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'Challenger' businesses to be freed from Red Tape

by Susie Hughes at 09:21 21/09/12 (News on Business)

The Government has pledged to remove outdated Red Tape and regulatory burdens from the ground-breaking 'challenger' businesses.

There will be new independent scrutiny of the unnecessary rules and regulations that are barriers to growth for challenger businesses. These are innovative enterprises that do not follow set ways of business working, and which might be held back by burdensome bureaucracy. A network of 22,000 mentors is now accessible on the Mentorsme portal with particular assistance for women in business to find mentors. The newly-appointed Small Business Minister, Michael Fallon said: “Challenger businesses create wealth and jobs – we should champion them at every opportunity. They put new products on our shelves, innovate our service industry and create new markets using the latest technology. I don’t want these pioneers falling foul of outdated regulations. “I am now looking in more depth at the rules and regulations that are holding back our most forward-thinking entrepreneurs. That’s why in addition to the package of proposals, I am also strengthening the role of the independent Regulatory Policy Committee to make sure that regulation barriers to challenger businesses’ growth are removed.” Challenge This so-called Red Tape Challenge has developed a number of key proposalsto: Create a strengthened independent function to champion deregulation when it hinders innovative businesses. The independent Regulatory Policy Committee will be asked by Ministers to investigate where challenger businesses, seeking to enter new markets, are being unjustifiably hampered by regulations or regulators and report publically on their findings. Encourage a self regulating approach in the peer-to-peer finance industry by increasing membership of their finance associations and building on their consumer code of practice. Help knowledge-based businesses to secure finance by working with banking and accountancy experts to improve existing guidance and raise awareness of the Government schemes which can help. Identify ways to drive down costs in applying for, and defending, patents, including examining the operation of the US ‘small entity’ regime. Make it cheaper and simpler for small and medium sized enterprises (SMEs) to challenge potential infringements of their trade marks. Provide a better balance to the rights of consumers and online traders by implementing a new Consumer Rights Directive to replace the existing distance selling regulations. Amend the Estate Agents Act (1979) to take out of its scope intermediaries such as private sale portals, which only advertise properties and provide a means for sellers and buyers to communicate with each other. Mentors Particular emphasis is also being placed on giving more businesses access to trained mentors with business experience. Mentorsme is the national mentoring portal, operated by the British Bankers’ Association, and it now boasts 22,000 accessible business mentors providing coverage across the whole of the UK. Advertisement Michael Fallon said: “Business mentors play a vital role in helping SMEs to build their knowledge base as the support comes from someone who has been there and done it before. It is great that we now have a vast network of accessible business mentors but we want to grow that number even further and give greater choice to our entrepreneurs.” There will be specific initiatives aimed at putting women entrepreneurs and young people in touch with suitable mentors. Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2012

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