GrowthAccelerator will be available for companies with potential for rapid and sustainable growth. The new partnership between the private sector and Government will see proven business experts working with companies to identify their barriers to growth and ways to overcome them.
This will be on issues such as securing finance, commercialising innovation or developing leadership and management capability. As well as coaching, GrowthAccelerator provides support by fast-tracking clients to trusted providers of business advice such as UK Trade and Investment (UKTI), professional advisers, as well as relevant networks such as Angel Investors.
Cable, said: "GrowthAccelerator is an exciting new programme that is at the heart of the Government's commitment to help businesses deliver growth by increasing their chance of gaining access to finance and spurring innovation. The £200 million programme will deliver high-quality coaching to a range of businesses that will help them grow and give the economy a real boost.
"The UK boasts vibrant small and medium-sized businesses that have the chance to become the household names of tomorrow.With targeted support, we are giving entrepreneurs a fantastic opportunity to take their businesses forward to succeed both here and abroad. I look forward to seeing what this great programme helps them achieve in the future."
Funded by the Department for Business Innovation and Skills (BIS), GrowthAccelerator is to be delivered by private sector experts from a consortium led by Grant Thornton and comprises Winning Pitch, Oxford Innovation, Pera and seven other local delivery partners.
Business and enterprise minister, Mark Prisk, said: "We want to make the UK the best place in the world to start and grow a business. GrowthAccelerator is the latest programme in a range of support products that we are providing for businesses to help them thrive and grow.
"Entrepreneurs are the lifeblood of our economy and we are giving them the support they need to realise their potential. As well as this ambitious and innovative programme, we are already creating a network of thousands of business mentors and will soon be launching a new £10 million start-up loans scheme to give young people access to business advice and a small amount of capital."
Karl Eddy, head of business growth services at Grant Thornton, added: "Our vision for GrowthAccelerator is clear – to provide fast-growing businesses with exactly the kind of expertise, insight and networks that entrepreneurs need to achieve their ambitions. The type of dynamic businesses that will benefit from this service are the businesses of the future, leading our economy.
"We are excited that GrowthAccelerator recognises the need for ambitious business leaders to collaborate and access growth in new ways. The service will rapidly create a community of support that will help make the UK the best place to grow a business. "GrowthAccelerator is designed to help the most talented companies in England reach surpass their potential for phenomenal growth by giving them access to bespoke support and advice."
Simon Walker, director general of the Institute of Directors (IoD), said: "Coaching can be a great boost to a business, and in these tough economic times the knowledge this scheme will pass on will make the crucial difference for many. This premium service, led by the private sector, comes at a vital time for the growth of the economy and we are very keen to play our part."
