Mayor Ken Livingstone’s London Development Agency today launched three new projects to respond to the needs of London’s ethnic businesses and facilitate greater innovation amongst them. The new schemes will bring a wide range of benefits for London’s ethnic minority business women and owners of ethnic companies in the food and beauty sectors in the capital.

The launch of the schemes follows research by the LDA set out in its Economic Development Strategy, published last month, showing that London’s black population is underrepresented amongst the business community in the capital. The research showed that only 3% of London businesses in the capital were black-owned even though they make up 11% of London population. By contrast, 77% of London businesses have white owners although they make up only 71% of London’s population.

WOMEN ENTREPRENEURS

One of the schemes will help women inventors and innovators to develop their ideas and skills. Thought to be the first scheme of its type in the country, it will hold free workshops on successful exporting, protecting intellectual property and similar issues. They will also hold networking events with successful female entrepreneurs and provide attendees with better business information and details about new commercial opportunities.

INNOVATION TASTERS FOR FOOD BUSINESSES

Another scheme will help 150 food entrepreneurs expand their business through free seminars addressing key issues of innovation. Firms on the scheme will benefit from ‘Innovation Taster’ sessions on issues such as business expansion, food design, packaging, marketing and sources of business advice and support to developing their businesses. Under the scheme, food companies will work with the London Food Centre based at South Bank University and other universities on ways of improving the look, feel and taste of their food products.

ETHNIC HAIR & BEAUTY

A third scheme aims to develop the ethnic minority hair and beauty sector in London. The project aims to help ethnic salon owners and other beauty product firms to collaborate more to get better bulk deals from suppliers, use technology to market their business better and improve customer service. It will also provide firms with free advice on sources of finance, retaining staff and maximising profits.

Manny Lewis, Chief Executive of the LDA, said: “While some ethnic minority businesses have been amongst the most enterprising and innovative in the capital, some have been more successful than others at exploiting their skills and products in the marketplace. These new schemes are great news for ethnic businesses which will unlock their untapped talent, and in doing so will benefit both businesses and London as a whole.”

Leading businesswoman, Simi Belo, will also be speaking at the launch event. Her company, Immiis, has designed 'NewHair™', an award-winning hair product which is used by many professional women in the UK and abroad. It has been on sale in Selfridges since February 2004.

Speaking ahead of the launch, Ms Belo said: “There are more professional women from ethnic backgrounds in Britain and across the world than ever before. Their extra spending power means there are lucrative business opportunities that women innovators and inventors are well placed to exploit. However they need a range of support and advice to help develop these ideas and bring them to market. The new projects being launched today are a major step forward in helping the ethnic minority business community to fulfill its potential.”

ABOUT THE LDA

The London Development Agency is the Mayor's agency for business and jobs. The LDA prepares the Mayor's business plan for London and mobilises the support and resources of hundreds of partner organisations to help build a thriving economy for London's people, businesses and communities. The LDA is dedicated to improving sustainability, health and equality of opportunity for Londoners.