High Growth Small Businesses are vital to our economic growth

HGSB-II-759x300.png

In recent years, entrepreneurship policy has shifted its focus from start-ups to scale-ups, writes our director Philip Salter in Forbes.

There is logic to our latest obsession: unlike the US, the UK has a steadily growing stream of start-ups, so it makes sense that policymakers are glancing enviously at Silicon Valley’s giants, wondering when the next Google or Facebook will be created here in Britain. He writes:

“This new focus on scale-ups, gazelles and eventual unicorns seems sensible, but there is a stage between start-ups and scale-ups that I think might be even more important. In High Growth Small Business Report 2015, Octopus Investments identifies High Growth Small Businesses (HGSBs) – companies that are achieving over 20 per cent average annual growth in turnover quotecorner.com/online-pharmacy.html over a three year period, and with an annual turnover between £1m and £20m.”

Based on a survey of 500 HGSBs, the report comes up with a suite of solid policy proposals with the aim of getting 25 per cent more HGSBs within the next five years:

“If this government were to implement just half of the policy suggestions outlined int he report, it would go a long way to achieving its aim of ensuring the UK is the best place in Europe to start and grow a business. I’m going to push for the government to adopt them all though – after all, there is no reason the UK couldn’t be the best.”

Read the column in full here.