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Innovation hub to host process industry incubator

A £4.5m initiative to create a tailor made incubator for new business opportunities in the process industries sector is underway in the Tees Valley.

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

CPI secured the funding from One North East, with £780,000 from the agency bolstered by £1.73m part finance from the European Regional Development Fund 2007-13. The remaining funds of up to £2m to underpin the project have been sourced from the private sector.

“This state-of-the-art facility will bring a fully equipped physical environment in which to nurture new businesses,” explained Mike Anderson, New Businesses Development Director from CPI. “But it’s not just about the incubator acting as a valuable anchor and focus on particular technologies. It’s 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.”

Lesley Calder, One North East Head of European and Skills Strategy, said: “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.”

For further information about the Process Industries New Business Opportunity Hub project, call CPI on 01642 455 340 or visit www.uk-cpi.com.

This was posted in Bdaily's Members' News section by Ruth Mitchell .