The GrowthAccelerator is a programme, funded by the UK Government and delivered through the private sector, specifically targeted at supporting SMEs that are focused on achieving rapid growth.
The scheme, launched in May 2012, is open to companies based in England with fewer than 250 employees and a turnover of under £40 million. By March 2013, over 2,500 companies were participating in the programme. The Government's stated aim is to engage in excess of 20,000 SMEs.
Acceptance onto the GrowthAccelerator involves a relatively straightforward initial assessment, after which a modest fee is payable. The fee ranges from £600 to £3,000, depending on the size of the business. Each participating company is then paired with an experienced business coach drawn from a pool.
The core element of the GrowthAccelerator is business coaching. This is delivered over a number of sessions by the business coach allocated to the company.
Some additional services are available to companies engaged with the GrowthAccelerator. These are all at least partially subsidised. They include:
- An "IP Audit" that is fully funded to the value of £3,000 and is delivered by an IP adviser that can be chosen by the participating company. The purpose of the IP audit is to provide an overview of existing and potential future IP rights within the business and results in a report providing both analysis and recommendations. In England, the opportunity to obtain this funded IP audit is exclusive to companies participating on the GrowthAccelerator. J A Kemp has experience in delivering such IP Audits under the GrowthAccelerator scheme.
- Access to "masterclasses" focusing on specific topics relevant to the business.
- Access to a "Leadership and Management Grant". This provides matched (50:50) funding of up to £2,000 per individual for members of the company's senior team to engage in activities that develop leadership and management skills.
The total financial value provided to businesses currently engaging with the GrowthAccelerator (after subtraction of entry fees) is typically at least several thousand pounds.
Participation in the GrowthAccelerator programme may be particularly attractive to SMEs that have identified a need for external business advice and/or training. This may apply particularly to companies that are seeking to develop and maintain their intellectual property assets and foster a culture of innovation.
J A Kemp has contacts at the GrowthAccelerator. We can put you in touch with the most appropriate initial point of contact. If you think we can help, please do not hesitate to contact Mark Roberts or Amanda Simons.
More information about the GrowthAccelerator is available via the link below.