It was good to read Andy Bounds’ article in the Financial Times on why a stronger policy focus on scaleups is needed. The article notes how scaleups, growing quickly with the right help and ambition, would be greatly beneficial to economies. It cites the ScaleUp Institute view that growing Britain’s number of scaleups by one per cent could create 238,000 jobs and contribute £38bn to the country’s gross value added.
ScaleUp Institute CEO Irene Graham is quoted in the article. “Finance is not the top issue for scaling business. There is an issue of whether there is enough risk capital but it is not the top issue. It is about finding the talent, a skilled workforce, building leadership and getting access to markets.”
The article also cites Babson College’s Professor Dan Isenberg: “We have got confused,” he says. “We have been dazzled by the TV programmes and by the stories of companies that have valuations with lots of zeroes after them. We have lost sight of what entrepreneurship really is.”
The article is part of an FT Special Report “Understanding Entrepreneurs” and the full text is here.