketing programs are designed to capture essential metrics on employee contributions and ensure that leads are captured and routed to appropriate individuals and departments for prompt follow up and reporting. It enhances search and SEO. Part of digital transformation is creating a sustained online presence. By harnessing your collective expertise, you can quickly publish a large volume of quality, searchable content that boosts your owned content footprint. It also provides a way to capitalize on earned media opportunities related to breaking news and emerging trends. It drives collaboration. Many organizations corporate policies and standards tend to lack guidelines for generating and promoting individual experts. As a result, individual groups within the organization are forced to fill the void and essentially, do their own thing. This leads to a disconnected set of expensive, custom projects. Organizations with structured expertise marketing programs consistently report an increase in collaboration and organizational alignment. It minimizes risk. It’s becoming more and more important to ensure adherence to corporate brand standards and editorial guidelines, as well as regulatory standards such as accessibility compliance. By centralizing your content and utilizing a federated content management structure, you’re not only providing your employees with a common source for branded assets and templates, but you’re empowering them to get things done in the simplest way possible. This approach mitigates risk, speeds time to market and dramatically lowers costs to implement a program. Filling the Gaps with Expertise As mentioned above, digital transformation is a comprehensive business strategy with many moving parts. While expertise marketing is one component of this organizational change, it works in tandem with your other programs and complements any initiative aimed at boosts your digital presence. In fact, it’s proven to support many of the activities that organizations have yet to complete. IDG’s 2018 State of Digital Transformation Expertise marketing is a powerful tool for enabling and elevating digital transformation. By encouraging company-wide participation, it’s shown to increase internal uptake, generate higher-quality content and ultimately, drive better results in terms of ROI. If digital transformation is in your future, then you need to start thinking about your experts today. Download the Complete Guide to Expertise Marketing For a comprehensive look at how expertise marketing benefits the entire organization and drives measurable return on investment, follow the link below to download a copy of ExpertFile’s Complete Guide to Expertise Marketing: The Next Wave in Digital Strategy or download one of our tailored Guides for Corporate & Professional Services, Higher Education Institutions, Healthcare Institutions or Association & Not-for-Profits.
How to Identify Expertise: Who qualifies as an Expert?
When you’re first introduced to expertise marketing, it can be hard to fathom that there are invisible experts hiding within your organization. We tend to think of experts as a small group at the top but in reality, that’s just the tip of the iceberg. Across your teams and departments, there are a variety of people with the skills, knowledge and experience to support meaningful conversations with target audiences. Their untapped expertise has the potential to build trust with key prospects and ultimately, creates new opportunities for revenue. The problem is that many organizations are unsure of how to assess expertise. To help you identify these invisible experts and their role in your expertise marketing program, we need to ask a couple of questions. For starters, what makes someone an expert? The 7 Attributes of Expertise By definition, an expert is someone with comprehensive or authoritative knowledge in a particular area of study. While formal education and certifications are a starting point for expertise, many disciplines don’t have a set list of criteria to measure expertise against. There are many dimensions of expertise that relate not just to the working proficiency of an expert in their field but also to the degree of influence and authority they have earned within their profession or community of practice. Because of this, expertise is often looked at as a person’s cumulative training, skills, research and experience. What’s important to consider is all of the roles that the people in your organization can play. While many of these people have put in their 10,000 hours, not everyone is wired to speak on podiums or to the media. But they still hold incredible value – from the perspectives they can help you research and develop to the content they can help produce. Here are some of the key attributes to look for in assessing the various roles for your people as you formulate an expertise marketing plan: Authority: Has a reputation with an audience as a go-to source for perspectives Advocate: Demonstrates a commitment to a community of practice to help advance their field Educator: Teaches and inspires on the podium or in the classroom Author: Develops content to establish their reputation and reach a broader audience Researcher: Generates unique insights through their research or field work Practitioner: Actively builds knowledge in a specific discipline or practice area by providing services Graduate: Has formal education or gained experience to achieve proficiency on a subject Now that we know there are several attributes that make up expertise, we need to understand how we can leverage these people for your expertise marketing program. This brings us to our next question: How do these experts fit into the bigger picture? The 4 Levels of Expertise Understanding how to promote expertise is a fast emerging area for organizations – and it’s certainly more ambiguous than the linear career paths and job titles we’re used to. When we think of which experts