‘Supercharging regions for accelerated economic performance’
The Regional Australia Institute’s ‘Regional Accelerator’ is a high impact economic development program targeting high growth potential small to medium enterprises (SMEs).
A complete Regional Accelerator:
• reviews the business ecosystem to identify gaps; and
• provides growth mentoring to the area’s highest potential SMEs, stimulating accelerated job creation and inspiring others.
Regardless of where you are in Australia, identifying and supporting high growth SMEs should be an important part of every practitioner’s economic development toolkit. High growth potential SMEs demand our attention because of their outsized contribution to jobs and innovation in the economy.
• In Australia, only 3 to 10 per cent of SMEs have high growth potential, yet these SMEs contribute 50 per cent of new jobs and 54 per cent of all significant technological innovations.
Why is Regional Accelerator important?
Australia suffers from a significant gap in local and regionally based support for SMEs.
While National and State industry policy is focused on high growth SMEs in a few priority sectors, only a few businesses in an area will fit the mould. Many other high growth and high growth potential businesses are not able to access support, limiting overall local and regional impact.
The Regional Australia Institute’s Regional Accelerator program targets this gap.
The Regional Accelerator approach
We know resources are scarce in regions – so we have designed the Regional Accelerator to make the most of existing local capability.
Project partners play a lead role delivering the engagement, communications and logistics required for project success, while the RAI complements this by bringing its unique program content, insights and expertise to the table – value adding what’s already available locally.
Combined, this keeps costs down and builds on existing skills and resources in local networks to deliver a Regional Accelerator program that leave a lasting legacy for everyone involved.
Independent evaluation of the methodology underpinning the Regional Accelerator growth mentoring process shows participants experienced an average of:
• 20 per cent increase in sales;
• 17 per cent growth in new employees;
• 21 per cent increase in exports; and
• New private sector investment equal to seven times the initial program investment.
To learn more about the RAI’s Regional Accelerator programs, to become a local project sponsor or to register interest as a participant, contact:
David Spear | General Manager, Partnerships and Communications
P: 02 62603733