LGBTQ+ UK BUSINESS TURNOVER – WORTH AN ESTIMATED £106 BILLION
MAIN PICTURE: First OutBritain networking event in Plymouth organised by Dorcas Media.
A new pioneering report by LGBTQ+ Business Count in partnership with OutBritain estimates there are at least 250,000 LGBTQ+ companies in the UK that employ 750,000 people, and many are LGBTQ+, with a combined turnover of a least £106 billion.
The report was compiled in the absence of any official UK data, and the results are the largest ever survey of LGBTQ+ entrepreneurs around the UK, with rigorous analysis, first-hand interviews, and compelling recommendations, says LGBTQ+ Business Count.
Most LGBTQ+ business leaders and SME entrepreneurs surveyed highlighted particular challenges they face in business because of being LGBTQ+.
One of the most prevalent concerns was doubt, or lack of self-confidence, followed by disclosure issues, notably invasive or inappropriate questions, and a lack of role models. Next was discrimination and disconnection from mainstream business networks.
OPEN is an international platform for progress and conducts independent, rigorous and accessible cross-country research and analysis on pressing policy, business and social issues, with a focus on diversity and other openness issues.
Philippe Legrain, founder of OPEN, and the lead author of the report, said: “While the UK has made huge progress in tackling legal injustices and social prejudices against LGBTQ+ people, the past still leaves scars.”
“Business tends to lag behind society as a whole in its acceptance of LGBTQ+ people, and among the Chief Executives of the FTSE 100 leading companies, only one is openly gay. So it is hugely important to document both the contribution and the challenges of LGBTQ+ entrepreneurs in the UK, which is why we have produced this report as a call to action to the government, mainstream business organisations, and large corporations,” he said.
Matt Dabrowski, founder of OutBritain, said: “OutBritain has become a beacon in the UK’s business landscape, demonstrating how diversity is not merely a tagline, but a potent catalyst for unprecedented change.”
“Supporting LGBTQ+ businesses and seamlessly integrating them into a global comic ecosystem is at the heart of our organisation. This report not only celebrates the vibrant and dynamic contributions our community makes to the UK’s economy, but more importantly, it will allow us to focus and align our efforts in driving a fairer, more diverse UK economy where LGBTQ+ entrepreneurs and businesses are given a fair representation and opportunities to thrive,” he said.
The largest business founded by an LGBTQ+ entrepreneur that the report identifies is Global Media and Entertainment, which owns Heart, Capital, LBC, and many other radio stations, whose founder and Chief Executive Ashley Tabor-King is openly gay.
Kevin Kelway, BCAc, Director of award-winning Plymouth based Dorcas Media, said: “We are an openly gay PR agency and proud to call ourselves a media boutique. We are celebrating 10 years in business and a husband-and-husband married couple.”
“We are an OutBritain local ambassador in the South West, and a UK Certified LGBTBE enterprise and welcome this pioneering report and the huge contribution LGBTQ+ business entrepreneurs makes to the Plymouth/South West/UK economies,” he said.
NOTE FILE
The report went on to say most LGBTQ+ entrepreneurs mentioned the benefits to their businesses from being LGBTQ+.
Some 68% said it made them more determined to succeed and overcome adversity and 67% that their diverse perspectives and experience yielded business benefits, while 42% gained from an LGBTQ+ customer base.
In an attempt to mitigate some of these challenges and provide solutions, OPEN proposes three recommendations on collecting better data, providing distinct support and developing supplier diversity:
- Better data. Good public policy, sound business decisions and broader public understanding all require solid data. Companies House therefore ought to ask (but not require) company directors to disclose their sexual orientation and gender identity.
- Distinct support. To ensure that LGBTQ+ businesses have a voice in government, a UK-wide LGBTQ+ business envoy should be appointed. Mainstream business networks should also be more pro-active in attracting, including and representing LGBTQ+ businesses.
- Supplier diversity. Both large corporates and public authorities ought to do more to enhance equality of opportunity for diverse businesses, notably LGBTQ+ ones, in their procurement decisions. This would help LGBTQ+ businesses overcome the entrenched disadvantages they face, while providing corporates with more diverse and resilient supply chains.