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May 24, 2012

Growth accelerator program launched for start-ups in the UK

People at workStart-up companies and new entrepreneurs in the UK are set to benefit from the new GrowthAccelerator program, says a latest report. Following its launch recently, this initiative will help almost 26,000 entrepreneurs all over the United Kingdom. The private business sector will collaborate with the UK government to provide guidance and expert mentoring to promising businesses.

The business accelerator program, GrowthAccelerator, is a three year project that will invest in new and promising businesses to discover their full potential and fulfil it. Supported by expert advisers, mentors and angel investors, this project is part of the 'Business in You' campaign started by the coalition. With the intention of kick-starting the slowing economy in the UK, the government hopes to invest in small businesses. If successful, this campaign is expected to create up to 55,000 new jobs in the UK.

A recent survey conducted by Intuit revealed insightful details about the current situation of small businesses and enterprises in the UK. Vice President of Intuit, Pernille Bruun-Jensen revealed that most entrepreneurs and small business owners in the UK were ambitious, but could not carry out plans owing to many constraints. Businesses are wary of taking on new staff as 27% of the respondents did not want the burden of administrative work while 34% were restricted by insufficient funds.

Through GrowthAccelerator, it is hoped that start-ups can secure finance and potentially become household names in the UK and worldwide. This type of targeted support can make a real difference as entrepreneurs are getting a rare opportunity to take their business forward through valuable mentoring and much needed financial aid


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