LinkedIn, the world’s largest professional network with more than 135 million members worldwide, today announced its support of a Government initiative to promote new enterprise in the UK by reducing the burden of regulation. As part of the ‘Red Tape Challenge’ campaign launched by the Prime Minister , a Red Tape Challenge LinkedIn Group went live today to enable the UK business community to connect and participate in the discussion about regulations that are holding back innovative new businesses.

LinkedIn will host the discussion on the Government’s Red Tape Challenge theme on what rules and regulations need to be scrapped or improved to help innovative new businesses grow and succeed. Many new business models – particularly those that involve doing things differently, often enabled by new technologies – may fall foul of regulations that were intended for another age or for another purpose entirely. Prime Minister David Cameron, who feels that unnecessary, overcomplicated regulation strangles businesses, is expecting to hear from entrepreneurs, investors and business owners via the LinkedIn Group.

To kick-start LinkedIn’s involvement in the campaign, Number 10 launched a LinkedIn Poll earlier this week to survey the UK business community about the burden of regulation in the UK. The results showed that a staggering 75 percent of those who participated believe red tape presents a major problem to fostering greater innovation in their business. Faced with a worsening economic forecast for the UK in 2012, Number 10 believes these findings make the need for consultation and discussion between the Government and British businesses and business leaders all the more pressing.

Through the Red Tape Challenge, and via the LinkedIn Group, members are invited to give their views, comments and ideas on what regulations should stay, be improved, or be scrapped altogether. Once the public have made their comments, Ministers have three months to decide which regulations they want to remove or improve and which they want to keep.

In a guest blog posted on LinkedIn today, David Cameron said:

“I am determined that this Government will leave office having reduced the overall burden of regulation. But we need you, the people trying to navigate the regulatory landscape, to tell us exactly what we need to change. Outdated regulation is holding back our most innovative entrepreneurs. That is why we are expanding the Red Tape Challenge to examine, not only the regulation which affects the businesses of today, but also the businesses of tomorrow. I want to make sure we are hearing from as many people as possible. Please, join the conversation and help the UK do business better.”

Related Links

Read the PM’s full LinkedIn blog post here.

Join the Red Tape Challenge Disruptive Business Models Group here.

Visit the Disruptive Business Models RTC comment spotlight here.

Get involved in the LinkedIn Red Tape Challenge poll here.

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