are most accessible to our audiences, it’s important to know that visibility is not directly correlated to seniority or authority in an organization. Professionals at various levels of skill, knowledge and experience are now using social networks and personal branding to promote their own expertise outside of their organizations. This means that a tenured professor with years of experience and a researcher could both be at the same level of “visibility” in their organization. Because visibility also considers the individual’s personal agenda and drive for recognition, many employers agree they have to do a better job of assessing and nurturing expertise to make it more visible. The following framework provides some guidance for organizations looking to take inventory and develop a path for the people focused on developing relevant content and building market visibility with a variety of audiences. Now that we’ve provided a broader picture of what expertise looks like, it’s time for you to ask, “How does my organization stack up?” Bench Strength: Taking Stock of Expertise Across Your Organization Expertise at all all-time premium for audiences so it’s critical for organizations to understand how their collective expertise can be channeled into meaningful and profitable conversations. As you’ve read through the different attributes and levels of expertise, you probably found yourself creating a checklist of people in your organization that may have otherwise been overlooked but it’s important to note that recognition is just the first step. Mobilizing expertise marketing takes internal buy-in and investment from the senior members of your organization – and they will want to see the proof. The Complete Guide to Expertise Marketing For a comprehensive look at how expertise marketing benefits the entire organization and drives measurable return on investment, follow the link below to download an industry-focussed copy of ExpertFile’s Complete Guide to Expertise Marketing: The Next Wave in Digital Strategy
Building Trust with Expertise Marketing
With advancements in technology and a number of new channels, it’s important to remember that at the end of the day, people want to deal with people. Studiesconsistently show that we’re more likely to trust other humans when making decisions. While many organizations leverage brand personas to fulfill that human connection, they often overlook the power of their people to lead and support conversations. If your audiences are looking to connect with people, then it only makes sense to give them our best. Who Is Looking for Expertise? As mentioned in last week’s blog, the ‘About Us’ section of a website is the second most visited area next to the homepage and the reasons for this are simple: people want to see who is behind the scenes. From prospective customers to journalists looking for an expert source, there are a wide range of audiences who want to know who you really are before they engage with your business. Here are just some of the audiences who are taking a close look at your expertise: Customers & Partners: Subject-matter experts are consistently rated as one of the most influential sources of information for buyers (Source: ITSMA), and a whopping 78% of B2B buyers start with a Google search (Source: Demand Gen). Media: Experts who serve as media sources are in high-demand with newspapers, broadcasters and digital outlets – and it’s not just research they want. They often require a plain language explanation of how something works, or insights to help them localize a story for a regional audience. Conference Organizers: Conference organizers and industry associations are constantly looking for experts who can educate their attendees as a panellist, workshop leader or keynote speaker. Alumni & Donors: For institutions, showcasing the relevant work that experts and staff are doing helps alumni better connect to your mission and makes it easier to fundraise and drive larger donations. Government & Foundations: Government bodies and foundations rely heavily on experts to conduct research, develop policy and implement the various programs they fund. They are increasingly focused on reporting the social and economic impact stories of the research they are funding. Better Digital Conversations When we look at audience engagement, your success boils down into three critical stages: Attention, Interaction and Trust. Each of these areas can be addressed by making experts and their content more visible with a sustained, amplified digital presence. Don’t underestimate the value of rich expert profiles; today’s audiences will quickly scroll past a list of names and titles. Expertise marketing is about providing individual credentials and sharing what their collective experience represents for your organization. The richer offering, the more trust you can build. Plus, experts who serve as brand ambassadors are more likely to drive personal, relevant and authentic connections with key audiences. The following framework outlines how you can create an expertise marketing program that empowers your people to better navigate the customer journey: Creating Touchpoints for Expertise Whether it’s a research page on your website or an upcoming speaking engagement, you need to develop touchpoints for key audiences to interact with your experts and their content. This often requires businesses to step back and determine how visible your experts are across your physical and digital environment. As you go through the auditing process, you not only surface gaps in your delivery but in many cases, you’ll also find a wealth of expert content hidden in personal websites, social media and external publications. It surprises many businesses to discover that your experts are already engaging with audiences – just not from within your organization. Make your expertise more coherent by turning a disconnected group of experts into a powerhouse of brand ambassadors. In addition to aggregating their existing content, you’ll need to speak directly with your experts and develop an expertise marketing program that aligns with their professional objectives and incentivizes their continued efforts. This collaborative approach will mutually benefit both your business and your experts while simultaneously generating excitement and buy-in throughout the whole organization. Download The Complete Guide to Expertise Marketing For a comprehensive look at how expertise marketing benefits the entire organization and drives measurable return on investment, follow the link below to download a copy of ExpertFile’s Complete Guide to Expertise Marketing: The Next Wave in Digital Strategy
