Partner Article

Call for York knowledge-based economy fund

York needs to create its own fund to develop and nurture the city’s knowledge-based SME economy, according to a leading business adviser.

David Dickson, senior partner with York-based accountants Garbutt & Elliott, was speaking in the wake of a new technology report, which highlighted the lack of available finance for innovative SMEs.

The Pera Technology Report, which has just been published, argued that business finance was essential to support the economic growth of our emerging creative and technology companies

Mr Dickson, who also sits on the board on a number of leading local and national organisations, including Science City York and the CBI, said: “The time is now drawing near when we have to develop our own ‘Road to York’ fund to secure the necessary finance available to support our growing businesses and to increase employment.

“The Pera Report was timely as it drew attention to the problem of lack of finance for SME businesses who innovate through new product development or commercial research within the knowledge-based economy.

“The city of York has been a pioneer in nurturing and promoting creative and technology companies, with the successful Science Park at the University of York being a classic example of this.

The growth of the scientific, creative and digital sectors in York has played a crucial role in rebalancing the city’s economy.“

He commented: “It is clear that lack of finance is restricting new product development among the small business base, with engineering and technology companies particularly badly affected.”

The Pera Technology Report revealed that 91 per cent of SMEs were failing to innovate via new product development or commercial research, which potentially had “severe implications” for the UK’s economic recovery and competitiveness.

This was posted in Bdaily's Members' News section by Mark Lane .