The ScaleUp Institute, in collaboration with the Goldman Sachs Foundation and 10,000 Small Businesses UK, has launched a new initiative with the aim of boosting regional economic growth. This program, initially developed by Professor Daniel Isenberg of Babson College in the US, is being introduced in the UK for the first time during the UK’s Growth Hub Week.
The initiative focuses on stimulating and driving economic growth by building supportive entrepreneurial ecosystems. It also emphasizes how cities, Local Enterprise Partnerships (LEPs), and local areas can support local business leaders, particularly high-growth firms, to encourage the growth of small businesses.
Over a two-year period, the initiative will provide practical, ongoing support through the design and delivery of Strategic Economic Plans. The inaugural program will include the participation of 19 different Local Enterprise Partnerships and Growth Hubs from across the UK, commencing in Birmingham at the heart of the Midlands Engine with full support from the local LEP and Aston University.
Sherry Coutu CBE, Chair of the ScaleUp Institute, expressed her commitment to supporting the growth needs of rapidly scaling businesses. She highlighted the impact of the program and the passion within the UK for growth and support for scale-up businesses.
Dina Habib Powell, President of the Goldman Sachs Foundation and Global Head of Impact Investing, emphasized the importance of providing the necessary economic environment to facilitate small businesses’ growth. This initiative aligns with the Goldman Sachs 10,000 Small Businesses program, which helps entrepreneurs create jobs and expand their businesses.
Rt Hon Anna Soubry, Minister for Small Business, Industry and Enterprise, commended the ScaleUp Institute and the Goldman Sachs 10,000 Small Businesses initiative for the support they offer to businesses. She also noted the program’s location in the Midlands Engine, a region with innovative businesses worth over £200 billion to the UK economy, highlighting its potential to drive the economy, increase productivity, and spur local growth across the country.