At the beginning of the year, the government announced a 15-month, £30m small business growth scheme. Qualifying small businesses can register for up to £2,000 of funding support for:
Small businesses must match the government’s funding and those that are selected randomly must work with the Cabinet Office's Behavioural Insights Team, which has been tasked with finding out how the funding helps businesses that receive it.
To qualify the small businesses must:
The Prime Minister’s enterprise adviser, Lord Young, heads up the fund and principally it’s meant to help businesses conduct research before launching a new product or entering a new market.
All services must be bought from approved advisers (there are more than 3,160 of them) through Enterprise Nation. As of 6 March 2014, Enterprise Nation reported that more than 1,400 businesses had applied for funding, and 598 vouchers had been allocated, with a value of more than £1m. Here’s the breakdown of the types of strategic advice small businesses have invested in so far:
With the scheme due to run for 15 months, I’d advise small businesses to apply – but be aware that you have to pay fees upfront before reclaiming money from the government. Find out more about the scheme here.