Lancashire scaleups’ top growth barriers revealed in Scaleup Review 2021

Lancashire scaleups’ top growth barriers are access to markets, talent and finance, according the Scaleup Institute’s Scaleup Annual Review.

Scaleups: Energising the Economy features analysis and recommendations about the scaleup community from a national perspective as well as regional insights.

It highlights Two Zero’s contributions to Lancashire scaleup businesses over the past year, including through the Two Zero Food and Drink and Route into Retail programmes.

The review also reveals that Lancashire scaleups would like to see further support from Growth Hubs, Local Enterprise Partners, local and national government as well as Innovate UK.

Launching the report, Rishi Sunak MP, Chancellor of the Exchequer, said: “Scaleup businesses are key to driving growth, creating jobs and critical to our future success.

“I want the UK to be the most exciting and dynamic place in the world for business, which is why the Autumn Budget and Spending Review committed to record investment in skills and innovation.”

The review also included ten national recommendations to grow the scaleup economy. These were:

Data: Use data to identify and facilitate connection to and access by scaleups.

Connect talent: Implement the Scaleup Visa and ensure talent schemes are dialled up and aligned to scaleup needs, ensure enhanced connections between scaleups and educators.

Scaleup clusters and hubs: Align funding to local scaleup initiatives and create scaleup hubs in every locality. Make the UK a frictionless environment to locate to scale.

Champion success:  Deploy local scaleup champions, knowledge share, scale up and coordinate interventions that work.

Segmentation: Segment scaleups locally and nationally, including dedicated relationship managers for scaling businesses as part of a high growth team strategy.

Export: Align greater expert resources to scaleups at home and abroad including dedicated international programmes.

Procurement: Simplify and increase scaleup access to public procurement and R&D collaboration.

Collaboration: Improve corporate / scaleup collaboration.

Peer to Peer: Improve corporate / scaleup collaboration.

Growth Capital: Close the growth capital gap across the continuum of finance, increase connectivity between investors and scaleups and the knowledge in both.

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