Today, we have launched the search for the fastest growing firms in Wales.
The Wales Fast Growth 50 project, which celebrates its tenth anniversary, is a unique initiative that is firmly established as the list of business success which entrepreneurs across Wales aspire to.
It is a constant remainder of the vast entrepreneurial potential that exists within the Welsh business sector, with growth performance by businesses that is as good as any to be found across the regions of the UK.
The 2008 list of the fastest growing firms in Wales will appear in a special anniversary supplement which will be published by the Western Mail on Wednesday, October 29th 2008.
Every year, the Fast Growth 50 project goes from strength to strength. Since its launch in 1999, 295 growth firms across Wales have featured within the nine supplements published by the Western Mail.
Whilst some of these businesses have closed or been taken over during this period, it is conservatively estimated that, collectively, these firms have generated over £2billion of turnover and created around 10,000 new jobs within the Welsh economy.
I personally believe that the project is important in raising the profile of successful businesses in Wales. We are often slow to applaud the performance of individual businesses in Wales, but the fifty firms which make up every year’s list are more than worthy of praise. To be described as one of the fifty fastest growing firms in Wales out of a business population of 200,000 is an achievement that should be widely recognised.
Often, the project has not been appreciated by politicians and policymakers in Wales, and yet as the only regional barometer of indigenous business in the UK, the list continues to showcase the success of Welsh entrepreneurs and their businesses”.
To be honest, I didn't have a clue how the project would develop when I first set it up ten years ago. Working alongside the Western mail's Marketing department, it was originally perceived as a one off list of the fastest growing firms in Wales but, thanks to growing interest, it has just continued year after year.
I still am amazed at the high level of interest by Welsh entrepreneurs in the Fast Growth 50 programme and every year, we get record numbers of applications for places on the list. Of course, the biggest kick from the project is when owner-managers come up to me and say that being part of the Fast Growth 50 has enable them to win new business, enter new markets, get more favourable terms with suppliers, and access business support programmes.
That is the most important part of the Wales Fast Growth 50 programme – that it not only recognises the best in Wales but makes a tangible difference to the performance of these businesses. That is what makes the whole effort in putting the list together every year worthwhile.
As part of the anniversary celebrations, there will be a major charity event organised by the Fast Growth 50 project which will be announced during the next few weeks. I promise, this will hopefully show that the business community can make a real contribution to two very sepcial children's charities.
In addition, there will be a special anniversary dinner which will take place at the Holland House Hotel in October 2008. This year, awards will be presented to the fastest growing firms in each of the key sectors of the Welsh economy, as well as individual awards for sustainable long term growth and, of course, the fastest growing firm in Wales.
This exclusive event, open to only the category sponsors and the fast growth firms, has become one of the most prestigious in the Welsh business calendar. Hosted by Declan Curry, the business broadcaster, it promises to be a showcase of the best of Welsh enterprise for all attending.
If you know of any firms that are independent and privately held, have fewer than 250 employees, had sales of at least £250,000 in 2005 and are based in Wales, then an application form can be downloaded from http://www.fastgrowth50.com/.
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