A new U.K.-based business research company is touting the importance of “human capital” as a key factor for companies to grow.
The Oxford Entrepreneurship Lab said it is providing “evidence-based advice” for companies seeking to grow their businesses.
Its findings show that a lack of “talent” and “talented people” are two of the biggest factors in the demise of “successful companies” globally.
“The ‘human brain’ is the single most important factor for success and in many industries, it is also the most difficult to replicate,” said Andrew Witty, chief executive of the Oxford Entrepreneurial Lab.
“If you think about how hard it is to get people to think differently, and how hard they are to get them to be successful, and that’s the biggest challenge.”
The Oxford entrepreneurs are now asking for the support of their community to help them grow their company, which will become part of the UK’s Next Start initiative, which is designed to provide support to businesses that are set to go public.
“What we are saying to our community is: this is the first step, and we want you to play a part in it,” Mr Witty said.
The study says there is a “huge amount of talent” in the U.k., with the “biggest risk factors” being a lack “of talented people”.
But there are also “a lot of people with the most experience, a lot of the brightest minds” in U.s. businesses, he added.
The Entrepreneurs in the UK study has found that the biggest obstacle to getting the U-turn on talent was the lack of support, including money.
It also found that many people in the industry were unsure if they should invest in the company they were in or not.
“It is very important to look at where the talent is and how we are addressing that talent gap,” Mr Wyllys said.
“You don’t want to be a company that is not hiring talent, but you do want to make sure that you have a great workforce.”
The study also said there is “a massive amount of money in the economy” which is a huge barrier to hiring talent and the solution is to create a “better” economy in which companies can grow and thrive.
“We know that the key factor in the success of companies is how good their human capital is, and it is important to understand how we can make this more visible,” Mr Tyrell said.
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