Nicholas Craig column

Jul 7 2006 By Nicholas Craig, The Journal

The Young Enterprise awards are a shot in the arm for the region. Remarkable business success from the under-30s who work in the North-East is a great reason for us all to celebrate.

One of the things that continues to concern me is the relatively low number of good jobs on offer in this region. The young business talent we have here has to be nurtured to encourage these individuals to stay on here, to help strengthen the region's economic health.

"Everyday entrepreneurs" is the theme of Business Week Tyne and Wear, which took place this week.

Hats off to the North East Chamber of Commerce for creating a lively programme of free events which brings together people already in business, those thinking of getting started and those about to move on from school or university.

Investing in our young people is making an investment in the future of the region. The North-East is taking tentative steps to help, but we need a much bolder approach to capture the best of our current and future talent and develop the next generation of business leaders. Universities have created initiatives to help students begin their own businesses. Durham has its Job Shop that enables students to gain experience of paid work with local companies, and Sunderland has an Opportunity Centre, which has input from industry to the curriculum.

Teesside has Graduate Enterprise in Multimedia in which the University incubates the new company during its first year, providing resources on site. Northumbria has its Quality Enhancement Unit and the University of Newcastle has been pivotal in driving forward Knowledge House.

Until the approach adopted by each university in its entirety is customer-led with a cohesive communications strategy for dealing with employers, however, the results will be piecemeal.

Fund management companies such as NEL and Nstar are working to help new businesses with seed capital and easier to access schemes, and One NorthEast is always keen to support entrepreneurial effort.

It all needs to be joined up, creatively kneaded together and promoted as the way forward for bright, able businesspeople to take their first step.

We need to think much more broadly, inclusively and simply to establish the next generation of money-spinning companies who begin and stay in the North-East.

Nicholas Craig is a partner at Watson Burton LLP