In February, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One. This meeting aimed to discuss the progress of the project, align upon and discuss both the 2025 plan and the 2025 SG communications approach.

Summary:

  • An update on the political landscape was given and it was noted that:
    • There are currently many open consultations to respond to across government, with high levels of overlap and consistent mentions of AI
    • The Department for Business and Trade is drawing up a small business strategy inclusive of 5 pillars, one of which is ‘access to finance’, due to come out in March
      • Feeding into this strategy is important to ensure the inclusion of carbon emissions and ESG thinking into all consultations
    • Smart Data has been identified as an underpinning enabler in the growth plan, leaving the door open to push it as part of the industrial strategy and net-zero transition
    • The B5 (BCC, CBI, FSB, IoD, Make UK) meet regularly with the Government and are engaging on the Industrial Strategy, using their monthly survey to bring data and research to support discussions
    • CBI report just published underlines 10% growth of the net zero economy in 2024, and is helpful proof point on the importance of unlocking further SME green finance
    • As the US scales back net zero commitments, the UK can lean into a leadership role for businesses who want to invest in and grow a low carbon economy. There is the opportunity to position Perseus as a leader in this space.
  • The Delivery Oversight Committee provided an update to members. It was noted that:
    • it has agreed that the role of chair will rotate
    • there has been a robust conversation around governance and that this is fit for purpose for the project
    • it is looking for financial commitments to be firmed up, but is reassured that delivery will continue with adjustments with a clear operational risk register in place
  • The plan and funding were presented to members for endorsement, including a high-level roadmap for the year. It was discussed and noted that:
    • there has been a material drop from the expected budget projections, with the original scope of 2m/year now at 900K for this year
    • the go-to-market delivery has been scaled-back accordingly
    • Advisory Groups will be less effort, focussed on approval and adoption of Working Group outputs. 
    • there is confidence that delivery is achievable and that momentum will be maintained, on a different scale of ambition for the year
  • In the members and pipeline update it was noted that there is high interest and desire to be involved in the project, however, gaps continue between desire to be involved and budgets
  • It was noted that for Perseus to bring help to the whole market, and create trust with SMEs, a top-down communications approach from the SG and Members will be required, and this will need senior management buy-in from Members
  • The Advisory Group updates noted that:
    • The high-level plan for 2025 is online https://ib1.org/perseus/2025-plan and https://ib1.org/perseus/2025-ags 
    • Not all AGs have yet kicked off. Sequencing and timing of activities, and time needed to convene the groups are all planned.
    • AG1’s initial focus will be to gather insights from pilot participants on implementation and make recommendations on the user needs to be addressed. 
    • AG2 met at the start of February and is pending feedback and approval of the 2025 plan, with two new WGs to kick off this quarter 
    • AG3 will incorporate pilot feedback and provide legal guidance to facilitate the integration of EDPs, CAPs and FSPs into sandbox and production systems 
    • AG4 met to prioritise comms for the year. The aim is to have a clear, positive and value-based story about Perseus, and to lay the foundation for SME engagement with the launch of a new SME WG
    • AG5 will collaborate closely with AG3 to ensure the Scheme’s policies and guidance is aligned with internal policies for EDPs, CAPs and FSPs 
  • It was noted that Perseus has the potential to act as a UK-focused case study for other countries to work from.

Principal:

Heather Buchanan, Bankers for Net Zero

Co-chairs:

Tony Greenham, British Business Bank

Gavin Starks, Icebreaker One 

Secretariat: Icebreaker One

The next meeting will take place on the 2nd June.