Thought Leadership 2.0: A New Approach
The term “thought leadership” has been exploited by self-proclaimed experts and overuse of the phrase has made the market weary of its practice. But before it was a buzzword, thought leadership was the crown jewel of content marketing. According to the Oxford Dictionary, thought leadership is “intellectual influence and innovative or pioneering thinking.” In practice, thought leaders leverage research and experience-based content to draw in audiences and support their organization’s reputation as an industry authority. This marketing concept has the power to transform product pitches to strategic insights and approaches into best practices, but not everyone found the same success with their programs – and there are a couple of good reasons why. This Is A Classified Project While it’s still true that thought leadership boosts customer engagement, some programs simply lack the depth needed to connect with audiences and see meaningful results. Many organizations are quick to jump on the latest marketing trend, but they don’t always have the vision to turn their expertise into a viable solution for their business. In fact, a leading research and consulting firm, Sirius Decisions, has suggested that “the purpose and process of thought leadership are widely misunderstood and misapplied, causing mixed results.” One of the most significant issues with thought leadership is that the C-Suite and other top-level teams tend to lead programs in a silo from the rest of the organization. It’s not uncommon for executives to outsource their thought leadership activities to special teams and agencies as a series of projects. This approach leads to disconnected outputs that miss the mark when it comes to audience engagement. It not only prevents subject-matter experts from elevating your content, but it also dismisses the wealth of knowledge they have about your audiences. Experts know who is looking for content, where they’ll go to find it and which topics they’ll follow. So when you exclude them from the process, you’re going to miss out on opportunities to drive market visibility, brand reputation and new customer connections. Your Experts Are People Too When you put something on a pedestal, you make it easy for people to see but hard for them to reach – and that’s a problem in the digital world. People want to deal with organizations who provide the information they need on the channels they use, and in a voice they understand. To be successful with thought leadership, it’s vital to understand these needs and take a human approach to your marketing and communications. Unfortunately, many thought leadership programs take a campaign-oriented approach and can mimic the dated marketing practices that centre around products rather than people. They come off as too formal and use “corporate speak” which makes them far less approachable. Worst of all, they often lack the authenticity audiences are looking for – so why not let your people do the talking? Your in-house experts make great brand ambassadors for your organization. By expanding your notions of thought leadership, you open the door for many voices to share your message in a manner that’s inclusive, genuine and accessible. This also makes it easier for you to maintain your online presence and insert diversity into your content marketing. Rather than repeating the same ideas over and over, your broader team of experts will be able to capture varying perspectives and insights – supporting your position as a leader in that domain. Evolving Thought Leadership While the concept of thought leadership still resonates with audiences, it’s time to make a few changes. Here are just a few reasons to transition dated thought leadership projects into profitable expertise marketing programs: Excerpt from the Complete Guide to Expertise Marketing As you can see, expertise marketing takes the best parts of thought leadership and makes it more inclusive, sustainable and agile – and all at a lower cost. On top of this, expertise marketing incorporates human connections as a fundamental component of both the strategy and execution. It surfaces diverse expert perspectives, delivers authenticity and creates two-way conversations between you and your audiences. Most of all, it can easily be adapted as our environments change and new audience needs emerge. If your thought leadership program lacks results, you’ll likely have to broaden your views on expertise and leadership. Take a closer look at all of your people and the value they bring to your business. This inclusive approach to expertise marketing will not only make it easier to manage thought leadership, but it will also deliver the long-term success you want from your marketing. Download The Complete Guide to Expertise Marketing For a comprehensive look at how expertise marketing benefits the entire organization and drives measurable return on investment, follow the link below to download a copy of ExpertFile’s Complete Guide to Expertise Marketing: The Next Wave in Digital Strategy or download one of our tailored Guides for Corporate & Professional Services, Higher Education Institutions, Healthcare Institutions or Association & Not-for-Profits.
