The scheme was launched in May last year and is tasked with creating 55,000 new jobs and £2.2bn in economic growth within three years.
Businesses are chosen based on their growth potential and are then given help to develop a growth plan. They are then given coaching on the topics of access to finance, business development, management and innovation. Stephen Peacock, national operations director at GrowthAccelerator, said: “We are delighted to have reached this significant early milestone in the delivery of our unique service to high growth businesses. More importantly, I am proud that we have maintained very strong client satisfaction whilst building up to this scale. It would seem the scheme is more than on track – survey results suggest that more than 90 per cent of GrowthAccelerator clients are happy with the service and 96 per cent are on track to meet their growth objectives. Peacock continued: “Research suggests that high growth SMEs generate almost half of all new jobs in our country, and as the economic environment improves, it is crucial we continue to support these firms in reaching their full potential.” The majority of businesses involved in the scheme are more than five years old, showing that you don’t need to be a startup to go for growth. Business secretary Vince Cable said: “GrowthAccelerator is providing an important service in helping 10,000 high growth firms scale up and realise their potential. “Providing small businesses with the support they need to thrive is a key part of the government’s drive to create jobs and a stronger economy.” Image sourceShare this story