Growth Hub CEO urges the Government to provide funding to support more scaleup businesses

A leading business figure in Coventry and Warwickshire has called on the Government to provide funding to support more scaleup businesses to boost job creation and the economy.

Craig Humphrey, CEO of Coventry and Warwickshire Growth Hub, attended the launch in London of the ScaleUp Institute’s tenth annual review which included the results of its largest ever survey of UK scaleup leaders.

The survey highlighted that the same five key barriers to higher growth remain from when the ScaleUp Institute began in 2014 – access to talent, markets, finance, infrastructure and leadership.

Scaleups are defined as businesses whose turnover has grown by an average of over 20 per cent every year for three consecutive years.

In Coventry and Warwickshire, there are some 500 high-growth businesses with the largest proportions in professional, scientific and technical activities, information and communications, and manufacturing.

Craig said supporting scaleup companies is of significant importance because they are innovative businesses who create high-quality jobs in a wide array of sectors and have high productivity, which all contribute to the economy and attract people to work in Coventry and Warwickshire.

He said: “The ScaleUp Institute’s annual review resonated with much of the information that we have received from high-growth businesses in Coventry and Warwickshire, that they are knowledge driven and need bespoke support different to that offered to other SMEs.

“To improve market access we need to put the business at the centre of the support we offer rather than simply creating programmes to support all businesses whatever their size or sector.

“I have always felt that if you simply create generic programmes to support all businesses it is a missed opportunity because of their specific needs.

“The ScaleUp Institute’s report recognises this distinction and recommends a more consistent approach in policy and support programmes across the whole of Government at both a national and local level to help address the issue.

“Another recommendation in the report is for expanding businesses to be able to access investors, mentors, talent and peer networks.

“This is already happening in Coventry and Warwickshire as we provide mentoring and coaching to help entrepreneurs grow their businesses, but we need more of it.

“That is one of the reasons why Coventry and Warwickshire Growth Hub is considered by Government to be one of the exemplar Growth Hubs in England because we have already laid the foundations to help scaleup businesses make the most of their ambitions.”

But Craig said there is still much work to be done to further help scaleup businesses and his account management team is continuing to provide their expert help.

“The report highlights that scaleup businesses prefer to be supported by an account management model through Growth Hubs because we are regarded as being key to accessing resources from the private and public sectors,” he said.

“Our account managers are tasked with identifying scaleup businesses right across Coventry and Warwickshire to provide the tailored support that they need and fast-track them to the appropriate support to grow their business and, in turn, our economy.”

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Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,