Pilot backs new start-ups with the potential for high growth in Wales

As one of 4 pilot projects, PERA Cymru is partnering with BIC Innovation and will deliver the service across North and Mid Wales and work with new businesses and entrepreneurs in the digital, environmental, energy, health, biosciences, advanced engineering and manufacturing sectors.

The PERA Cymru and BIC Innovation pilot project will work closely with Bangor, Glyndwr and Aberystwyth Universities as well as the NHS and will focus on North and Mid Wales.

Business Minister Edwina Hart said the new pilot would identify and support entrepreneurs and young businesses with high growth potential.

"The three-year pilot project is aimed at increasing the number of sustainable high growth indigenous businesses in Wales. The high level of tailored support and mentoring provided will prepare businesses for survival and success," she said.

"It is an innovative approach with the potential to create or support businesses that could make a significant impact on job and wealth creation in the future."

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.

The new service, which is funded jointly by the Welsh Government and the European Regional Development Fund (ERDF), begins this month and will run until December 2014.

As part of the pilot project announced by the Welsh Government, businesses will be expected to show a 20% year-on-year turnover growth over the three-year period and employ at least 10 staff by the end of the third year – the majority of which should earn a higher than average salary.

For further details on the High Potential Starts project, contact Huw Watkins on 01248 671101 huw.watkins@bic-innovation.com