By providing fledgling companies in eastern central Sweden with a common platform for innovation and business support, the EU-funded Växtzon 2 project aims to take 240 companies from start-up to scale-up.
From start-up to scale-up in Sweden
- 08 January 2020
Through this project, we have been able to contribute to both developing some of the most exciting companies in eastern central Sweden, giving them the best possible conditions for continuing to grow. At the same time, the nine science parks and incubators in the region have found a way to collaborate in a sustainable and long-term approach. This not only results in more companies capable of growing sustainably, but also a better use of public funds.
Taking a company from start-up to scale-up, where they grow and offer employment, is a big step – and one full of challenges. This is because growing a company requires a vastly different skill set than what is required to start one. For instance, when a company launches, its focus is on developing its initial product or service. But after the start-up phase, this focus shifts towards creating a sustainable organisation capable of producing, selling, and delivering – often at an international scale. To succeed, entrepreneurs must become competent in such areas as marketing, law, and finance.
To help, the EU-funded Växtzon 2 project has developed Swedish Scaleups, a common platform to provide innovation and business support. Over three years, 240 companies will benefit from direct support geared towards helping them evolve.
Tailored support
Each participating company is analysed and its growth potential assessed. Depending on its needs and at which stage of its development it is in, the project creates a unique support plan. In general, this includes:
structured exchanges of experiences, including best practices and lessons learned, between companies facing similar challenges;specific, skill-based support and training in areas such as marketing, law and finance;24-hour boot camps focusing on tackling a specific challenge, such as global sustainability goals.In parallel to this operational support, the project is helping to build up the many different regional structures available to start-ups and developing business, including incubators, funding initiatives, and innovation labs. By increasing collaboration between these, the project aims to create a sustainable structure capable of providing ongoing support to growing businesses, even after the Växtzon 2 project ends.
Two phases towards success
During the first phase of the project, 200 growing companies with multifaceted needs will receive support in several areas of expertise. In the second phase, 40 companies will receive more extensive, cross-industry support for three years. At the end of this period, it is expected that these companies will be fully scaled-up and ready to compete on the international market.
Total investment and EU funding
Total investment for the project “Växtzon 2” is EUR 9 188 397, with the EU’s European Regional Development Fund contributing EUR 4 594 197 through the “East-Central Sweden” Operational Programme for the 2014-2020 programming period. The investment falls under the priority “Jobs, Growth and Investment”.