SMEs at the Heart of Economic Recovery, Cable tells Start-Up Stars

Small businesses will be the drivers of economic recovery, business secretary Vince Cable said in a speech at HSBC’s 2010 Start-Up Stars awards.

Speaking at the awards’ presentation ceremony at London’s Dorchester Hotel, Cable likened the events of 2008 to “an economic heart attack” and applauded the resilience of many small businesses throughout the difficult conditions.

“The truth is that if the British economy is going to recover, which it will, it is the small-scale enterprises that will drive it. And they have got to have access to credit in order to do so.”

Cable added that he was speaking on the anniversary of the death of the American inventor of the light bulb, Thomas Edison.

“Like the people in this room, Edison started out as an entrepreneur, but he became one of the most successful business owners in the world. One of the wisest things that anyone said to me was that the last thing a small business wants is to be small – they want to grow and become a big business.”

The overall winner of this year’s Start-Up Stars award was Mazuma, an accountancy and book-keeping service, founded by Lucy Cohen and Sophie Hughes in 2006, who received a prize of £30,000.

The Green Award winner was Dodo Juice, a car care accessories supplier, founded by Dom Colbeck and P J Aass, and the winner of the International Award was translation service Veritas Language Solutions, founded by Sharon Stephens and Rachel Bryan. They each won £10,000.

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