On May 22, in Toronto, ExpertFile’s CEO and Co-founder Peter Evans presented at the Collision Conference in the “Growth Summit Track.” As the fastest growing tech conference in North America, Collision drew over 25,000 attendees. As one of the world’s largest and most influential tech events, Collision attracted CEOs of the world’s largest companies, founders of the most exciting start-ups, leading investors and media, from more than 120 countries. Click here to watch the keynote. In his keynote session titled “More Brains, Less Bots: Driving Reputation & Revenue with Expertise Marketing,” Peter speaks to how organizations can better engage their internal experts to competitively differentiate their brand and drive new revenues. The session outlined how trends such as the erosion of consumer trust and increasingly complex buyer journey are driving enterprises and institutions to make experts more approachable to key audiences as media sources, speakers and customer advisors. Peter also shared key insights learned from working with top organizations in sectors such as corporate, healthcare, higher education and industry associations.
5 Tips On Creating Engaging Expert Profiles
If you’ve ever taken part in a website project, you know that not all content is created equal. We spend countless hours perfecting the homepage, but we often forget to tell our audiences who we are. The people behind the scenes in an organization provide some of the best opportunities to create relevant and relatable content for audiences. Take the “About Us” page for example. Ironically, it’s often an afterthought for digital teams who upload some boilerplate copy and call it a day. But people buy from people and the more human you can make your content the better the user experience will be. Here are some tips to help you create that personal connection. The Old Profile Our research shows that most employee content comes up surprisingly short when audiences conduct an online search. This is becoming a more critical element to consider, given that 78% of B2B buyers now use Google as a starting point for their online activities. While there can be several factors impacting your Google rank, the issue often comes down to a lack of quality content on employee-related pages. Many organizations resort to posting outdated headshots next to a title for their employee sections. If you’re lucky, you might find a boring text biography that fails to capture the depth of experience and expertise offered by your team. These tactics may have worked a decade ago, but today’s audiences now expect expert profiles to contain detailed biographies, multimedia and social content. This is especially true for B2B prospects like journalists and prospects looking for professional services. Any half-decent writer can make a person sound pretty important in a bio, but these audiences are looking for proof of your expertise. It’s not enough to tell audiences you’re great – you have to show them. Today’s audiences consume content differently, so it’s essential that you bring your expert profiles into the 21st century. The New Profile Here are 5 ways you can improve your employee content to better drive visitor attention, interaction and trust: Go Beyond Boring Bios: The new way to create expert profiles is to provide a detailed overview of an employee’s expertise and experience. This means that in addition to creating a detailed biography, you should also share content that shows key accomplishments that build credibility and trust: Are they an author? Have they spoken at a conference? Interviewed for a podcast? It’s important to get this information listed. Get Visual & Social: Beyond the written biography, look for ways to make content for your people more interesting for your audiences. Are there YouTube videos, Slideshares, Tweets, or thumbnails to books they have written? If so, you can leverage these assets for their profile. Remember if you are pitching media or conference organizers, this information is becoming tablestakes for journalists or event bookers who are vetting media sources or speakers. Show You Are Relevant & In-Demand: Public appearances and news spotlights can take your experts from unknown to sought-after. There are two ways to tackle this. The first is to capture any existing media releases to ramp up their credentials. If your expert hasn’t yet participated in this type of activity, publish content that speaks to emerging topics and news trends and provide quotes available to the media on newsworthy topics. This is a proven way to earn the attention of journalists and allow you to start building visibility as an industry insider. Go Beyond Your Website: While your website is ideal for hosting expert profiles, it’s not the only place to let your team shine. If you want to boost your visibility, make sure you take advantage of opportunities on third-party sites and platforms. This might include industry directories or your client/partner websites. By using the ExpertFile Platform, you can also publish your expert profiles to reach thousands of newsrooms through our media partners. Be More Approachable: It’s funny that almost every page on most websites has a call to action. However if you visit most people profiles, the journey ends there – or worse, it takes the visitor off your website and to an old, tired Linkedin profile. Instead, let your audiences get in touch with your business by including a specific call-to-actions (CTAs) within your expert profile. Depending on the size and capabilities of your organization, you might have want to enable direct connections to experts or opt to funnel leads through a various departments. Either way, the key to getting leads is starting a conversation. Download the Complete Guide to Expertise Marketing For a comprehensive look at how expertise marketing benefits the entire organization and drives measurable return on investment, follow the link below to download a copy of ExpertFile’s Complete Guide to Expertise Marketing: The Next Wave in Digital Strategy or download one of our tailored Guides for Corporate & Professional Services, Higher Education Institutions, Healthcare Institutions or Association & Not-for-Profits.
