300 Inspired At Annual Conference

The boss of one of Britain’s biggest banks has called on North East entrepreneurs to play a key role in pulling the country through the recession.

Barclays Bank CEO John Varley also said the banking giant remains keen to lend to small business leaders despite the ongoing credit crisis.The chief executive insisted that the bank’s acceptance rate for credit applications to businesses continues to be high, in a video interviewed broadcast at the Entrepreneurs’ Forum’s annual business conference at the Gateshead Hilton.

After warning that the worst of the recession is still to come, he said: “Right at the heart of economic stability and regeneration is risk taking by entrepreneurs. There’s nothing more important than for young entrepreneurs to continue taking risks.

“[In terms of lending to small businesses], the success rate for applications is over 70%, and if you look at the broader community of businesses the success rate for credit is over 90%.”

Meanwhile Thursday’s event also played host to former Dragons’ Den investor Richard Farleigh who told of his experiences, rising from humble beginnings in Australia to running a hedge fund in Bermuda so successfully that he could retire in his 30s – before returning as a “business angel” investor.

"I mostly feel like a coach, a talent spotter now,” he said, adding that the BBC’s Dragons’ Den show had been a force for good for those wanting to launch businesses.“It’s been fantastic. It’s brought USPs, patents, gross margins and that sort of talk into people’s homes and gives people thinking of starting their own business a reality check,” he said.

Martin Lightbody, Scottish Entrepreneur of the Year and CEO of the Finsbury Food Group, told the 300-strong audience: “There are going to be opportunities now. There will be weak players who fall by the wayside, so aim to be the best and be passionate about what you’re doing.”

Explorer Pen Hadow told of his intrepid adventures, which included an historic solo trek from northern Canada to the North Pole in 2003 – and urged entrepreneurs to apply similar daring to their business operations.

He said: “We all have our playzones, where we feel comfortable and relaxed, but we also have new frontier zones which are more ambitious – and that’s where I was for the whole of the North Pole project.” “You need to run on adrenaline to keep yourself going forward and facing situations with substantial degrees of risk.”