Osborne launches Future Fifty for fast-growing firms
The Future Fifty programme will help 50 fast-growth companies scale more rapidly and reach their full potential through mentorship, trade advice and promotional support
Chancellor George Osborne and Tech City CEO Joanna Shields unveiled the Future Fifty programme this morning, designed to help 50 high-growth businesses accelerate their growth and lay the foundations for a successful listing in the UK.
The concierge-style service will support the companies with help from experts through a mentoring scheme, promotional support and trade advice for issues ranging from immigration to exports and international trade.
Speaking at the launch, held at Unruly Media, this morning, Tech City’s Joanna Shields said: “There is a rising tide of successful, high-growth businesses in this country. But if we want to enable them to achieve their true potential, transform the markets in which they operate and generate significant economic benefit, we must do everything we can to help them grow. The Future Fifty programme will ensure that this remains the best place in Europe to imagine, start and grow a business.”
“Rolling out the red carpet”
High-growth businesses are the engines of economic growth, with research from NESTA suggesting that a minority – just 6 per cent – generate more than half of all new, high-value jobs.
“We need to back the insurgent businesses that create the majority of new jobs and innovations in the economy,” added Chancellor George Osborne. “We’re going to be rolling out the red carpet to the world’s fastest-growing companies, making it as easy as possible for them to list in London.”
Future Fifty benefits
The Future Fifty will help fast-growing companies through a range of measures, including:
- Tailored support from UKTI’s Overseas Market Introductory Service, which spans 96 posts throughout the world
- Access to International Trade Advisers and priority placement on trade missions and business delegations
- Mentorship from world-class organisations, including law firms, banks and accountants to provide guidance on corporate governance and preparing businesses for the public markets
- Advice on immigration issues, including the Tier 1 Graduate Entrepreneur Visa and Exceptional Talent routes
- A programme of promotion, events and engagement to help reach investors, suppliers and customers and to help attract top talent
The year-long Future Fifty programme is available to companies from the UK and the EU, as well as UK-controlled foreign companies. Selected companies will be drawn from high-tech sectors as well as retail, finance, fashion, food and design. Applicants will need to have been trading for at least two years with revenue growth of at least 100 per cent year over year.