Tech City UK has today launched Upscale, a new free programme designed to help UK scale-ups with support and access to expertise from the world's leading entrepreneurs.
Upscale is supported by the UK government, with the most promising digital businesses selected for a six-month pilot programme that will help accelerate the growth of each company. This will involve a series of workshops with founders from Europe and the US, who can provide unique expertise to participants.
Ed Vaizey, minister of state for culture and the digital economy, said: "The UK is one of the fastest growing digital economies in the G20 and we must embrace new models like Upscale in providing effective targeted support for fast-growth insurgent businesses that back the new jobs in our economy.
"Building on the government's commitment to turn the UK into a nation of business builders, Tech City UK's Upscale focused on equipping the next generation of digital entrepreneurs with the knowledge, skills and confidence of turning their start-up business into a scale-up success via mentorship by world-class experts who have successfully scaled their own businesses internationally, which will further strengthen the UK's digital economy."
Research has suggested that founders who have support from successful entrepreneurs are three times more likely to succeed themselves, and the programme will provide them with digital 'Scale Coaches' from companies such as Skype, Zoopla and LoveFilm.
To be considered for the programme businesses will need to be based in the UK, either funded up to Series A or with 500K in revenue and growing at 40 per cent month over month on a key business metric such as active users, subscriptions or sales.
"Upscale facilitates the sharing of experience and ideas at the precise moment ambitious entrepreneurs need it most. The digital business ecosystem is known for its desire to fail fast, learn and succeed," said Gerard Grech, CEO of Tech City UK.
"Upscale aims to bring together a powerful peer network, connecting aspiring founders with proven business leaders who went all the way and now want to give back to the next generation of leaders, strengthening the long-term future of the UK digital industry, providing direct benefit to the British economy and ultimately increasing its productivity."
