GrowthAccelerator, a government-backed initiative supporting smaller businesses to innovate, has launched a new pilot scheme for businesses with £250k-£2m turnover, offering leadership and management training
The GrowthAccelerator scheme provides coaching and advice to help small and medium-sized businesses to grow quickly and sustainably. It is aimed at owners and managers in all sectors with high growth potential. It is run by a partnership ofleading private sector business growth experts, Grant Thornton, Pera, Oxford Innovation and Winning Pitch, and is backed by government through the Department for Business, Innovation and Skills.
The scheme was launched in 2012 and initially planned to close in 2015, but the government has just announced an extension to the scheme, focused on providing leadership and management training for smaller businesses. The scheme is open to businesses which:
- are registered in the UK and based in England;
- have a turnover between £250,000 and £2m;
- have fewer than 250 employees; and
- primarily want leadership and management training, and already have an identified requirement in this area.
The pilot scheme offers match-funding of up to £2,000 per senior manager, for leadership and management training, via a refund. So, for instance, your team members would be able to undertake training worth up to £4,000 per person, for only £2,000.
In addition, a random selection of businesses in the pilot scheme (one in two of all pilot scheme members) will be selected for an additional benefit of specialist coaching, tailored to the business’ needs. This coaching support will typically involve getting help in one of three areas: access to finance; business development coaching; or innovation. Involvement in the pilot requires that those selected for coaching take up this benefit, and if so, pay the VAT on the coaching, of £700.