MIT REAP Team London’s focus is on the metropolitan area with the intention of impacting the broader United Kingdom. RBS was the initial sponsor with Growth Builder emerging as both the primary strategic intervention and backbone organization. The team consists of representatives from all five stakeholders including UK Foreign Office, UCL Innovation and Enterprise, University of Oxford and Loughborough University.
Innovation Ecosystem Stakeholder Model
Champion Programme Director - Entrepreneur of the Year Award, EY
Champion Director, General, UKTI
Enterprise Lead, Loughborough University
Head of Economic Growth and Business Department, UK Foreign Office
Strategy Manager, RBS
Training Manager, UCL Innovation and Enterprise
PhD Candidate and Researcher at the University of Oxford
Challenge & Opportunity
Strategy & Action
Many early stage companies were struggling to scale due to a lack of support in the entrepreneurial community around mentorship and entrepreneurial training
Startups have a hard time procuring skilled staff resulting in a barrier to growth
Growth Builder – London Scale-up Program Overview:
Focus: Support early stage companies that need to scale
Launched a program, “Growth Builder,” http://growth-builder.com/, on February 3rd, 2016 which is a public private partnership aimed at helping earlier stage businesses scale to size
Growth Builder is a 12-month program that accepts a cohort of up to 50 businesses, which receive tailored introductions to supportive stakeholders as well as advice and mentoring on the different aspects and stages of scaling an early stage startup
20%+ growth per year for the past 2 years
20 or more full time employees
Turnover of £5m
Metrics of Success:
Focusing on success metrics from the program and its impact on graduate firms
Yearlong program offers ambitious entrepreneurs unprecedented access to likeminded cohort of high-growth potential peers and customized scale-up teaching, and additional support across all five stakeholders, from academia to corporations and government.
The organization hosts regular tutorials, workshops, high-profile speakers, and curated networking events with an ever-growing network.
After launching in February, the program received more than 100 applications and offered an opportunity to 48 businesses to join the first cohort. http://www.growth-builder.com/
Core Regional Metrics
Economic & Social Progress
Social progress and economic prosperity as a collective measure of development in a region.
Innovation-Driven Entrepreneurial Ecosystems are regional environments that effectively support startups focused on addressing global markets based on technological, process or business model innovation.
Ability to develop new to the world innovations from inception through to the market.