BUSINESS Secretary Vince Cable has announced a new 40,000-strong network of business mentors.

Mr Cable outlined the plan at the launch of Global Entrepreneurship Week which was held at Google’s headquarters in London.

The Business Secretary outlined the government’s plans for a new single network of mentoring providers. The network, said Mr Cable, would consist of experts to help start-ups, growing companies and businesses seeking financial mentoring.

Business Secretary Vince Cable said:

“The best people to advise new entrepreneurs and existing businesses are those who have already started and run successful companies,” said Mr Cable.

“Mentoring is a very effective way of promoting start-ups, higher productivity and growth amongst established businesses,” Mr Cable added.

The mentoring network has been developed in response to the needs of entrepreneurs and small business across the country. According to the Annual Small Business Survey 2007/08, businesses which had used external advice were twice as likely to have grown their workforce and over 50% more likely to be growing their business in the future than those that had not used advice.

Further information

There’s a business mentoring service for SMEs and their business cars. Read our news story SMEs to benefit from company car mentoring.

See also the Editor’s Blog on his personal experience of mentoring: Sharing advice.

Photo credit: BIS gov uk.