Shortly after announcing a new Entrepreneurs’ Forum, which will provide the business secretary with informal and personal advice on new business and enterprise policies, Cable has said that, for the first time, business mentoring networks will be joining forces.

From summer 2011, with the support of the British Bankers’ Association and UK mentoring providers, there will be a single online gateway for mentors and for those seeking mentoring.

“The best people to advise new entrepreneurs and existing businesses are those who have already started and run successful companies,” comments Cable. “Mentoring is a very effective way of promoting startups, higher productivity and growth among established businesses, so I am delighted to announce this new network.

“I also want to encourage more businesses to sign up and offer their support and guidance. We need as many successful mentors as possible to guide the next generation of entrepreneurs and businesses.” Cable says that startups with mentors are 50per cent more likely to succeed.

Business and enterprise minister Mark Prisk adds that it has “never been more important to promote an enterprise culture in the UK”. He believes the new mentoring network will be “invaluable for businesses all over the country”.

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