Business West is inviting applications from ambitious businesses with at least two years of sustained growth, who would benefit from a £5,000 grant to work with a coach to accelerate their business growth.
Building on the success of the Scale-Up Coaching grants scheme, delivered in partnership with Enterprising West of England, Business West is launching a new High Impact Scale-Up Coaching Grants programme, designed to help both West of England businesses on the cusp of becoming scale-ups and fully-fledged scale-ups overcome the key challenges to growth.
With 84,162 people in the West of England employed by scale-ups, the continued creation and growth of these businesses is crucial to the sustainability of the local economy, yet 47% of UK scale-ups said they felt there was little support available to help businesses like theirs.
The High Impact Scale-Up Coaching Grant programme wants to fix that by helping businesses access the training they need, with a coach of their choice.
The 2017 ScaleUp Review found that the key barriers to growth for small and medium enterprises are access to talent; access to home and international markets; building leadership capacity; finance; and infrastructure.
Further to this, 65% of UK scale-up companies said access to leadership development and training will be vital to their continued growth.
Scale-up businesses are defined as either growing by more than 20% per year by turnover growth, employee growth, or both, for at least three years.
Grant payments will be made to successful applicants investing a minimum of £20,000 (excluding VAT) in leadership development and management coaching.
Tara Gillam, Head of Enterprise at Business West, said: “The High Impact Scale-Up Coaching Grants programme will support high growth businesses who need leadership and management development at this stage to ensure growth continues and to help take their business to the next level.
“In the long term, we hope that these businesses will carry on with their projected growth year-on-year, delivering more job creation, stability and growth to the local economy. This is a fantastic opportunity not just for the businesses who will receive funding, but for the wider West of England economy as well.”