On June 1, four Twente technology companies with promising growth potential and ambition started an intensive program. With support from the Twente Board and Entrepreneurial Twente, Novel-T launched the new GROW program. Participants in the first track are Toelevering Online, Flexiramics, Dynteq and Flawless Workflow. GROW helps these “high potentials” advance to minimum sales of 10 million or more per year through targeted growth plans, coaching by experienced business mentors and a community of like-minded people. A second group of companies will launch after the summer.
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Delen
Twente has been known for decades for its innovative strength and inspired entrepreneurship. The many startups that emerge each year exemplify this. But the ability of these companies to grow is still a point of concern. International research shows that only 4% of startups grow to an annual turnover of more than 1 million euros, a meager 0.4% of entrepreneurs manage to achieve a turnover of 10 million euros per year. To stimulate such growth, Novel-T has created the GROW program in cooperation with Twente Board and Entrepreneurial Twente.
Economic importance
Having Twente companies grow to a turnover of at least 10 million euros per year is of great economic importance to the region, Novel-T CEO Jaap Beernink believes. “It is important to develop new innovations, validate business ideas and help entrepreneurs start their businesses. We already do this well in Twente, but the challenge is in growth. The fact that so few companies continue to grow has to do with a combination of external and internal factors. In addition to market potential and financing, a number of internal barriers to growth need to be organized significantly differently in order to grow to this stage. If we can encourage and facilitate that, we will create more and lasting jobs in the region in the future. That is what the GROW program should contribute to.”
The program
The program of Novel-T, Ondernemend Twente and the Twente Board therefore focuses on companies with at least one million in turnover and strong growth potential. Over a six-month period, participants go through three phases in which, together with experts, they address themes and implement them in their business operations. They do this with a coach at their side who ensures that the objectives are realized. In addition, the companies get access to an expert pool, from which they can hire best specialists and experts to solve specific growth issues. “Apart from the content, we and our partners also believe it is important to use the GROW program to inspire other entrepreneurs and residents in Twente about the wonderful companies that are emerging and growing here. A campaign will therefore also be organized around the program to showcase these growth companies in Twente,” Beernink said.
Nothing more challenging than growth
One such company that has already participated in a precursor to the GROW program was Akyla. “There is nothing as challenging as growth,” founder and CEO Martin Schievink knows. “And when you’re in the midst of that as an entrepreneur, it’s immensely valuable to have a coach or expert who asks sincere questions, gets you thinking with critical feedback and can warn you about the pitfalls that you no longer see yourself as an entrepreneur. In any case, it gave us the ability to start looking, thinking, acting differently and to successfully tackle the real challenges that lay ahead and achieve further growth as a business.”
Positively critical
The four companies will begin the growth program June 1. In the selection process prior, the participants all completed a special scan with the goal of getting to the bottom of their business. “In this, it is important for us to be positively critical. A company participating in this program must itself be motivated to grow and have a certain reflective capacity. After all, the actual growth must be realized by the entrepreneurs themselves. With the specific support in the new GROW program, we expect to realize a significant growth acceleration in these companies,” Beernink said.
