A new, fully-funded project has been launched in Monmouthshire with the aim of inspiring 500 new or established businesses to start or grow.
Running over the next two years, the Elevate Monmouthshire project will use a combination of start-up programmes, bespoke business acceleration and one-to-one coaching to support and grow the local business community.
Figures from the Office for National Statistics indicate that over 300 businesses start in Monmouthshire each year with a survival rate of over 90%. Monmouthshire has a higher-than-average number of high-growth businesses, outperforming many other parts of Wales.
The Elevate programme will set out to have a direct and positive impact on these rates of business birth, survival and growth.
Elevate is being run in partnership with coworking and business support specialists, Town Square Spaces Ltd (TownSq), the enterprise accelerator programme The Alacrity Foundationand Monmouthshire County Council.
For those looking to launch an enterprise, there will be regular, 6-week StartUp Clubs where individuals will learn about everything they need to get started, from finance and legals to marketing and sales. These will take place across Monmouthshire after work hours to enable those not ready or able to quit their day job to get themselves into a position to take the next step.
For more established enterprises, a series of one-to-one sessions with business mentors are available to help founders tackle their barriers to growth. There will also be a number of events and workshops on a range of core topics throughout the programme.
Existing businesses looking to innovate and grow and start-up founders that demonstrate high-growth potential will qualify for a 3-month dedicated intensive business growth and investment programme delivered by the Alacrity Foundation’s team of experienced practitioners.
The project is open to anyone within Monmouthshire who is considering self-employment but doesn’t know where to start, or who already runs a business and needs support to grow.
Kevin Mansell-Abell is the project lead for TownSq and said: “Monmouthshire has a fantastic business community which I’m proud to say I’m a part of. Programmes like Elevate have the potential to have a big impact in the area and have a lot to offer, from the individual thinking of starting a business but not knowing where to begin, through to the established enterprises that need specialist help to get over a particular challenge.
“The programme will also help to foster new business communities, as people learn from and support each other on their journey. We’ve seen time and again that when people work together they create collaborations and support structures that help them overcome the obstacles to growth. It’s a big part of what helps self-employment stick, and ultimately leads to self-sufficiency, new jobs and a wider economic benefit to the area.”
Councillor Paul Griffiths, Monmouthshire County Council’s Deputy Leader and Cabinet Member for a Sustainable Economy said: “I am delighted to be working with the Elevate Programme to support the growth of local businesses. Developing a business involves many challenges and I urge those involved to take advantage of the support available from the Elevate Programme.”
James Lewis, Director of Programmes at the Alacrity Foundation, said: “Having had the privilege of working with Monmouthshire businesses on a previous Community Renewal Fund (CRF) project, we know there is an ambitious entrepreneurial community in the area. We are incredibly excited to have the opportunity to help business owners and entrepreneurs reach the next level.”
Elevate Monmouthshire is funded by the UK Shared Prosperity Fund through Monmouthshire County Council and will run until early 2025.
For more information, or to apply, you can email [email protected], call 02921 111 252 or go to elevate.wales.
