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London mayor launches business mentoring program to help high growth firms expand overseas

Xinhua, February 3, 2016 Adjust font size:

London Mayor Boris Johnson on Tuesday launched the city's business mentoring initiative to help the British capital's high growth firms expand overseas.

The scheme, named "The Mayor's International Business Program," plans to use peer-to-peer mentoring and private sector backing to help London companies to scale up and internationalize in the global market.

Fifty local companies specializing in technology, life sciences and urban sectors will join the first cohort of the program led by London & Partners, Johnson's official promotional company partly-funded by the European Regional Development Fund and supported by leading industry partners.

The program aims to support 800 high growth local companies over the next three years to increase their international presence. Companies will get bespoke advice and mentoring from businesses leaders from across North America, Europe and Asia.

"By helping the capital's businesses become the next global leaders, we will see the creation of more jobs for Londoners," said Johnson, adding that London has a strong heritage as an international trading city offering a springboard for companies looking to expand internationally.

Gordon Innes, CEO of London & Partners, said some of the companies in the program are looking to break into China and other major emerging markets in the world.

"We ask those companies what are the best markets for them and where they can really be successful, a number of those companies have indicated to us that China is a key priority for them," Innes told Xinhua.

"We are going to help those companies to identify partnerships with businesses in China, so they can collaborate together and grow their businesses together," he added.

Up to 28 percent of London-based small and medium-sized enterprises (SMEs) are currently trading internationally, according to a recent research by KPMG Small Business Accounting.

Meanwhile, more than 40 percent say they aim to do so within the next five years. Endi