Accelerated Growth Programme passes 1000 job creation milestone
The Accelerated Growth Programme, which was set up by the Welsh Government to support high-scale businesses in Wales, has surpassed the 1000 job creation milestone.
Run by Business Wales, the scheme provides ambitious, post-start businesses with a bespoke package of support to help them grow faster, stronger and for longer.
Since launching in 2015, it’s created 1,200 jobs, helped participating businesses attract a staggering £21.4 million of private sector investment, and generate £8.3 million worth of exports.
According to the government, every £1 spent on the programme results in a further £5 of private sector investment – and a further £2 of lucrative exports for Welsh economy.
Backed by EU and Welsh Government funding, the programme is currently supporting 370 companies working across Wales in a wide range of sectors. Tech is one of them.
Laser Wire Solutions, based in Pontypridd, is one of the tech companies to benefit from the programme. It’s seen its exports increase by £1 million since it joined the scheme in 2015, and wants to double this over the next 12 months.
The company creates laser-based equipment capable of stripping ultra-fine wires used in industries such as medical device manufacturing, high-speed data and aerospace.
Paul Taylor, CEO of the firm, said the AGP has provided it with the resources to overcome a plethora of challenges and scale its business within a short space of time.
“We joined the programme to help us overcome the challenges we faced in rapidly scaling the business and fulfilling our true growth potential,” he said in a statement.
“We see ourselves as very much a global business and the support we have had has helped us to focus on growing an international company. The Accelerated Growth Programme has been a fantastic resource as it is so flexible and responsive to our needs as we develop.”
Ken Skates, the economy secretary, said: “SMEs and start ups are the lifeblood of the Welsh economy and this programme is specifically designed to help these businesses overcome any strategic constraints that may be hampering their true high growth potential.
“This approach is working – these businesses are delivering results, creating jobs, increasing turnover and export sales which in turn are providing benefits to local communities throughout the country.
“I am pleased to note that a number have already created more than 50 jobs each and some have attracted in excess of £1m of private investment.”
Image credit: Ken Teegardin