Business secretary Vince Cable has launched a £200m government-backed GrowthAccelerator programme to boost business growth in the economy.
The 3-year programme targeted at UK Small and Medium-sized Enterprises (SMEs) with the highest growth potential will deliver valuable support from experienced, independent business coaches.
Only SME businesses with fewer than 250 employees and £40m turnover, with the potential to grow at more than 20% per annum and employ new people are eligible to apply for the programme. As a sign of their commitment, qualifying SMEs must pay £600, £1,500 or £3,000 (dependant on size) to enter the programme. In return, they will receive a customised package of one-to-one support to assist with plans to commercialise innovation, develop growth action plans and raise finance.
GrowthAccelerator aims to help a minimum 26,000 SMEs over the next 3 years while creating over £2.8Bn new business growth and 70,000 new jobs.
At Pioneering Innovations, we’re delighted to deliver our expertise via GrowthAccelerator as one of the independent business coaches on the programme and we applaud this government initiative at reducing barriers for SME’s to access high-quality help and support.