£800k investment to help fledgling North East businesses flourish

More than £800k is being invested in the next generation of entrepreneurs at the University of Sunderland which is hoped will boost jobs and have huge economic benefits across the North East.

Over the next three years The Enterprise Place, based at St Peter’s Gate, is supporting those students and graduates to transform their innovative business idea into successful products or services.

The project has received financial support (£424,253) from the European Regional Development Fund (ERDF) 2007-2013, with match-funding from the University, adding up to £848,506 of investment in an environment that incubates fledgling business ideas and transforms them into successful enterprises.

Only the most viable business start-ups will be considered by the university, as membership of The Enterprise Place is awarded upon a successful application process and ‘pitch’ to a panel.

Members then gain access to a host of benefits, including free hot desk space and IT resources, specialist advice and support, masterclasses, access to business specialists and networking opportunities and access to competitive funding.

Applicants receive a licence to trade from The Enterprise Place for six months, followed by an additional six months upon review. It is hoped once they begin trading they retain their economic base in Sunderland, resulting in more jobs and investment.

Up to 30 business start-ups are now operating from The Enterprise Place, building up their client-base and establishing a name for themselves in the region.

Speaking of the benefits The Enterprise Place will bring, Vince Robson, business development manager at the University of Sunderland, said: “The Enterprise Place brings together entrepreneurs at all stages of their development that are operating across a wide range of industries and sectors.

“Couple the expertise on offer with all of these enterprising brains bouncing ideas off each other and it is the perfect environment to launch many successful businesses. It’s also a place from which to support economic growth and create jobs in these challenging economic times.”

He added: “The support through ERDF has enabled us to provide a dedicated resource to develop graduate entrepreneurship which in turn fulfils our civic role to support the economic regeneration of the city and North East. We believe we have the skills and resources to make a difference and work with some incredibly interesting ideas and individuals.”

Cllr Neil Foster, Deputy Chair of the North East ERDF Local Management Committee, which engages key partners in the overseeing of the strategic delivery of the Programme in the North East, said: “It is great news that ERDF is investing in this project which is helping selected graduates receive targeted support to turn their business idea into strong successful enterprises. Harnessing the talent of our graduates in such a way will lead to the creation of new jobs and businesses boosting local growth.”

As part of membership to The Enterprise Place, a new induction programme has been incorporated for budding entrepreneurs who are new to business, offering them skills that they will need to create a sustainable business and move it forward; from marketing and sales advice to accountancy and registering for VAT, to legislation which may apply to their particular business.

Vince Robson explained: “This induction course is part-time, designed by the university and delivered through the North East Business and Innovation Centre (BIC), it’s offering a platform to members on their business journey to work from, and underpinning skills they will need in the future.

“Our Utopia will be that we see these start-ups outgrow The Enterprise Place and they retain their roots in Sunderland from which to develop a successful business.”

Paul McEldon, Chief Executive at the North East Business and Innovation Centre (BIC), said: “Over the years the BIC has helped hundreds of people to start their own businesses and we are really looking forward to working with the next generation of entrepreneurs at The Enterprise Place. In addition to offering training and support sessions participants will also have the chance to learn from the experts and meet like-minded people through access to a wide range of networking opportunities.”

The Enterprise Place is open for business all year around and is open to current students, graduates and Alumni of the University.

The Department for Communities and Local Government is the managing authority for the European Regional Development Fund Programme, which is one of the funds established by the European Commission to help local areas stimulate their economic development by investing in projects which will support local businesses and create jobs.