To ask the Secretary of State for Business, Innovation and Skills what evaluation he plans to carry out of the GrowthAccelerator scheme and its delivery; by what date this will be completed; and if he will place a copy in the Library.
Work to evaluate the GrowthAccelerator scheme is already underway through the Growth Observatory, established as part of the GrowthAccelerator contract. It is delivering the following evaluation activities over the three years of the contract (2012/13 to 2014/15):
(1) Client Surveys—Six monthly surveys of clients, three months and nine months after they have signed up, to (i) understand how effective the scheme has been in delivering support and (ii) understand the difference the support has made. After 12 months, clients also provide data on jobs created and additional economic impact (measured as gross value added).
(2) Stakeholder Survey—An annual survey of key stakeholders, including Local Enterprise Partnerships and Chambers of Commerce, to understand their views of the success and value of GrowthAccelerator.
(3) Investor Survey—An annual survey of investors to understand their view on the quality of referrals coming from GrowthAccelerator.
Grant Thornton's first annual report on GrowthAccelerator, published in July 2013 included insights from the scheme's first year. I have placed a copy in the Library.
The Department expects that the full economic impact of the GrowthAccelerator scheme will only be realised in the longer term (over five years or more). In addition to the work of the Growth Observatory, the Department plans to:
By March 2014, publish an interim assessment of the scheme using results from the range of surveys and data collected by the Growth Observatory
In 2016/17, publish a first full economic assessment of the scheme.