Fast growth firms are normally defined as achieving 20% growth per annum and make up less than 1% of the UK business population but represent 50% of the total SME turnover output.
They are also significant job creators and whilst they might represent a small fraction of all companies, they contribute to a significant proportion of new jobs in the UK economy every year.
They are often at the cutting edge in their respective industries, bringing innovative products, services, and processes to the market. As a result, they make a tremendous contribution to the UK economy.
The national Fast Growth 50 publishes a detailed list of the fast growing firms in seven nations and regions of the UK, namely the East of England, London, the Midlands, North of England, Scotland, South of England, and Wales.
By creating an index of fast-growing ‘local heroes’, this programme recognises the best businesses in every industry in the UK economy which as an inspiration for other entrepreneurial businesses to follow in their footsteps to achieve outstanding growth.
Fast Growth 50 has gone National
The Fast Growth 50 events are happening across the UK in October & November 2023.
These events not only reveal the top 50 fastest growing businesses in each region, but also celebrate the contriubtion of these businesses in a range of sectors through a range of awards such as Fastest Growing Consumer Services Firm, Fastest Growing Technology Firm and Fastest Growing Technology Firm.
Choose your region below to find out more about the corresponding awards dinner, activities, and sectoral awards.
Take a look at the winners of the fastest growing firm award in Wales since 1999.
Impact of Fast Growth Firms:
Recent data from the Scale Up Institute shows that high growth firms are:
- Represented across all sectors of the UK economy
- More productive than other firms with an average turnover of £338,000 per employee
- More innovative with three out of four introducing or improving a product or service in the last three years
- Export-oriented with 60% involved in international trade
- Creating high quality with more satisfied employees
- More diverse with with four in ten having at least one female director
- Providing higher levels of apprenticeships to support young people into employment