In Business growth and finance, Business Growth Projects, Business Growth Schemes, News

Budding entrepreneurs in the region are being given the chance to turn their notepad doodle into the next Google with support from the North East Growth Hub’s new High Potential Startups programme.

Giving would be entrepreneurs access to expert advice and support to help them create the high growth businesses of tomorrow, High Potential Startups provides the introductions and the business support needed to bring business ideas to life, bigger and better than people can alone.

Colin Bell, Business Growth Director at the North East LEP said: “High Potential Startups is all about finding new, ambitious businesses with the potential to grow fast and make a real impact on the economy.

“Scaleup business generate one third of new economic and job growth, which is why it’s so important we help North East entrepreneurs turn their ideas into viable businesses that create more and better jobs.

“In the Strategic Economic Plan we set a target to increase the density of scaleup businesses in the North East by 50% by 2024. We currently have 17% more scaleups in the region than we did in 2017 and High Potential Startups will help us deliver more of these important, fast growing growing businesses.”

As well as targeting entrepreneurs, High Potential Startups will educate businesses on the benefits that come from supporting existing staff members to launch new ventures.

Intrapreneurship allows staff to develop new business ideas that often add value to their current place of work. Organisations can use staff spin offs to improve productivity, reach new markets and adapt faster to changes in the economy.

Investing in intrepreneurship has been to shown to improve staff motivation and morale, as well as drive business growth.

Colin continued: “Speaking as someone who has launched a business, I know what a scary prospect it can be. We want people with a great business idea to know support is on hand to turn that idea into reality.

“It doesn’t matter if you’re working full time for another business or working on your idea at home in your spare time, if it has the potential to create jobs and generate £1m or more by its third year, High Potential Startups can help you test market ideas, fill knowledge and skills gaps, and find cofounders to take your business to market.”

To find out more about High Potential Startups and to apply, visit www.highpotentialstartups.co.uk.

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Andrew Hodgson at the North East Local Industrial Strategy Summit