Thursday 8 August 2013

Growth Accelerator – Delivering results 1 Year On

The Department of Business, Innovation and skills has published the first annual report on the GrowthAccelerator scheme.

What’s impressive is that the scheme seems to be genuinely unlocking new high growth potential, with only 32% of the 6,000 or so businesses that have participated in the scheme so far having sought strategic business advice previously in the last 2 years.
Reported feedback includes:
  • Significant impact – 78% said their initial assessment provided clarity on how to drive growth
  • 77% said they got something from GrowthAccelerator that they couldn’t get elsewhere
  • 94% of businesses receiving Business Development coaching have achieved an outcome they couldn’t have by themselves
Key findings in the report include

  • 3,400 businesses are increasing turnover more quickly and 3,100 are increasing employment at a faster rate as a result of working with GrowthAccelerator
  • Ambition, dedication and inspiration in management teams are the most vital factors in achieving high growth for businesses.
  • Businesses using the service are happy with the advice they have received – 97%say they’d recommend GrowthAccelerator
  • Based on this experience, high growth comes from businesses of any size, age or sector or in any geographical location. In other words you don’t have to be a start-up business, based in London or other city centres to achieve success on the programme.

The scheme now aims to generate 55,000 new jobs and £2.2bn of economic growth within three years. That’s great news for business.