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.
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.