The hub of new business ideas

Jun 12 2009 by Sue Scott, Evening Gazette

A £4.5M initiative to create a tailor-made incubator for new business opportunities in the process industries sector has been launched on Teesside.

The Process Industries New Business Opportunity Hub at Wilton aims to assist 150 small companies with growth plans, attract 50 new businesses to the region, create 90 new jobs and safeguard 75 others.

With 1,000sq m of modular units, office space and laboratory areas equipped with leading-edge testing facilities, the hub will enable small and medium-sized firms (SMEs) to nurture embryonic commercial ideas.

It will also provide process industry market sector experts to assist local businesses with market analysis, entrepreneurial skills and access to finance.

The project has been launched by the Centre for Process Innovation (CPI) with £780,000 from regional development agency One North East, £1.73m part finance from the European Regional Development Fund 2007-13 and around £2m from private investors.

Mike Anderson, new businesses development director at CPI, said: “This state-of-the-art facility will bring a fully-equipped physical environment in which to nurture new businesses.

“But it is not just about the incubator acting as a valuable anchor and focus on particular technologies. It is also essential to provide high-level business support at the marketing and market sector level.

“With that in mind, we will also provide a team of sector specialists to accelerate business growth plans and assist start-up companies with market analysis, investment strategy and interim management. They will work with SMEs to enhance knowledge of their market segments, their competitors and their competitive position.”

The hub will draw from a variety of sources for new business opportunities, including existing regional companies, North-east universities and the CPI’s advanced processing, low-carbon energy and functional materials platforms.

One North East head of European and skills strategy Lesley Calder said: “The hub will ultimately create new businesses, spin-outs and joint venture companies within a highly- supportive environment which is tailor-made for the process industries.

Historical data shows that SMEs developed within an incubator environment have greater survival rates.

“The project will encourage more people to undertake innovation- led projects at the Wilton Centre where they can access specialist services and expert assistance with product development.

“It will also strengthen our regional competitiveness in respect of incubator facilities and support.”