LGBTQ+ businesses contribute over £106 billion to the UK economy despite huge challenges, report finds

Most LGBTQ+ entrepreneurs in the report's survey pointed to particular challenges that they have faced in business because of being LGBTQ+. The most prevalent was doubt, followed by disclosure issues, notably invasive or inappropriate questions and a lack of role models. Next were discrimination and disconnection from mainstream business networks. Most LGBTQ+ entrepreneurs in the report's survey pointed to particular challenges that they have faced in business because of being LGBTQ+. The most...

LONDON, 28/10/2024 (informazione.it - comunicati stampa - servizi)

Most LGBTQ+ entrepreneurs in the report's survey pointed to particular challenges that they have faced in business because of being LGBTQ+. The most prevalent was doubt, followed by disclosure issues, notably invasive or inappropriate questions and a lack of role models. Next were discrimination and disconnection from mainstream business networks.

At the same time, most entrepreneurs mentioned benefits to their business 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.

To mitigate some of the challenges faced by LGBTQ+ entrepreneurs, OPEN proposes three recommendations on collecting better data, providing distinct support and developing supplier diversity:

, said: "While the UK has made huge progress in tackling legal injustices and social prejudices against LGBTQ+ people, the past leaves scars. Moreover, business tends to lag behind society as a whole in its acceptance of LGBTQ+ people; 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."

, 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 the global economic ecosystem is at the heart of our organisation. This report not only celebrates the vibrant and dynamic contributions our community make 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 fair representation and the opportunity to thrive."

 #LGBTQBusinessesCount

The report is based on an online survey of 1,517 self-identified LGBTQ+ business founders and owners conducted between January and May 2024 .

 

OutBritain , the UK's first LGBTQ+ chamber of commerce, connects, supports and grows the UK LGBTQ+ business community, while connecting it with the rest of the world.

  @open2progress

OPEN  is an international think tank that focuses on diversity and other openness issues. Its previous reports include .

OPEN gratefully acknowledges the financial support of the sponsors of this report, Accenture, Dow and Goldman Sachs. At the same time, the content, words, opinions and views are solely its own and do not necessarily reflect the institutional views of said sponsors or any of their affiliates.

info@opennetwork.net
matt@outbritain.co.uk  

Report https://www.opennetwork.net/wp-content/uploads/2024/10/OPEN_LGBTQ-Businesses-Count-final_hi-res.pdf

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