Burnham promises growth in every postcode - veteran investor Bernie Bulkin has a warning for founders chasing it too fast
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Amanda here, filling in for Lizzie this week.
Well, that backfired. New research shows Britain's overhauled R&D tax relief system – designed to crack down on fraud – is instead driving small businesses to cut investment, cancel projects and make redundancies. The changes have caused 62% to already cut R&D spend. Not quite the innovation economy ministers keep promising.
But there's better news on the procurement front. From January 2027, firms bidding for £90 billion a year in public sector work will be judged far more heavily on local jobs and skills. Community benefit weighting doubles to 20% on contracts over £5 million, and the threshold for complex procurement rules rises to £1 million – finally letting smaller firms bid for it.
It all feeds into the bigger question we've been asking ourselves: what would "good growth in every postcode" – Andy Burnham's favourite line – actually require on the ground? We love the ambition. We just think founders deserve more than a slogan.
Speaking of building things properly – we look at why so many growing businesses hit the same wall: a perfectly good org chart sitting on top of no operating model at all. And if admin is eating the hours you'd rather spend on that kind of thinking, here's how AI can actually claw some of that time back.
On failure – veteran investor Bernie Bulkin has had enough of Silicon Valley's obsession with the 100x win. His new book makes the case that most start-up failures are avoidable, if only founders learned from the ones that came before them. Worth a read before your next big bet.
And finally, a brand built from lived experience. Millie Haywood spent 21 years not knowing why she felt out of step with the world – until an autism diagnosis led her to found Mentallyunstitched, clothing designed for sensory comfort. Sometimes the best business idea is solving your own problem first.
🎧 New podcast episode: Dee Omole on turning nostalgia-inspired bakes into a thriving confectionery business
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🗓 Tuesday 25 August | Online
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