The government has launched a £200 million GrowthAccelerator initiative today, which aims to help start-ups overcome barriers to growth.
The initiative is a partnership between the government and the private sector, including firms such as cloud collaboration company Huddle. It will help small businesses tackle problems such as commercialising innovation, securing finance and developing leadership.
Business secretary Vince Cable said: “With targeted support we are giving entrepreneurs a fantastic opportunity to take their businesses forward to succeed both here and abroad.”
As well as providing coaching services from a network of 800 ‘growth coaches and managers’, GrowthAccelerator will help ‘fast track’ businesses to professional advisors, angel investors and organisations such as the UK Trade and Investment (UKTI) for business advice.
To be eligible for support from GrowthAccelerator, start-ups need to be registered in England, employ fewer than 250 people, turn over less than £40 million and be determined to double within three years.
GrowthAccelerator has been funded by the Department for Business Innovations and Skills (BIS), and will be delivered by private sector experts from a consortium led by Grant Thornton and comprising companies such as Winning Pitch, Oxford Innovation and Pera.
Meanwhile, Business and Enterprise minister Mark Prisk announced that the government will also soon be launching a new £10 million start-up loans scheme for young people.