Create the opportunities for 100,000 small businesses to grow through digital technology.
Why does it matter?
Small businesses already contribute 57% of all private sector turnover in the UK. We know that harnessing the power of digital technology can help unlock growth and generate more wealth. With the right support, small businesses will create jobs, contribute to local communities and help drive digital competitive advantage for the UK as a whole - research from Oxford Economics and Virgin Media Business found the economy could receive a £92 billion boost if firms fully develop their digital potential, equivalent to 2.5% of GDP. That’s why we want enable small businesses to unleash their digital potential and drive business growth through inspiration, education and peer-to-peer support.
How are we making it happen?
Together with Virgin Media Business, we have established an initiative called Voom to help entrepreneurs, business founders and managers to make expert connections, find peer-to-peer support and grab unique opportunities. Over the years, Virgin Media Business has invested over £3million in prize funds to support small businesses across the country.
This has involved:
(1) Voom Regional Tour – bringing business experts, previous competition winners and fellow entrepreneurs to communities around the country, providing expert advice and networking opportunities and growing our Voom community along the way.
(2) Voom Fibre - offering 350Mbps as standard for business broadband, allowing businesses of all sizes to unleash their potential. This is more than four times faster than the equivalent speeds offered by rivals.
(3) Voom Pitch Competitions – providing the opportunity for entrepreneurs and more established small businesses to pitch their ideas to a panel of expert judges, increase their public awareness, make new connections and be in with a chance to win money-can’t-buy opportunities to help maximise business growth.
Performance against our goal sub targets in 2017
Here are our performance highlights for 2017, the third year of our 2020 Boosting business goal. If you are looking for information on what we’re focusing on for the remaining two years of the goal, take a look at our Goals roadmap.
Growing small businesses
2017 target - Continue to create the opportunities for 75,000 small businesses to grow through digital
How we did – We have created the opportunities for 77,331 small businesses to grow since 2015. This is measured by the number of Virgin Media Business’ small business customers. Voom Pioneers, Voom competition applicants and tour participants. We reached our goal this year through launching the first ever Voom tour – a regional visit to 22 communities with advice and expertise to help small business owners. We also launched Voom Fibre – a new superfast broadband offer to help our small businesses grow.
 Combined annual turnover of SMEs was £1.9 trillion. Source: DBIS Business Population Estimates 2017 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/663235/bpe_2017_statistical_release.pdf