A £20million pioneering business support service for fast growth fledgling businesses – which is geared to create more than 10,000 jobs over the next six years – is announced by Economy Minister Edwina Hart today.
Operating as part of the full Business Wales service the Accelerated Growth Programme , jointly funded by the Welsh Government and the European Regional Development Fund , focuses on the specific support needs of businesses that are committed to rapid exponential growth.
Key outputs of the programme include:
- 10,000 new jobs created
- 1000 businesses supported
- Exports increased by £200m
- £200m private sector investment
- Turnover growth to exceed £510m
Economy Minister Edwina Hart said:
“This initiative within Business Wales is specifically designed to provide the highest level of business support to those companies that not only have the potential to grow rapidly but are run by people who are hungry for success.
“Business Wales Accelerated Growth is designed to help companies achieve their potential and fast track them to the next level while creating a significant number of new jobs, increasing exports and supporting sustainable business growth.
“Our previous business support activities have proved highly successful and we have every confidence these targets are achievable and will provide a significant boost to the Welsh economy.”
Entrepreneurs and business leaders that can demonstrate they have both the aspiration and capability to grow their business on this scale will be eligible for this element of Business Wales support.
SMEs will need to have the potential to export their services/products internationally, be proactively seeking to trade in international markets and capable of creating 10 or more new jobs during the period of intervention.
The Accelerated Growth Programme will be delivered on behalf of Business Wales by the Excelerator Consortium comprising Winning Pitch and Impact Innovation; both Wales based high growth specialists with a proven track record.
Steve Young Director for Wales at Wining Pitch said:
“I know from personal experience growing and scaling a business rapidly is challenging. There are always the inevitable speed bumps to slow you down. This programme will help young ambitious Welsh firms overcome these obstacles and enable them to successfully achieve their true growth potential.”
David Notley for Impact Innovation said:
“The best people to advise entrepreneurs are other entrepreneurs and we’ve carefully selected a really strong group of entrepreneur coaches with a proven track record.”
Businesses wishing to get more information on the Accelerated Growth Programme should contact the Business Wales helpline Tel 03000 6 03000 or visit the Business Wales website www.business.wales.gov.uk
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