Category: Innovation Schemes

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Supporting innovative North East firms to help lead the region’s economic recovery

The North East LEP is hosting a special event to help the North East’s innovation and technology sector understand and ask questions about the newly announced Future Fund.

Innovation, digital and technology-led businesses will power the engine that drives growth in the UK economy, and help lead the country’s, and our region’s, financial recovery from the coronavirus pandemic.

The presence and potential of technology startups is an indicator of a healthy, ambitious and resilient economy. These innovative, high potential firms feed cycles – they are a route to retaining and attracting talent in a place; they create the scale-ups of tomorrow; they can establish and support ecosystems for entrepreneurs to invest back into, which in turn attracts more entrepreneurs to a region. They build the technological innovations that will create jobs; develop supply chains; become our next exports.

This is why the Department for Business, Energy & Industrial Strategy and HM Treasury has announced a financial support package – Future Fund – to protect UK businesses driving innovation and development from the impact of the coronavirus outbreak.

Future Fund

Launching today (Wednesday 20 May), Future Fund will give high-growth companies across the UK the investment they need to continue during this crisis. Providing loans between £125,000 and £5m from the government, private investors are required to at least match the government commitment. Future Fund is delivered through the British Business Bank.

Supporting North East businesses to access funding

To help our region’s dynamic businesses bid for funding, the North East LEP is hosting a webinar to explore the specifics of the Future Fund, including eligibility criteria and the application process. This is an opportunity to hear directly from regional investors and operators, including Northstar Ventures and SeedLegals. Tech founder and entrepreneur, Paul Smith, will chair the event.

The webinar will take place at 2pm on Thursday 28 May. For further information and to register your place, please visit the eventbrite page.

We welcome registrations from technology start-ups, investors, founders and innovation-led firms across all sectors.

Looking to the future of the sector

As well as discussing the immediate funding opportunity to support businesses through the coronavirus pandemic, we will also be using this event to take a longer-term view of the digital/tech/innovation sector in the North East and explore barriers to its growth.

The North East digital strategy recognises the huge importance of our tech community, which is driven, passionate and entrepreneurial. We want to support more of this by enabling greater cross-sectoral collaboration and raising the profile of our tech sector with investors and collaborators – from across the region and beyond.

We want to strengthen the relationship between creativity and innovation to maximise the translation of ideas into new products, solutions and businesses. And we want to support the wider ecosystem so that we see more innovative start-ups launching, flourishing and staying in the North East.

Join us on 28 May at 2pm to learn more about government’s support for innovative businesses and discuss how we, as a sector, can build the right environment for high growth businesses to thrive in the North East.

By Laura Partridge, Digital Programme Lead at the North East Local Enterprise Partnership.

Home / Innovation Schemes / Page 2

In conversation with Alan Welby, Innovation Director at the North East LEP, about the opening of The Biosphere

In 2005, the last batch of Newcastle Brown was produced at the Newcastle Breweries site, which stood opposite another of our city’s iconic buildings, St James’ Park.

Exported to more than 40 countries across the world, Newcastle Brown helped put Newcastle upon Tyne on the map. Fast forward to 2019 and a new building on the former brewery site is about to do the same.

The Biosphere, part of the Newcastle Helix development in the city centre, is a specialist lab facility tailored to commercialisation of life sciences. Home to some of the most innovative and pioneering health and life sciences companies operating today, the work they do in our region will impact people across the world.

The life sciences sector is one of the fastest growing areas of industry in the North East. From CPI’s (Centre for Process Innovation), world-class centres at NETPark in County Durham to the Centre for Life in Newcastle, we have developed a strong cluster that will be bolstered by the opening of The Biosphere.

Congratulations should go to Newcastle City Council for spearheading the project. It demonstrates the city’s ambition and forward thinking approach to growing our economy and creating more and better jobs by investing in sectors linked to the UK’s Industrial Strategy. Without specialist facilities like The Biosphere, ambitious companies within life sciences, healthcare and emerging fields of biotechnology will go elsewhere and that would be bad news for our region.

Being based at Newcastle Helix not only gives companies access to essential support services but also opens a wealth of opportunities such as access to university expertise and research but also the potential of collaboration with others on site – and it’s when companies collaborate that will see real innovation happening which can unlock business growth.

Let’s not forget, we also have a large NHS footprint in the North East, which means we’re home to the UK’s largest research active public health system. North East Health Trusts lead the rest of the country for involvement in clinical research with Newcastle Hospitals NHS Trust ranked first for the last six years. That’s provides a significant opportunity for health and life sciences companies working in our region.

It’s for those reasons and more the North East Local Enterprise Partnership was happy to invest £8.6m in The Biosphere from the Local Growth Fund. We recognise its importance to growing the sector and our economy as a whole. More needs to be done to commercialise the health and life sciences sector and The Biosphere will provide the right environment for that to happen.

Newcastle Brown may longer be brewed on Tyneside, so I hope you’ll join me in raising a glass of Wylam Brewery’s Jakehead IPA, or another of your favourite local ales, to toast the opening of The Biosphere.