Home Business News Scale-up businesses contribute £1trn to the UK economy annually

Scale-up businesses contribute £1trn to the UK economy annually

by LLB Finance Reporter
28th Oct 20 10:53 am

SAP SE today announced the launch of Grow by SAP, an exclusive program for hypergrowth companies, designed to help them accelerate their business in the most sustainable way possible. Eligible companies are offered a cloud solution package including additional customer care and commercial incentives as a free subscription for up to six months.

The UK’s 33,860 scale-up businesses contribute £1 trillion to the UK economy annually, representing half of the SME economy, and the UK is home to more tech unicorns than any other country in Europe. However, these scale-ups are facing a funding shortfall of up to £15 billion in 2020 due to lack of investment resulting from Covid-19. With the pandemic accelerating the disruptive role of technology across all industries, the Grow by SAP program will arm these fast growth businesses with the tools and resources to maximise this opportunity and provide them with a sustainable platform for growth.

The Grow by SAP program provides all the essential back-office business requirements, including enterprise resource planning (ERP) & finance, HR & people engagement, travel & expense management and business analytics. These technologies are typically seen as aspirational for scale-ups so the Grow by SAP program removes the barriers to entry and equips them with everything they need to take their business to new heights. This includes ERP capabilities that take full advantage of the cloud, machine learning and advanced analytics, human experience management (HXM) and automation of core processes.

“We’re seeing scale-up businesses experience considerable challenges on their growth journey, while also facing a £15 billion growth gap due to Covid,” said Brian Duffy, President of SAP EMEA North. “We believe more than ever that now is the right time to support these fast growth companies in their mission to change the world of business.

“We’ve all witnessed how vital scale-ups have been to ensuring the world keeps moving throughout the pandemic and we believe that they are key to our post-Covid recovery. SAP shares the same vision with these disruptive businesses and we hope that providing access to these world-class technologies in a flexible cloud package will act as a catalyst in helping them turbo charge their growth, boost innovation and compete more effectively in the global marketplace.”

“With an ambitious mission to unlock the growth potential of 1,000 scaling tech companies, and to generate $1bn for the UK economy by March 2022, Tech Nation is delighted to see that SAP has launched such an exciting package of support for hyper growth companies in the UK,” said Gerard Grech, Founding Chief Executive of Tech Nation. “Tech scaleups are key to the productivity and health of the economy in the digital age, and supporting these businesses is going to give us the best chance for a successful economic recovery coming out of the pandemic.”

Grow by SAP joins the comprehensive portfolio of SAP solutions that are helping businesses and individuals cope with the impact of the Covid-19 pandemic. This includes solutions to address disruptions in supply chains, explore new ways of working, support employees and customers with what they need the most and more.

The Grow program by SAP is specifically designed for hypergrowth organisations with a +$150m valuation in Funding Series A-IPO. It is currently available for companies based in the UK & Ireland, France, Netherlands, Belgium, Luxembourg and the Nordics.

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