How to Show Your Smarts: A Proven Approach to Expertise Marketing
If you’re operating in a knowledge-based industry, you’re in the business of selling expertise. Unfortunately, many organizations in these expert-rich sectors take an ad-hoc approach to planning and executing their expertise marketing initiatives. As a result, they often lack coordination across departments and fail to leverage valuable assets such as talent, content, technology and media channels. By following some simple rules, you will see significantly better results. It Starts with A Conversation First we need to talk about cross-team collaboration. Expertise marketing is a team sport, so it’s vital that your star players are ready. Throughout your organization, there are a broad range of people who are eager to support this type of initiative.Don’t focus too much on roles or seniority levels. At this stage, it’s about having candid discussions with the people around you and then expanding the conversation. You could start by discussing the value of expertise with stakeholders in your organization and sharing how it would help you meet your targets. Or you could reach out to department leads and team managers to get their insights and generate ideas. Most importantly, you need to get to know people outside of your immediate circle and discover the hidden talent within your organization. Sometimes the best results come from surprising places. The ExpertFile Approach As we go through the key elements of an expertise marketing program, you might find that you’re already following some of our best practices. However, when we start working with our clients, we often find that their expert content is disconnected and scattered across various teams and channels. If this sounds like you, that’s ok – you just need a bit of help putting the pieces together. Below, we’ve provided an overview of our proven approach and its alignment with the 5 key elements of expertise marketing: Strategy & Talent: The first step is to assess your expertise bench strength in your organization at various levels. Using a range of evaluation tools and techniques, we set out to identify any hidden expertise in your organization and establish what each expert can contribute. By engaging experts to share their expertise early on, we can define a strategy and open up doors for a range of high-quality content. Storytelling: Now, we need to establish your strengths and how we can best position your experts for your target audiences. Not only do we want to create stories that highlight your core offering, but we also need to showcase your experts in the context of breaking news and emerging issues. This ensures that you are always putting out timely and relevant content for high-value audiences like journalists, conference organizers and other media professionals. Digital Experience: Once you know which topics are best for your organization, we need to boost audience engagement with rich online experiences. We audit any existing channels and develop comprehensive “content footprints” for your experts. These footprints map out the future state of your expert content – such as new webpages, speakers’ bureaus, improved expert profiles, multi-media and/or social content assets. Search & Discovery: All the planning in the world won’t help you if your content isn’t visible. At this stage, we look to optimize your channels and maximize your reach with new and existing audiences. By publishing your expert content in searchable formats, we can make your organization more approachable and discoverable across your owned channels, search engines, social networks and newsroom platforms. Measurement: To show momentum it’s essential that we measure and track important content metrics to ensure the expertise marketing program is meeting expectations. We focus on key metrics such as expert content contributions, visitor engagement, and direct expert inquiries. And because we consider this from the onset of a project, we’re able to accurately report on your return on investment (ROI).
