Startups are something the UK isn’t short of, in fact according to Startup Britain’s Tracker, 24,483 startups launched just this month alone and in the last year a record 3 million…
However, despite the UK’s success in starting businesses, there is not enough of these scaling into larger companies. So while it’s essential for us to continue to invest in high growth and innovative start-ups, focusing support on scaling businesses is critical to successful UK economic growth.
So, what’s a scaleup?
A Scaleup business is defined as a business who has an average annual increase in revenue of at least 20% in the last three years. *According to the OECD.
The Scaleup North East programme aims to create more than 1,300 new jobs and boost the number of scaleup businesses in the region by 50% in just 3 years.
However, we are keen to not only support the region’s existing 400 scaling businesses but importantly work with the thousands of businesses on the cusp of scaling, that have real drive, ambition to grow and the opportunity to positively impact the region’s economy.
So why is it so much easier to start up than scale up?
There are many barriers to scaling up, investing in infrastructure to enable high growth, developing and managing culture of growth, building the right team and helping managers to become leaders, to name just a few.
The Scaleup North East programme is welcoming eligible companies onto the programme…
- Be based in the North East Local Enterprise Partnership area (Northumberland, Tyne and Wear, County Durham)
- Be a registered company and have been trading for more than three years
- Have a minimum of five and less than 250 employees (FTEs)
- Have an annual turnover of less than €50 million
- Operate in an eligible ERDF sector
But its more than that…
Business owners often believe that the success of their business depends on the strength of their product of service. But there is one variable many overlook…themselves. Ambition is the driving force behind any businesses transformation. You must want to change, to create realistic growth targets and develop concrete action plans of how growth will be achieved. Scaleup North East is designed to work with companies that have this crucial factor and help support the ambition and nurture it through a unique partnership approach.
The Scaleup Partnership
Any successful business needs a sounding board, someone who can challenge you, work with you and keep you on your toes and that’s where our Scaleup Partners come in…
You will be matched with one of our highly experienced Scaleup Partners who will work with you to understand your objectives, agree your key challenges, help you develop a clear Action Plan and above all else keep you focused on the end goal – scaling.
If you think your business is perfect for the Scaleup North East programme then give our team a call on 0191 516 4400 or come along to our free taster workshop where you will understand the benefits to scaling up and understand the barriers to growth in more detail. Book here
Social Share: Tracker, 24,483 startups launched just this month alone and in the last year a record 3 million…&url=http://www.rtcnorth.co.uk/news/Whats-the-difference-between-a-Startup-and-a-Scaleup-By-Jason-Legget/77/4" target="_blank">