A group of London's universities are launching a new collaboration – OpenSME – that seeks to make it easier for small and medium-sized enterprises (SMEs) to access the expertise and knowledge they offer.
Small business growth boosted by Goldman Sachs 10,000 Small Businesses Programme – new report
23 April 2013
A report produced by UCL and four other leading academic institutions examining the Goldman Sachs 10,000 Small Businesses programme reveals how small businesses could be the key to getting the UK economy back on its feet - if the country’s high growth small businesses can realize their full potential and catch up with their international counterparts.
The report, entitled Stimulating Small Business Growth, charts the rise of the first 250 businesses to have completed the intensive four month Goldman Sachs 10,000 Small Businesses UK programme.
The initiative, which is funded by the Goldman Sachs Foundation, is designed for the leaders of established small businesses who have the appetite and potential to grow their enterprises. Participants benefit from a high quality, comprehensive package of support and expertise to help them take their businesses to the next level. UCL’s centre for entrepreneurship, UCL Advances, delivers the programme in London and the South East.
Data collected independently from programme alumni, and published in the progress report, indicate that the intervention is helping participants grow jobs and turnover.
Indeed, following their participation on the programme run by UCL Advances, two alumni have been awarded the Queen’s Award for Enterprise.
Mark Bishop, Managing Director of specialist recruitment agency for the defence and engineering sector Protec Technical, was one of those who took part in the programme run by UCL Advances in autumn 2012.
The business, based in Hampshire, has a turnover of £6.5 million and employs 15 people. It has just been awarded the Queen’s Award for Enterprise for impressive growth in their international trade.
“Being on the programme has been fantastic. The challenge for Protect Technical has been marketing, and through my participation I’ve learnt much more about everything it takes to run an exceptional business, not just technical know-how,” says Mark.
“Through it, I’ve generated a business growth plan, which has been in place since January. We’re hoping to expand our international business, and have just placed staff with businesses in Mongolia and have successfully placed airline pilots in China, too.”
Rajeeb Dey, the CEO of Enternships, has also won an Award. He set up his business after graduating from Jesus College, Oxford, with a degree in Economics & Management. The company provides students and graduates with opportunities to learn about business and enterprise through work placements in entrepreneurial environments, from start-ups to global venture funds around the world.
Timothy Barnes, Director of UCL Advances, said he has seen first-hand the impact of the programme on those who’ve taken part.
“It is amazing to see the transformation in the attitudes of participants over the programme. What is most striking to me is the confidence it instills – when people graduate they are so full of confidence that they can take their business to the next level, and take the risks needed to do it.”