Liverpool City Region sees an unprecedented surge of 8,000 new employees in scale-up firms.
This impressive rise reflects a thriving business culture and the influence of concerted local support initiatives.
Significant Growth in Scale-Up Employment
The Liverpool City Region has experienced a remarkable increase in scale-up employment, totalling 8,000 additional employees in the past year. This growth has been highlighted in the Annual ScaleUp Review by the ScaleUp Institute, which shows the number of employees in such businesses rose to 58,513 from 50,197 in just a year. Scale-up businesses are defined by their capacity for annual growth exceeding 20% over three years and having at least ten employees at the start.
Expansion of Scale-Ups
In conjunction with the increase in employees, the amount of scale-ups in the Liverpool region rose from 550 to 610. Leading the charge in employee growth are companies such as Castlerock Recruitment Group and The Contact Company. This development underscores the region’s dynamic business environment. With strong growth, Liverpool is cementing its status as a burgeoning hub for scale-up activity, attracting diverse business ventures.
Role of the Liverpool City Region LEP
The Liverpool City Region Local Enterprise Partnership (LEP) plays a pivotal role in nurturing local businesses through its Local Growth Hub. The LEP has set plans to aid businesses in scaling up and accelerating growth. This effort is part of a broader initiative to bolster economic development by providing essential resources and support systems for burgeoning enterprises.
Addressing Barriers to Growth
Despite positive trends, scale-up businesses face several hurdles, chiefly access to talent, UK market access, and public funding for research and development. The Local Growth Hub offers programmes like New Markets 2 and a newly introduced Scale-up MBA from Liverpool John Moores University’s Business School to mitigate these challenges. The LEP acknowledges these issues and is committed to devising further support mechanisms to alleviate these barriers.
Future Support Initiatives
Looking ahead, the LEP aims to develop more targeted support programmes, focusing on leadership and skill development specific to scale-ups. This forward-thinking approach is essential to maintaining the momentum of growth. By enhancing leadership capabilities and broadening the skill base, the LEP intends to ensure sustainable development and long-term success for businesses in the region.
Collaboration with Government Initiatives
The Liverpool City Region Local Growth Hub, supported by the Department for Business, Energy and Industrial Strategy (BEIS), promotes a collaborative approach to business support. Since its inception in 2016, it has been a central figure in connecting public and private sector resources to enhance entrepreneurial efforts. This collaboration seeks to create an ecosystem conducive to sustained business growth.
Highlight on Noteworthy Scale-Ups
Among the top-performing scale-ups, companies such as Cheshire Mouldings and Mac Roofing and Contracting have shown significant progress. These organisations exemplify the drive and innovation prevalent within the region’s business culture. By thriving in this competitive environment, they provide a blueprint for success that other enterprises can emulate.
In conclusion, the scale-up landscape in the Liverpool City Region is experiencing rapid expansion. This growth not only highlights the robustness of the local economy but also illustrates the effectiveness of targeted support mechanisms. Continued efforts to address barriers and foster leadership development will be vital in sustaining this positive trend and ensuring the region’s prosperity.
