Pilot Project to Create & Support High Growth
A highly innovative pilot project to establish and
support up to fifty new high growth business ventures in Wales has
been launched by the Welsh Government.
The new businesses supported under the
£2million High Potential Starts project will be capable of
delivering a combined turnover of £36million over a three-year
period and create at least 480 well paid jobs.
Business Minister Edwina Hart said the pilot
would identify and support entrepreneurs and young businesses with
high growth potential.
“The three year pilot project is aimed at
increasing the number of sustainable high growth indigenous
businesses in Wales. The high level of tailored support and
mentoring provided will prepare businesses for survival and
It is an innovative approach with the
potential to create or support businesses that could make a
significant impact on job and wealth creation in the future.”
The service, which is funded jointly by the
Welsh Government and the European Regional Development Fund (ERDF),
begins this month and will run until 31st December
The following organisations have been
contracted to run four different pilots:
PERA Cymru will
deliver a service across North Wales and work with new businesses
and entrepreneurs in the digital, environmental, energy, health,
biosciences, advanced engineering and manufacturing sectors.
Consultants will deliver a pan Wales service
primarily working with new businesses and entrepreneurs in the
will deliver a pan Wales service working with new businesses and
entrepreneurs in the life sciences sector.
Winning Pitch will
deliver their service in South Wales and will be supporting all
They will work with organisations such as the
Welsh Government, Higher Education Institutions, financial
institutions, business networks, industry and local authorities to
identify and recruit young businesses and entrepreneurs and will
provide packages of support tailored to meet the needs of each
Each pilot is expected to create or support a
minimum of 12 businesses that are either at the pre-start stage or
young businesses that have been trading for less than three
Cumulative sales for each business have to
exceed £0.75million over the three years.
Business have to show a 20% year on year
turnover growth over the three year period and employ at least ten
staff by the end of the third year – the majority of which should
earn a higher than average salary.
The High Potential Starts programme has a
strong focus on encouraging companies to trade internationally and
their products or services must have export potential with at least
30% of sales being outside Wales – either to the UK or
For more information on this service contact
the High Potential Starts team at HPS@wales.gsi.gov.uk