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<p>We define scaleups using the OECD definition of high growth, i.e. an enterprise
with a cumulative average annual growth in employees or turnover greater than 20 per
cent per annum over a three-year period, and with more than 10 employees at the beginning
of the period.</p><p> </p><p>Scaleups play an important role in the UK economy: they
generate around 20% of all turnover in the economy and around 15% of employment, and
Scale Ups can play a role in driving innovation. The number of scaleups has risen
overall by 25% over the 5 years to 2018 to 33,860.</p><p> </p><p>We have taken a number
of actions to create the right conditions for businesses to achieve their potential
to grow to scale, including:</p><ul><li>Supporting over £7bn of finance to over 91K
smaller businesses through the British Business Bank (as at June 2019).</li><li>improving
the support available through local Growth Hubs to help businesses to overcome the
challenges they face in scaling up; and</li><li>using cutting edge data science techniques
to identify high potential firms and connect them the right help at the right time.</li></ul>
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