Newcastle Innovation Machine boosts City’s business creation drive
The Newcastle Innovation Machine (NIM) is a big part of Newcastle Science City’s commitment to growing and supporting businesses. Focused on products and services that society wants, NIM identifies technology and science applications that are available or open to development, right here in Newcastle. Working within this formula, the ultimate aim is to create 500 new high-growth businesses by 2025.
NIM aims to fill a common void between research-led and insight–led innovation, by matching market need with technological advancements in areas such as energy supply, healthcare delivery and internet technologies. The model starts by looking at a market need and then establishing whether that need could be met more effectively through technological, customer, supply, and commercial insights, creating a business proposition.
To drive NIM’s progress and the impact it will have on the city region, Newcastle Science City has attracted a number of talented entrepreneurs, or Innovation Managers, who have been drawn to the city from all corners of the globe. These entrepreneurs work with partners across Newcastle and the wider region, to identify market-led, or insight-led, opportunities particularly in the three critical science theme areas of ageing & health, stem cell and regenerative medicine, and sustainability.
NIM provides a process, advice and resources to help these entrepreneurs create high growth, innovative businesses. Once an opportunity has been uncovered, ideas are market tested and those which are seen to have a valuable proposition are developed, creating new products and services which better meet the needs of the target audience.
How NIM can benefit your business
To ensure that the region can gain maximum advantage from the NIM, the model is also able to be accessed by regionally based pre-start businesses or current businesses. In each case the support offered through NSC is targeted at taking the seed of idea, an insight into unmet customer needs, and turning it into a fully formed business model. Every business is different and the support provided is a bespoke package tailored to what the business needs. This could involve everything from market research to legal advice; from business planning to prototype development.
Visit the Newcastle Innovation Machine website to find out more about the business support packages on offer through Newcastle Science City.