Contemporary Issues in Entrepreneurship: Sunderland BID Report

This report examines the Sunderland Business Improvement District (BID) initiative, discussing its inception, the process of establishing the Steering Board, and the overwhelming support received from businesses and key stakeholders in Sunderland. It highlights the positive impact of the BID on the city's economy, including significant investment, enhanced footfall, and the creation of a safer, brighter, and cleaner city center. The report details the voting process, the financial contributions from businesses, and the role of key figures like the Chairman of the BID Steering Board. It also includes the perspectives of various stakeholders, such as the Chairman of the Sunderland City Centre Traders Association and the Chief Executive of British BIDs, emphasizing the collaborative effort in developing the BID plans and driving positive changes in the local economy. The report concludes by underscoring the importance of the BID in revitalizing the city center and providing opportunities for local businesses.

Running head: CONTEMPORARY ISSUES IN ENTREPRENEURSHIP AND INNOVATION
entrepreneurship
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CONTEMPORARY ISSUES IN ENTREPRENEURSHIP AND INNOVATION
Introduction
The strategy of the Sunderland for having its own Business Improvement Districts initiated by
having the discussions and deliberations which took the place in few of the key employers and
businesses of the city. From the initial talks, the Steering Board was established to drive really
the idea that was forwarded (Hoyt, et al., 2003). The support and the aid was overwhelming and
prodigious as the people initiated to identify what advantages the Business Improvement
Districts may bring to the Sunderland. The time when city was creating and developing its
reputation internationally and at Stadium of Lights, many of the amazing concerts took place and
millions of people turned out for the International Airshow each year and therefore, setting up
and launching the Business Improvement Districts was considered as a logical step.
Impact of Sunderland Business Improvement District
The Business Improvement Districts have aided various other regions of the nation to boost and
increase the economy and enhance the footfall because of which it is significant for the
Sunderland to be significant part of the exciting initiative. After weeks, months and years of
discussion and preparation and bringing on the board the ambassadors as well as earning the
support and assistance of all the people from the nation based retailers of high street to the
independent traders and the vote was the resounding “yes”, that is a positive response and reply.
Since the poll, it was full heat to make sure that they offer and deliver the exciting events, keep
the visitors secure and safe and also make sure that city of Sunderland center is the place for
being (Houstoun, et al., 2003). The positive voting was a huge boost for the economy of the city
center. They benefited from minimum 3.4 Million Euro investment in subsequent five years. A
new Business Improvement district company was running and up by 2014 along with remit to
make city center a safer, brighter and cleaner place with more of events, promotion and

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CONTEMPORARY ISSUES IN ENTREPRENEURSHIP AND INNOVATION
marketing and very lively evening economy (Pugalis, et al., 2011). More than 400 businesses
were eligible for voting with a value of rate that is above Euro 15000 every year. 62 percent were
favoring the decision out of total 173 cast of vote, with 67.5 percent of the aggregate value of
rate for all the voter cast as well as turnout of the 38.1 percent (Mitchell, et al., 2001). The
working of the BID organization will be refunded by the levy of 1.5 percent on the value of the
rate of the eligible business which are located in the area of business improvement district. The
chair of board of BID Steering and the Centre Director for Centre of Bridges Shopping. This is a
great news for the center of Sunderland city and it will be original catalyst for the positive
change. The business improvement districts plans for making the city center very welcoming and
attractive place for the visitors during the evening and day time. The hard work initiated at the
time of the translation to the “yes” vote to ensure that the business improvement districts is
running and up and is ready for initiating to make a genuine difference in the month of April.
The voting was welcomed by the Harry Collinson who was the owner of the Chairman of
Traders Association of Sunderland City Centre, who informed that Business of all the sectors
like service providers, creative industries, taxi drivers, professional services, retailers, restaurants
and pubs have provided the help to develop the business plan of Business improvement Districts.
Gary Hutchinson who was the Chairman of the Sunderland business and NECC Sunderland and
have also said that it is a significant milestone for the Sunderland as well as the conclusion of 12
months and above of the hard work in the business to get together the plans which are exciting
for city center (Downtown, et al., 2007). A fantastic passion, enthusiasm and creativity from the
partners and business was seen who all had the best interest of Sunderland at heart. Also, the
positive vote was welcomed by Chief executive of Business Improvement District.

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CONTEMPORARY ISSUES IN ENTREPRENEURSHIP AND INNOVATION
Conclusion
The 'Yes' vote was also welcomed by Julie Grail, Chief Executive of British BIDs, the industry
body representing BIDs, who said, "We are delighted that Sunderland City Centre is joining the
growing number of BIDs across the country. BIDs can make a real difference to the local
economy and help drive forward positive changes. It's very encouraging to see how well the
businesses and council have worked together to develop the BID plans for the benefit of the city.
The Business Improvement Districts proposal of the Sunderland City Centre was started by the
Sunderland Business Ltd. The Non-Profit organization was launched and is currently led by the
leading city organizations and business who may want to provide the help in tackling few of the
challenges which are faced by the city and develop the positive opportunities and chances for the
local business.

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CONTEMPORARY ISSUES IN ENTREPRENEURSHIP AND INNOVATION
REFERENCES
Downtown, D.C., 2007. Business Improvement District. Downtown Circulator.
Houstoun, L.O., 2003. Business improvement districts. Urban Land Inst.
Hoyt, L.M., 2003. The business improvement district: an internationally diffused approach to
revitalization. METHODOLOGY, 4, p.6.
Mitchell, J., 2001. Business improvement districts and the “new” revitalization of
downtown. Economic Development Quarterly, 15(2), pp.115-123.
Pugalis, L., 2011. The evolutionary ‘waves’ of place-shaping: pre, during and post
recession. Journal of Town and City Management, 2(3), pp.263-279.