There are 295 fast-growing ambitious businesses with leaders “hungry for success” across Cornwall and Isles of Scilly, according to new insights from the ScaleUp Institute.

The report identifies 295 companies in the region that meet the definition of scaleup because they have increased turnover or employment by more than 20% annually.

Based on the latest 2017 ONS data, the ScaleUp Institute says Cornwall and Isles of Scilly scaleups are employing a total of 17,000 staff and their turnover is worth £1.2 billion.

The top five scaleups by employment growth are Goonvean, Seasalt, Fred Champion, WestCountry and MJL Contractors, while the top five for turnover growth are Goonvean, Audiotonix, Seasalt, WestCountry and Teagle.

Across the UK there are over 36,000 scaleups, an increase of 3.7% from 2016.

ScaleUp Institute chief executive, Irene Graham, said: “Scaleups are the engine drivers of local economies; they are twice as innovative as large firms, employ twice as many apprentices, are twice as likely to be operating in international markets, and, significantly, they create high quality jobs.

“Their aspirations remain high. According to our recent ScaleUp survey eight out of ten expect to scale again in 2019, generating £1.5 billion more in turnover and creating an extra 7,000 jobs.

“While they are ambitious about their growth, scaleups continue to face major challenges. In Cornwall and Isles of Scilly they particularly highlight access to UK markets, access to talent and access to infrastructure as key issues. They also want easier access to support from peer-to-peer networks, public sector funding for innovation and local universities.”

The ScaleUp Institute notes that Cornwall and Isles of Scilly offers a number of services for scaleups. “This is encouraging and we will continue to monitor their impact,” added Graham.

Glenn Caplin, chief executive of the Cornwall & Isles of Scilly Local Enterprise Partnership, said: “The growth rate of scaleups in Cornwall and the Isles of Scilly is on a par with other parts of the country like the south east and Manchester and is testament to the strong business support ecosystem we continue to develop in our region, including investment in skills, access to finance and workspace.

“It’s further evidence that our part of the UK is a fantastic place to grow a business.”