People, Places, Business

High Growth Businesses

Pilot Project to Create & Support High Growth Businesses

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 success.

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 2014.

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.

Impact Management Consultants will deliver a pan Wales service primarily working with new businesses and entrepreneurs in the technology sector.

Oxford Innovation 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 business sectors.

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 business

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 years.

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 overseas.

For more information on this service contact the High Potential Starts team at HPS@wales.gsi.gov.uk

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