Kelley professor’s M-Score model remains most viable means of predicting corporate fraud
BLOOMINGTON, Ind. — Enhanced oversight over the auditing profession and firms’ financial reporting has led to a proliferation of models to predict financial statement fraud. But one of the first forensic models, the M-Score, devised by an Indiana University Kelley School of Business professor in the late 90s, remains accurate and is the most economically viable for investors to use, according to a forthcoming paper in The Accounting Review — the official journal of the American Accounting Association. The article, “The Costs of Fraud Prediction Errors,” co-authored by M. Daniel Beneish, professor of accounting and the Alva L. Prickett Chair at Kelley, compares seven fraud prediction models with a cost-based measure that nets the benefits of correctly anticipating instances of fraud against the costs borne by incorrectly identifying non-fraud firms as fraudulent. Even though newer fraud models early doubled the success rate of M-Score, which Beneish developed, they did so at the cost of a much larger number of false positives. As a result, the other models are not used in practice by auditors because they are too costly to implement as all flagged firms must be carefully investigated. “I have long known from my experience consulting with Arthur Andersen — for whom my model detected Enron before the debacle — and other public accounting firms, that litigation concerns relating to false positives — firms incorrectly flagged as having fraudulent financial statements — created an unwillingness by auditors’ general counsel to use fraud prediction models in practice,” Beneish said. “My efforts back then to improve the M-Score in the context of auditing failed because I could not increase the model’s success rate without increasing the number of false positives. It seems that the new models cannot either,” he added. Interestingly, as early as 2017 the M-Score flagged Kangmei Pharmaceutical, a Chinese publicly traded company that was involved in financial reporting fraud between 2016 and 2018. Like the Enron scandal in the U.S., the Kangmei Pharmaceutical scandal helped trigger new regulation in China that increased regulatory penalties for financial fraud (effective March 2020) and last November became China’s first successful class-action lawsuit involving corporate fraud. Its chairman was sentenced to 12 years in prison. “The main purpose of our paper is to provide evidence on the costs and benefits of using fraud prediction models, and to show whether using these models is economically viable for auditors, investors and regulators,” Beneish said. “This is important because the traditional measures commonly used in recent research to justify new models are misleading about model performance in fraud samples as the proportion of fraud firms in the population is very small, and as they typically assume that the cost of a false positive and false negatives (missed detections) are equal.” For example, assume that among 10,000 publicly traded firms, there are about 60 fraud firms and 9,940 firms without misreporting. The newer models detected 42 frauds (70% of the total frauds), and incorrectly flagged 3,976 firms (40% of the non-frauds). The latter is too large a number for most decision makers to investigate. “Our evidence that a cost-based assessment of models is preferable to traditional model comparison measures (e.g., area under the curve), should become even more important as efforts by future researchers in the areas of data mining and machine learning intensify,” Beneish said. Patrick Vorst of Maastricht University, assistant professor in financial accounting and accounting & information management, co-authored the paper with Beneish.
The 23rd annual Global Entrepreneurship Monitor 2021/2022 report measures entrepreneurial activity across 47 high, medium and low-income economies Data is gathered via a survey of at least 2,000 respondents in each country Mark Hart, professor of small business and entrepreneurship at Aston Business School, leads the GEM UK team. The 23rd annual Global Entrepreneurship Monitor 2021/2022 report, unveiled at the Dubai Expo, measures entrepreneurial activity across 47 high, medium and low-income economies. Mark Hart, professor of small business and entrepreneurship at Aston Business School, leads the GEM UK team. Data is gathered via a survey of at least 2,000 respondents in each country who answer questions on their entrepreneurial activity, attitudes to enterprise and view of their local entrepreneurial eco-system. The survey found that: 51% believed they had the skills and knowledge to start their own business 50% knew someone who has started a new business 61% of respondents believed there were good opportunities to start a business in their area, but 52% of these people cited fear of failure as a reason for not starting a new business in the next three years. The UK was ranked 40th in ‘entrepreneurial intentions’, 32nd in ‘personally having the skills and knowledge’ and 7th in ‘fear of failure’. Other survey responses in the UK found that, of those respondents who were actively involved in starting or running a new business, 30% believed the COVID-19 pandemic had led to a decrease in household income. But while more than a third (36%) of respondents thought starting a business was more difficult than a year ago, 63% were using technology to sell more products and services and 57% were pursuing new opportunities as a result of the pandemic – which was the joint 6th-highest of the 47 countries. Social responsibility also featured fairly high in entrepreneurs’ minds with 53% starting a business ‘to make a difference’, but was third to building ‘great wealth’ and ‘to earn a living’. Dr Sreevas Sahasranamam, senior lecturer in entrepreneurship and innovation