Unlocking Lancashire’s potential — navigating talent, investment & identity

Business leaders are constantly navigating a challenging economic landscape — one that often lacks a clear map. Yet, despite the headwinds, there remains a powerful sense of shared purpose and a readiness to find the way forward together.

That’s how I felt after a gathering of business owners at Haighton Manor, Preston over the autumn. We know — because the data tells us — that privately owned, owner-managed businesses are the engine of the economy, growing faster than the national average. That’s why we wanted to speak with a small group of Lancashire-based leaders to understand how the True North network can better support their ambitions.

Co-chairing this discussion with our CEO, Robert White, we wanted to get under the skin of what’s keeping them awake at night — talent retention, access to investment and growing a business while striving to make an impact.

What emerged was a picture of a region brimming with innovation and ‘hidden gems’ yet often held back by fragmentation, a lack of clear signposting to financing options and a characteristic humility that stops us from shouting about our successes.

The talent conundrum

There’s a pervasive sense that Lancashire faces a “brain drain” with much of the region’s brightest young talent understandably gravitating to the pull of major cities. While avoiding this completely can’t be expected, we’re perhaps not playing to our own significant strengths.

We have a quality of life here — access to nature, more affordable housing and tight-knit communities — that’s incredibly attractive to the current generation of talent. However, we aren’t packaging or selling ‘Brand Lancashire’ as effectively as we might. 

We heard stories of young people assuming career progression requires a city postcode, unaware of the world-leading electronics, manufacturing and creative industries operating on their doorstep.

A significant portion of the discussion focused on the disconnect between education and enterprise with a lack of a “front door” to SMEs in particular. Businesses want to engage but they don't know who to call.

We discussed the power of industry-led collaboration such as the Electech Innovation Cluster as a solution. By aggregating the voice of many businesses, they’ve worked with educational institutions to listen and adapt training to real-world needs.

Navigating the investment maze

When we turned to the investment landscape, it isn’t necessarily a lack of capital that’s the problem — it’s a lack of education and navigation.

The investment ecosystem in Lancashire, we were told, feels “piecemeal”. We have support for start-ups and traditional bank lending for established corporates but there’s a "missing middle." High-growth SMEs often feel lost, unsure where to turn when they need relatively modest capital amounts to scale.

A recurring theme was the complexity of accessing public funding with grants and support schemes perceived as biased towards tech businesses while overlooking solid, high-potential firms in manufacturing or hospitality, for example.

Furthermore, we discussed the knowledge gap regarding investment readiness. Many business owners fall into entrepreneurship by accident — they’re experts in their product, not in finance. What they need isn’t just money but the advice wraparound that helps them to understand debt versus equity or how to prepare for a buyout.

The solution lies in better signposting and a more cohesive ecosystem. We need to demystify finance, breaking down the barriers that make investment feel accessible only to a select few. There’s also a role for private investment to play a larger part, connecting the significant private wealth that exists within the county to the exciting ventures springing up within it.

Community, identity & devolution

Underlying all parts of the conversation was what was described as the “fragmented” identity of Lancashire. One attendee highlighted a lack of unified leadership that stands in stark contrast to the cohesive brands of Liverpool or Manchester.

While Lancashire’s devolution deal — creating a Combined County Authority — goes some way to addressing this, our guests hoped that this would be more than “devolution-lite” and would have the teeth to make a real difference. Without a mayor or a unified voice, Lancashire misses out on critical infrastructure investment that would drive its prosperity.

The most powerful takeaway was that we can’t wait for politics to catch up. The ‘Brand Lancashire’ we desire must be built by its businesses. We discussed the need to move beyond short-term political cycles and focus on generational challenges.

This is where purpose-led business becomes the differentiator. We touched on the idea that culture and purpose are not just marketing terms — they’re commercial imperatives. In a world where young talent interviews you about your ESG policy and where supply chains are scrutinised for sustainability, being a force for good is a competitive advantage.

Key takeaways for business leaders

1. Collaborate to compete — form clusters with your peers. A collective voice can work more closely with public institutions and education to shape the skills agenda to fit your needs.
2. Educate on finance — seek out peer-to-peer networks to understand the full spectrum of funding options available. The money is there but finding it requires a map. Often another business owner holds that map.
3. Own the narrative — we must stop being the "quiet middle". We need to relentlessly champion the region's successes. If we want to attract talent and investment, we must articulate a confident, unified story about what Lancashire is and what it stands for.

True North — a network for regional change

Lancashire’s strength lies in its businesses. The conversations showed a region ready to collaborate, invest and define its own future. True North can harness that ambition — connecting leaders, amplifying voices and unlocking the potential of the region.

Be part of shaping the North’s future and join us.