Business development · 19 November 2015

Entrepreneurial Spark launches Scalerator to find Scotland’s next unicorn

Of the 13 new European unicorns in the past year,  seven came from the UK
Of the 13 new European unicorns in the past year, seven came from the UK
Business accelerator Entrepreneurial Spark has launched Scalerator, as a means to helping promising Scottish startups have better support when trying to scale up.

The programme, which will be open to firms from any sector, is focused on increasing the number of unicorns businesses that have reached a value of at least $1bn through fundraising in Scotland.

Entrepreneurial Spark said that while there has been a growing number of entrepreneurs in Scotland, many lack the skills and experience needed to scale to 10m and beyond, stagnating without assistance.

Its ten-week initiative will begin in Autumn 2016 and look to support entrepreneurs, developing a scaling mindset and helping them put together strategy and deliver it.

To be eligible for Scalerator, a firm’s current annual revenues need to be at least 1m and have been achieved within three years of commencement of trading, not incorporation and/or have generated 500, 000 of finance.

Candidates with potential will be identified through a formal process to include evaluation of growth plan, pitch and a mindset interview. Ten firms per region will take part in the programmes with three running each year.

Entrepreneurial Spark CEO, Jim Duffy, said: Having successfully launched and grown a new business, the danger is that businesses fail to reach their true potential when the leader reaches their competency threshold.

He added that this competency threshold can be extended with the right development and enablement.

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ABOUT THE EXPERT

Rebecca is a reporter for Business Advice. Prior to this, she worked with a range of tech, advertising, media and digital clients at Propeller PR and did freelance work for The Telegraph.

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