at the Hunter Centre for Entrepreneurship, and one of eight authors of the GEM Global Report, said: “It is heartening to see that more than 50% of entrepreneurs in the UK are pursuing new opportunities due to the pandemic and more than 60% are using more digital technologies to sell products and services, indicating flexibility and adaptability. “On Entrepreneurial Framework Conditions, however, the UK is performing poorly compared to other developed economies on Government Entrepreneurial Programs and Entrepreneurial Education in School. “Amongst the 17 high-income countries (GDP per capita greater than $40,000) in our sample, UK has an average score (5.1) for its Entrepreneurial Finance conditions, while its score for Ease of Access to Entrepreneurial Finance (4.4) is the lowest amongst this group. Thus, finance remains a key challenge to entrepreneurial activity in the UK. “Entrepreneurship centres like Strathclyde’s Hunter Centre for Entrepreneurship can help in this regard by offering entrepreneurship education and support for students, staff start-ups and growth-oriented ventures, through initiatives like Strathclyde Inspire and our Growth Advantage Programme.” Mark Hart, professor of small business and entrepreneurship at Aston Business School and leader of the GEM UK team said: “Entrepreneurial attitudes and behaviours will be critical for the recovery after the pandemic as they were after the Great Financial Crisis over a decade ago. “The Global Entrepreneurship Monitor (GEM) project provides policymakers in the UK with unique data to understand the ability of local and regional economies to develop financial independence and create future growth. “The recent UK Government White Paper on Levelling Up was somewhat disappointing in that respect as it ignored this key dimension of economic development across the regions and home nations of the UK”. Globally, the GEM report found that in 15 out of these 47 economies, more than half of those starting or running a new business agreed that the pandemic had led to new business opportunities. In 2020, this had been the case for just nine out of 46 economies. In 2021, more than 50% of entrepreneurs agreed that starting a business had become more difficult in 18 of 47 economies. In 2020, almost twice as many (33 out of 46 economies) had 50% or more of their would-be entrepreneurs agreeing that this was the case. The Dominican Republic had the highest levels of early-stage entrepreneurial activity while Poland had the lowest. The Scotland GEM Report 2020 published in September last year by Strathclyde researchers estimated that 7.3% of the Scottish population – 247,000 adults – were actively engaged in setting up a business or already running an enterprise established in the last three-and-a-half years, including 60,000 young people in Scotland, or 13% of 18-24 year-olds.
Widening participation expert joins Aston University as visiting professor
Liz Thomas is a leading researcher in widening participation and closing the achievement gap She has a very strong international and national reputation for using her research to inform policy and practice Professor Thomas will work within the University’s College of Business and Social Sciences. A leading researcher whose work addresses patterns of under-representation in higher education has joined Aston University as a visiting professor. Liz Thomas is an expert in widening participation and closing the achievement gap. She has joined the University’s College of Business and Social Sciences to work largely with Aston Business School on inclusivity and employability. Professor Thomas has previously worked on the Teaching Excellence Framework Main Panel (Widening Participation Expert), been Chair of Advisory Group, Evaluation of pre-16 outreach work, Office for Fair Access (now Office for Students) as well as an International member of the Vice Chancellor’s Quality Review, University of South Wales, Australia. During the next Research Excellence Framework (REF) period her research will focus on higher education student and graduate experiences in the ‘new new normal’. The COVID-19 pandemic resulted in an emergency pivot by higher education providers worldwide, from predominantly present-in-person teaching, to primarily or exclusively remote and online learning. As the pandemic has progressed, HE providers have adapted to the new normal, providing a range of hybrid learning, engagement and support opportunities. Employers are also seeing the advantages of more flexible and hybrid ways of working, and this suggests that graduates will need demonstrate additional skills and competencies in relation to autonomy and time management, team working, digital skills and effective communication through a wider range of media. Professor Liz Thomas said: “I am very excited to have been appointed visiting professor in the College of Business and Social Sciences at Aston University. “I'm very much looking forward to working with colleagues on equity in higher education and employment. “Belonging will continue to be an important theme within my research, both conceptually and practically, and within higher education and employment, in the post-pandemic world. We need to capitalise on the advantages that have emerged, and ensure inclusion, and equitable outcomes for all.” Professor Helen E Higson, associate dean accreditations at Aston Business School, said: “I am looking forward to welcoming Liz to Aston Business School to share her knowledge on inclusivity and employability. “She will bring further leadership internally in areas which fit very well with Aston University’s values, student demographics and objectives. “She has a very strong international and national reputation for using her research-informing policy. Much current practice and policy in HE in the UK is influenced by her work.”