news 5 Connect for growth success by Eleanor Harris
Some 7,000 SMEs across the south could benefit from the government’s newly- launched GrowthAccelerator programme, giving a welcome boost to the region’s economy.
Launched in May by business secretary Vince Cable, the £200 million national programme will see business experts working with ambitious companies that have high- growth potential to help them achieve fast and sustainable growth.
Business advisers Oxford Innovation will be delivering the programme across the whole of the south, including the Thames Valley but excluding London, after winning a formal bid process with the government’s department for business, innovation and skills (BIS) to become one of four delivery partners.
The company has already employed 20 growth managers in the south, who will work with a further 200 associate coaches across the region to help companies overcome barriers to growth.
Don McLaverty, managing director of business growth services at Oxford Innovation says: “We see ourselves as a catalyst, providing tailored advice for the specific company based around their strategy, helping them if they need to become investor- ready, helping them with commercialising innovation, and with developing leadership and management skills, which might help them to grow faster. But a key part of what we’re trying to do is to help those companies connect with other companies and organisations that are already in their local area, in order to become more successful, rather than reinvent the wheel.
“We may need to connect growth companies with business angel networks or funders in the area, including The Thames Valley Investment Network (TVIN), or if there’s a market that they’re finding it hard to get into we may be
able to make that connection through our own contacts or guide them to a local partner who could help.”
Helping high-growth, innovative businesses is nothing new for Oxford Innovation: the company was founded back in 1987 by entrepreneurs and co-founders of Oxford University spinout Oxford Instruments, Sir Martin and Lady Audrey Wood, to do exactly that: “Working with growth companies is in our blood, it’s something that everyone who joins here wants to do” says McLaverty.
One company that has recently signed up to the programme is Epoq IT, an IT support company based in High Wycombe. Founded 10 years ago the business has grown organically until now but managing director Gary Swanwick says it’s time to step up growth: “We’re slowly moving from a very good ‘lifestyle’ business into a ‘real’ business, and now we need to really speed up the process which is why we’ve got on board with the programme. The way we see it working is that we get access to people who have been there and done it before, who have got the experience to help us push forward.”
Meanwhile, MeLearning, an elearning business based in Haddenham which has grown organically to a turnover of £0.5m with seven staff, is about to embark on coaching to determine the best way to expand the business and achieve a turnover of £2m in the next three years.
Over the next three years, Oxford Innovation is aiming to reach 7,000 companies across the south. In line with the national programme it is targeting start-ups and established small and medium- sized companies with fewer than 250 employees, from all sectors. “If you have got the potential for rapid growth, we really do want to hear from you,” says McLaverty.
Of course, with high-growth SMEs contributing significantly
THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2012
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to job creation and economic growth, this is good news too for the region’s economy. Says McLaverty: “We focus very much on the needs of the clients – the big need is to help the company grow, but in doing so that would help the economy in the Thames Valley and the economy as a whole, so right now it’s very important that we support the government’s programmes to assist these companies to grow in turnover but also in employment.
“It’s tough out there for everybody but my instinct is that the companies that are willing to talk to other people, to be connected, to make that effort in a very difficult time are the ones that in three or four years’ time will be incredibly successful. For us it’s exciting to be a player in that.”
Details:
www.growthaccelerator.com
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