A new taskforce that brings together investors, advisors, trade bodies, banks, governing bodies, universities, founders and business leaders to help North West startups has been launched.
Wired for Growth is being led by KPMG Acceleris and will help the region’s founders to navigate barriers and identify opportunities.
Manchester is home to the seventh largest concentration of tech talent in Europe but it’s not all good news.
Just over 38 per cent of companies set up in the North West in 2015 still being active five years later, which is where Wired for Growth is focusing its efforts.
To mark the launch of the taskforce, the group have released a report and playbook to guide founders through the stages of business growth and venture funding.
KPMG Acceleris led the report, with sponsorship from HSBC UK, Manchester Digital, North West Business Leadership Team, YFM Equity Partners and London Stock Exchange.
The playbook takes founders through the three phases of venture scale growth and financing: starting up, raising first equity, and scaling your business, with key steps highlighted in each phase and top tips.
It also includes a five-point delivery plan that the taskforce will drive forward to support the region’s founders. This was addressed as the group’s first action due to a lack of awareness amongst founders and educational materials about venture scale growth and financing options.
Patrick Molyneux, partner – head of products and partnerships at KPMG Acceleris, said: “Wired for Growth is the North West’s call to arms to scale the innovative companies of the future.
“Our region has long had all of the ingredients needed to help our start-ups truly stand out on the world stage and thrive. This taskforce brings together key players in the start-up ecosystem to improve the experience of founders in the region and help them to achieve their full potential.
“Our aims and recommendations have been informed by speaking to founders who have experienced challenges, and want to improve the experience for future innovative companies forming in the North West.
“Wired for Growth presents a unique opportunity to take a holistic view of the ecosystem to help close the funding gap for founders.
“Listening to real experiences and taking that onboard with the expertise of business, academia, investors, governing bodies and advisors offers a proposition in the North West that has not yet been seen, and it sets an example for other regions to follow.
“This is just the beginning and I am looking forward to working with the taskforce to help start-ups in the North West turn into venture scale businesses.”