The new LEP’s need to understand very clearly why businesses with ambition are vital to the economy. There is increasing interest in the role that fast growing businesses play in economic development. Gazelles, as they are also known, are few and far between, they represent only 6% of business stock in the UK, but they create up to 60-70% of new jobs. These companies bring with them innovation, creativity and graduate jobs, and many are international players. They are pivotal to the future growth of the UK and our regions. If you want to find out more about these companies look at the NESTA report – 6% ers
At a time when there is so much talk about the new structure of new business support the specific issues facing SMEs that have the desire to grow must be addressed. The public sector will have less to spend on business support, so it is vital that the focus of assistance is on entrepreneurs with the desire and potential to grow – these are the companies that will deliver the jobs the UK so desperately needs.
With 750,000 public sector jobs being shed – it’s over to the private sector to sort it out. The companies that will create the majority of these new jobs will be those with over 10 employees and heading for a turnover of £500K. The other key ingredient is the desire to grow – we must find these businesses and work with them closely. By combining support for “winners”, high potential start up’s and smart inward investment – we will make inroads into the new jobs target.