The two organisations are now urging for an integrated service model with universities, colleges and public libraries working in partnership to help businesses obtain the information and knowledge they need.

Entrepreneurs, business owners, leaders of community, cultural and charity organisations could all benefit if a more coordinated approach was adopted, for example through an online hub, to enable small and medium sized enterprises (SMEs) and others to access the full range of resources. Universities and colleges are ideally placed to help turn information into serviceable knowledge, the report added.

Libraries may not be an obvious source for all start-ups and small businesses but the business information they hold can help organisations plan their growth and development, make funding applications, get hold of up-to-date statistics and legal advice, as well as research new developments – to help them thrive.

Nigel Spencer, research and business development manager, British Library said: “It is clear from our research that businesses are looking for information resources that are easy to use, informative and centralised. Creating a one-stop-shop is therefore crucial for improving speed of access to information, easing the development of concepts and ultimately supporting future profitability.

Simon Whittemore, programme manager at JISC, said: “Higher and further education institutions have a rich range of knowledge and expertise resources. They must improve access to them as well as the supporting information services, to enhance innovation.

“Working in partnership with public libraries and other agencies, institutions can play a key part in a structured service model which offers tailored support and guidance for business sustainability and development,” he added.

Experts also said that licensing agreements may need to be honed to allow different access to information. Building on good practice, and combining a mixture of online resources and physical support, the study calls on publishers to investigate the opportunity to sell packages of data through an online hub within the proposed integrated service model.

Lorraine Estelle of JISC Collections said: “This provides an opportunity for publishers to explore business and licensing models that will make their content available to small businesses that would not otherwise be able to afford subscriptions. This is a complex area, but a creative dialogue between the publishing and library community may result in solutions that enable publishers to extend access and develop new revenue streams."