2.1 Encouraging enterprise and entrepreneurship

Entrepreneurship is important because it is the engine of wealth and job creation. It is the source of most of the innovations and inventions in our economy, and is one of the roots of international competitiveness.

One of the strengths of the economy in Oxfordshire is that it has entrepreneurs who are willing to innovate and take risks, start new ventures, create wealth, while accepting that not all new ventures will work, and learning from this.

There is a relatively strong infrastructure to support technology-based entrepreneurs, with investment networks helping business access investment, business support, and innovation centres. Nevertheless, self-employment and business ownership are particularly low in deprived communities.

To embed a strong culture of entrepreneurship in the Oxfordshire community, encouragement needs to start early. Enterprise activity in schools and throughout the education system is important, and the topic of enterprise has now been introduced into the school curriculum. Both Oxford Community School and Marlborough School in Woodstock have been awarded Business Enterprise Specialist School Status. Engagement of more business people in the enterprise agenda in schools will encourage and motivate students.

Oxford's two universities are playing their part. Entrepreneurship Saïd, at Oxford University's Saïd Business School, has been established to integrate the teaching, research and practice of entrepreneurship in Oxford University - creating networks and practical teaching to support new venture creation. The University of Oxford's student entrepreneur society, Oxford Entrepreneurs, has attracted 1,200 members in its first two years and has been acclaimed for its energy and enthusiasm. The Enterprise Fellows Scheme, run from the Enterprise Centre at Oxford Brookes University's Business School, looks outward, promoting entrepreneurship and supporting entrepreneurs who plan to start their own businesses during, or after, the course of the programme.