Establishing a new UK finance escalator for innovative SMEs: the roles of the Enterprise Capital Funds and Angel Co-investment Fund

This paper examines UK public policy addressing the seed and early stage equity finance gap since the Global Financial Crisis (GFC). Drawing on lessons learned from recent studies of UK and international government equity schemes, two contemporary models of government backed equity finance are examined. The focus is on the Enterprise Capital Funds (ECFs) and the Angel Co-investment Fund (ACF), the UK government’s main schemes operating in the sub-£2m equity finance gap to address the capital requirements for developing the UK’s young, potential high growth businesses. The paper highlights the shortcomings of traditional interim fund performance analysis and presents current demand and supply side evidence that establishes that these schemes are making attributable impacts on their portfolio businesses and the wider UK economy. It also demonstrates that they are playing important roles in the establishment of a new post GFC UK finance escalator. However, whilst these schemes were found to be currently complementary and effective, their future roles within the UK’s evolving post GFC seed and early stage equity markets are also considered. Key Words: Government Equity Schemes, Venture Capital, Potential High Growth SME

Constructing a national higher education brand for the UK: positional competition and promised capitals

This article examines national branding of UK higher education, a strategic intent and action to collectively brand UK higher education with the aim to attract prospective international students, using a Bourdieusian approach to understanding promises of capitals. We trace its development between 1999 and 2014 through a sociological study, one of the first of its kind, from the 'Education UK' and subsumed under the broader 'Britain is GREAT' campaign of the Coalition Government. The findings reveal how a national higher education brand is construed by connecting particular representations of the nation with those of prospective international students and the higher education sector, which combine in the brand with promises of capitals to convert into positional advantage in a competitive environment. The conceptual framework proposed here seeks to connect national higher education branding to the concept of the competitive state, branded as a nation and committed to the knowledge economy

Student budgets and widening participation: Comparative experiences of finance in low and higher income undergraduates at a Northern Red Brick University

Drawing on a thematic analysis of longitudinal qualitative data (ntotal = 118), this article takes a “whole student lifecycle” approach to examine how lower and higher income students at an English northern red brick university variously attempted to manage their individual budgets. It explores how students reconcile their income—in the form of loans, grants, and bursaries—with the cost of living. Four arenas of interest are described: planning, budgeting, and managing “the student loan”; disruptions to financial planning; the role of familial support; and strategies of augmenting the budget. In detailing the micro‐level constraints on the individual budgets of lower and higher income undergraduates, the article highlights the importance of non‐repayable grants and bursaries in helping to sustain meaningful participation in higher tariff, more selective, higher education institutions. It also supports an emerging body of literature that suggests that the continuing amendments to the system of funding higher education in England are unlikely to address inequality of access, participation, and outcome

Promoting workplace-based training to fight youth unemployment in three EU countries: different strategies, different results?

During the economic crisis, youth unemployment grew exponentially in many European countries. It was argued that countries with a high level of firm involvement in the provision of initial vocational training were better equipped to address this problem. Boosting workplace‐based training was therefore seen as the right strategy to tackle unemployment. Using Denmark, Spain and the UK as case studies, this article analyses how countries with different skill formation systems have improved this type of training. While the UK reinforced the voluntaristic character of its training regime, Denmark improved the quality of its vocational education, and Spain made reforms to the training and apprenticeship contract. Interestingly, the countries achieved different results. To explain this divergence, it is argued that while the reforms made in the UK and Denmark were compatible with the national institutions and coordination mechanisms, this was not the case in Spain, where reforms were implemented in a non‐complementary way.info:eu-repo/semantics/acceptedVersio

Furthering alternative cultures of valuation in higher education research

The value of higher education is often implicit or assumed in educational research. The underlying and antecedent premises that shape and influence debates about value remain unchallenged which perpetuates the dominant, but limiting, terms of the debate and fosters reductionism. I proceed on the premise that analyses of value are not self–supporting or self-referential but are embedded within prevailing cultures of valuation. I contend that challenging, and providing alternatives to, dominant narratives of higher education requires an appreciation of those cultures. I therefore highlight some of the existing cultures of valuation and their influence. I then propose Sayer’s concept of lay normativity as a culture of valuation and discuss how it translates into the practices of research into higher education, specifically the practice of analysis. I animate the discussion by detecting the presence of lay normativity in the evaluative space of the capability approach

Engaging with childhood: student placements and the employability agenda.

Employability is a particular organising narrative within the global, neoliberal economic discourse, with increasing relevance across different educational contexts. For universities in the UK, student employability, that is the readiness of students to gain and maintain employment and contribute to the economy, is a significant feature of accountability with employability outcomes increasingly used by students in making their decision of which university to attend. Yet little attention is paid to the organizing power of the employability agenda and to university students’ participation in that agenda apart from focussing on knowledge and skills relevant to gain employment. This is particularly concerning in university programmes that develop professionals who work with children. Placement, gaining knowledge, skills and experience in the places where children and young people are found, is a common aspect of employability being embedded within programme curricula. This article explores the organising power of the employability agenda for children and young people in a context of university placements. Focused on student experiences on placement in primary school settings in the north of England analysis considers students’ engagement with their own learning and the children who are essential to that learning

The geographies of access to enterprise finance: the case of the West Midlands, UK

The geographies of access to enterprise finance: the case of the West Midlands, UK, Regional Studies. Whilst there is a long history of credit rationing to small and medium-sized enterprises (SMEs) in the UK, the financial crisis has seen banks retreat further from lending to viable SMEs due to a reassessment of risk and lack of available capital. In so doing, the credit crunch is thought to be creating new geographies of financial exclusion. This paper explores the financial inclusion of enterprise through community development finance institutions (CDFIs) which provide loan finance to firms at the commercial margins in the West Midlands, UK. The paper concludes that CDFIs could partially address the financial exclusion of enterprise as an additional, alternative source of finance to that of mainstream banks