The Experience Bank has launched in the North East to forge better connections between Non Executive Directors (NEDs) and entrepreneurs.
The not-for-profit, business led initiative will help facilitate introductions between business owners and entrepreneurs looking to reap the benefits of working with an experienced NED.
The benefits of bringing a NED into a business include a fresh perspective, additional sector knowledge, better business decisions, and support with overcoming challenges. A good NED can also bring new skills, networks and open doors.
Geoff Hodgson, Chair of The Experience Bank Advisory Board, explained: “There’s a need for an initiative to act as a kind of ‘dating agency’ between Non Executive Directors and companies here in the North East, helping businesses to access talented people who can support them as they grow. While not a commercial match-maker, The Experience Bank does just that”.
The Advisory Board at The Experience Bank manages a high quality network of NEDs and helps make appropriate introductions to businesses, depending on their specific needs. A NED may be identified because they have skills in a specific area needed by the team, such as marketing, law or financial planning.
Colin Bell, Business Growth Director at the North East LEP, added: “Access to talented Non Executive Directors is key to helping businesses in the region to scale and that’s why the North East LEP is supporting the launch of The Experience Bank, which will be a real asset to the North East.”
Neil Warwick, Head of EU and Competition law at commercial law firm Square One Law, said: “The Experience Bank is driven by a passion for the region, a passion to do something different and to make a difference. It’s all about getting talented people to help growing companies.”
Chris Reed, Founder of ProxiSmart Ltd, attended The Experience Bank’s launch event and said: “Non Executive Directors bring a wealth of knowledge and experience, and it’s leaning on that know-how that really can help your business in particular areas where you might not have the expertise yourself.”
The Experience Bank is now accepting applications from experienced business leaders who want to work as NEDs in the North East and also from businesses which are looking to work with NEDs.
To find out more about The Experience Bank, visit their page on the Growth Hub.