Dragon's Den star Theo Paphitis says Europe's longest-running business festival should be emulated across the country.
Paphitis, who rose to fame through the BBC show, was guest of honour at the Institute of Directors (IoD) luncheon, one of the events which kicked off Humber Business Week today.
He said festivals were the perfect platform to share ideas between regional businesses.
He said: "Every place in the UK should have a business week which focuses on sharing ideas because festivals like this are really important for business.
"When I was starting out, there was not as much support as there is nowadays, so to have a network like this, which nurtures, is a catalyst for the success of future businesses."
In an interview-style presentation at the event, attended by hundreds of business people, Mr Paphitis answered questions about a range of subjects, including entrepreneurship, the digital sector and the future of retail.
Attendees also asked about the self-made businessman's involvement in new ventures via Dragon's Den, including his investment in Hull business WedgeWelly.
Mr Paphitis said: "Businesses are starting to embrace the digital age, but they also need to be aware that they must still have a physical presence and they need to maintain that balance.
"The high street will still exist in the future because people need to communicate and interact with each other and one of the ways they do that is through high street shopping."
Speaking after the event, Mr Paphitis praised the City of Culture bid team, which secured the 2017 award for Hull.
He said: "The City of Culture has brought Hull a great opportunity.
"The status is fantastic for the city and it is a great testament to the bidding team, who did an amazing job bringing it here over cities that really wanted to win it as much as Hull did.
"But the real work starts now and the city and its businesses need to follow up and make sure they make the most of it.
"Overall though, it is an amazing achievement."
