Land of Hope and Technology February 2016 | Page 15

ISSUE 1

Why it matters!
The Octopus High Growth Small Business
Report, used an acronym to describe rapidly
growing small companies – HGSBs – high
growth small businesses. It defines these
companies as having an annual turnover
between £1 million and £20 million, but with
average annual growth greater than 20 per
cent over a three-year period.
The report said that in 2015,
HGSBs accounted for just 1 per cent of
the UK economy but for a staggering 20
per cent of economic growth and around
one third of growth in employment.
For those who say this sector is too London
centric, it also found that three out of five
HGSBs are based outside of London and the
South East.