As we approach ten years from the inaugural ScaleUp Report and subsequent creation of the ScaleUp Institute, I am truly encouraged by the progress made over the past decade to make the UK the best place to not only start but to grow and scale a business.
Scaleups are now fully recognised as a vital segment of the UK economy and their significant economic contribution to the UK is now, more than ever understood, along with the issues that need to be tackled if we are to foster their further growth. The ScaleUp Institute’s insights have played a critical role in this understanding both at home and abroad. Today, we see a 27 percent increase in UK scaleup numbers since 2013, with more getting bigger and forward movement in our international standings.
The UK scaleup ecosystem across the private, public and third sector is more vibrant than ever. Scaleups are driving forward with innovation, global aspiration and solving of key societal problems. The new Government has affirmed its commitment to enabling businesses to grow and scale, already progressing key initiatives such as the National Wealth Fund; the British Growth Partnership; pensions, education, and planning reforms, to seek to address long term scaleup gaps.
However, whilst it is right that we reflect positively on the past year and decade, it is also important to recognise that ten years on, whilst progress has been made, many of the same fundamental challenges remain. Some of the immediate Post-COVID and inflationary pressures may have reduced, but access to talent, access to capital, access to markets and infrastructure continue to remain consistent themes in scaleups’ top challenges.
Our largest ever ScaleUp CEO survey of 800 leaders in 2024 is clear on their priorities to see more R&D and regional funding access; easier more joined up pathways to procurement, collaboration. Additionally they seek export opportunities and tailored growth support, a clear industrial strategy with a stable tax regime, and proactive account management.
Ongoing challenges and clear needs are evident – alongside fragile scaleup confidence and stubborn regional disparities. It is critical in this next decade we double down to solve the barriers to scaling with proven, impactful solutions, shared learnings, better cross- referrals and increased connectivity.
To drive that connectivity and shared learning, the ScaleUp Institute, in 2024, has increased its regional activity and launched with the London Stock Exchange, and its wider partners, Scale Up Britain. This is an initiative, working with local communities, designed to increase knowledge on funding options; public sector and University growth programmes; capital markets developments such as PISCES; and connect scaling business to peers, investors, and talent. In 2024 over 1200 individuals have participated across Scotland; Yorkshire; North East; North West; South West and the Midlands. Wales, Liverpool and Northern Ireland are already planned in the first half of 2025.
Looking ahead, the ScaleUp Institute will continue to prioritise practical steps to solve scaling needs. Specifically, we need to continue to leverage and build on what works to create long term sustainable interventions. This includes: advancing efforts to develop clusters and hubs; progressing account management, R&D and procurement enablers; segmenting even further our scaleup base. We need to tailor solutions to every level of growth including at mid market level.
As we all continue this journey together, I want to pay a particular tribute to the dedicated and talented people (past and present) of the Scale Up Institute. I also want to recognise the partners, ambassadors and entrepreneurs that had the foresight to establish an entity that seeks to collaborate with all and impart insights for all. Not only has the ScaleUp Institute had impact in the UK but its learnings and insights have been adopted internationally in countries from China to Singapore and from Georgia to the Nordics.
Looking to 2025, our innovative and ambitious scaleups will be even more crucial in helping the UK economy grow, delivering jobs and opportunities up and down the country to meet a range of domestic and global challenges.
Closing the UK’s scaleup gap was never going to be a sprint but we are firmly on track to progressing our scaleup mission. We will drive faster and to ‘higher heights’ if we work ever more collaboratively to scale together and create more businesses that Start, Scale and Stay in the UK!
