New Businesses

Business, Innovation and Skills written question – answered on 17th January 2012.

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Photo of Iain Wright Iain Wright Shadow Minister (Business, Innovation and Skills)

To ask the Secretary of State for Business, Innovation and Skills if he will consider the use of the New York City Economic Development Corporation's Sunshine Bronx Business Incubator as a model in the UK to encourage entrepreneurialism and business start-ups with high potential for growth.

Photo of Mark Prisk Mark Prisk The Minister of State, Department for Business, Innovation and Skills

holding answer 16 January 2012

There are many positive examples of good practice abroad of which the Bronx Business Incubator centre is one. The work of incubators is important and in this context it is worth mentioning the Business Coaching for Growth (BCG) initiative which is due to go live at the end of January 2012.

The programme, which will be delivered by the private sector, will help up to 10,000 small and medium-sized enterprises (SMEs) a year to overcome the barriers to high growth. It will provide coaches to work face to face with senior management teams to help them to develop and implement their strategies and develop the skills, expertise and techniques to overcome the barriers they face to growing. BCG will be highly networked and will connect high growth potential businesses to other forms of support such as business incubators, technology and innovation centres, and science parks. BCG will also forge excellent relationships with Business Angels and the venture capital industry to showcase businesses seeking equity investment.

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