ScaleUp Institute report highlights cluster of North East fast-growth businesses and support provided by the Entrepreneurs’ Forum
Posted on the 5 December 2017
Entrepreneurs’ Forum has endorsed the findings of the latest report from the national
ScaleUp Institute, which highlights the role of fast growing North East
businesses in the UK economy.
The ScaleUp Institute’s 2017 Review provides a comprehensive picture of the national scale-up landscape created in collaboration with the Office of National Statistics and using detailed research undertaken across UK regions.
The report has revealed that since between 2013 and 2015 the number of scale-ups in the UK - businesses with average annual growth in employees or turnover greater than 20 percent each year over a three year period - has increased from 26, 985 to 31,440, with these businesses generating in the region of £900bn in turnover and between three and 3.5 million jobs.
In the North East, which in the report is split between the region’s two LEP areas, has 940 scale-up businesses, employing a total of 89,845 with total combined turnover of £10.8bn.
The ScaleUp Institute is a private sector-led organisation, which works closely with government, focused on closing the ‘scaleup gap’ by creating a supportive public and private sector ecosystem that enables scaleup companies to fulfil their potential.
Within its report, the Institute focuses on a number of key barrier to scale-up, which need to be addressed including finding talented and skilled people, accessing new markets, finance, infrastructure and building leadership capability.
However, the organisation’s 2017 review also highlights key activity that has supported the growth of scale-up businesses, which notably included the establishment of the Entrepreneurs’ Forum ScaleUp Leaders Academy.
The Academy, which includes 12 North East business in its inaugural programme, has been designed for business owners who are running high-growth companies and want to scale-up at a faster rate through the 12-month programme’s workshops, coaching, mentoring and learning sessions.
The Academy, as part of the Entrepreneurs’ Forum, meets one of business leaders key requests highlighted in the ScaleUp Institute’s report, the need for more local solutions tailored to their needs and an increase in peer-to-peer networks where experiences and knowledge can be shared.
According to the ScaleUp Institute there is a requirement for more proactive organisations like the Entrepreneurs’ Forum across the UK as more than half of the scale-up business leaders that responded to its 2017 survey reported a perception there was no relevant support for them.
Nigel Mills, Chairman of the Entrepreneurs’ Forum, said: “The ScaleUp Institute’s excellent report highlights the increasing cluster of fast growth business in the North East, which we can add to by helping more companies thrive in an encouraging commercial environment.
While we are a smaller region geographically, the North East has an important role to play in the nurturing and development of scale-up businesses, which are vital to the future prosperity of the UK.
Scale-ups not only deserve the recognition for their current growth, but the support required to take them to the next level, which will deliver further job creation, improved productivity and increased contribution to the economy.
“There are a number of key challenges scale-up businesses are facing, which have been highlighted by the Institute and require a collaborative approach between government, business and organisations like the Entrepreneurs’ Forum.
“We have been at the vanguard of the scale-up agenda for more than a decade and programmes such as our Leaders Academy demonstrate innovative ways other regions can support fast growth businesses.”
For more information about the ScaleUp Leaders Academy, please contact the Entrepreneurs’ Forum team on 0191 500 7780.
To view the ScaleUp Institute’s report visit: http://www.scaleupinstitute.org.uk/wp-content/uploads/2017/11/ScaleUpInstitute_Review_2017_Executive_Overview.pdf
The North East regional scaleup breakdowns can be viewed here: