Welsh Government Launch Pilot project to create and support high growth businesses

7th Feb 2012

The Welsh Government have launched a pilot project to create and support high growth businesses

A highly innovative pilot project to establish and support up to 50 new high growth business ventures in Wales has been launched by the Welsh Government.

The new businesses supported under the £2 million High Potential Starts project will be capable of delivering a combined turnover of £36 million over a three-year period and create at least 480 well paid jobs.

The service, which is funded jointly by the Welsh Government and the European Regional Development Fund (ERDF), begins this month and will run until 31 December 2014.

Four 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
• ensure that cumulative sales for each business exceed £0.75 million over the three years
• show a 20 per cent 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
• encourage companies to trade internationally and their products or services must have export potential with at least 30 per cent 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

February - 2012