Cash for Ambitious Start-Ups

The Welsh Government is to provide £2m to help create and support up to 50 high growth businesses.

It said companies supported under the £2m High Potential Starts project will be able to deliver combined turnover of £36m after three years and create at least 480 "well paid" jobs.

Pilot schemes will be run by four organisations. PERA Cymru will deliver a service in North Wales and work with in the digital, environmental, energy, health, biosciences, advanced engineering and manufacturing sectors.

Impact Management Consultants will work mostly with new businesses and entrepreneurs in the technology sector.

Oxford Innovation will work with new businesses and entrepreneurs in the life sciences sector.

Winning Pitch provide services to all sectors in South Wales.

Each pilot is expected to create or support a minimum of 12 businesses that are either at the pre-start stage, or young businesses that have been trading for less than three years.

Each business should have racked up sales of more than £750,000 over three years.

Companies have to show a 20 per cent year-on-year turnover growth over the three year period and employ at least ten staff by the end of the third year. Most should earn a higher than average salary.

Companies' products or services must have export potential with at least 30 per cent of sales being outside Wales.

The pilot scheme organisers will work with the Welsh Government, higher education institutions, financial institutions, business networks, industry and local authorities to identify and recruit young businesses and entrepreneurs and support them.

The service, which is funded jointly by the Welsh Government and the European Regional Development Fund, will run until 31 December 2014.

17th January 2011 - Insider News Wales