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.