If you have an idea for a new business which you think has the potential to reach a turnover of £1m within 3yrs, know someone that does, or are an employer who is willing to give people in your organisation ‘Entrepreneurial Leave’ so they can develop their ideas for a spinout business, check out the North East LEP’s new ‘High Potential Startups‘ programme.
The 6-month programme due to begin in October 2019 will offer ambitious new entrepreneurs:
- Introductions to investors
- Grants (50% match funding up to £3k)
Unlike other startup support, this programme is specifically looking for people with business ideas that have a genuine potential to scale rapidly & so only certain types of business or sector are likely to qualify.
If you think you’ve got what it takes, register your interest here.
Why is the North East LEP doing this?
Providing would be entrepreneurs with access to expert advice and support to help them create the high growth businesses of tomorrow, the High Potential Startups programme provides the introductions and the business support needed to bring your business idea to life, bigger and better than you 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, here in the North East that also have the potential to 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.”
Support for employers
As well as targeting entrepreneurs, High Potential Startups educates businesses on the many benefits that come from supporting existing staff members to launch new ventures.
‘Entrepreneurial Leave‘ allows for 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 of their own, 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.”
Want to know more?
Find out more about High Potential Startups programme here.