The power of the North East

The North East is an innovation hotbed with the skills, passion and can-do attitude to drive great business and economic change, writes Kate Hewison.

That was the overwhelming message from N and Bdaily publisher NET’s Why the North East? London summit.

The latest chapter in the multi-platform media company’s flagship VISION 31 campaign – which aims to amplify the North East’s position at the forefront of pioneering change – the event featured expert insight and opinion from business leaders across a number of sectors.

Taking place at event partner Aon’s headquarters in the iconic Leadenhall Building, right in the heart of central London, nearly 90 attendees heard about the growing interest and commitment to the North East’s vision for the future.

The morning – hosted by NET and Bdaily editor-in-chief Steven Hugill – included two insightful panel discussions, question and answer sessions and networking.

And the message was loud, clear and unanimous; the North East is brimming with talent, the people are like no other and the overheads are significantly less than other regions in the UK.

However, speakers warned there isn’t enough funding coming into the region.

If anything, the message of the day should have been – why not the North East?

The first panel, titled The Power of the North East, discussed the transformation of the region into a thriving commercial landscape.

Audience members heard from Jeremy Middleton, founder and chief executive of Middleton Enterprises; Lee Hartley, founder and chief executive of Fairstone Group; Judith McMinn, founder and chief executive of Rezon; Alison Gwynn, chief executive of North East Screen; and Stewart Dickson, chief executive of Weardale Lithium.

With 80 acquisitions and £70 billion in client assets, Fairstone chief executive Lee highlighted three specific aspects where the North East has helped the Sunderland-headquartered financial advisory firm grow – early-stage capital investment, graduates from North East universities and lower cost premises.

Lee, a proud North Easterner, added: “As long as I’m still connected with the business, we will always be headquartered in the North East.”

The North East is experiencing rapid growth in the creative sector, thanks to significant investment and local authority support.

Following the announcement of the £450 million Crown Works Studios in Sunderland, Alison said: “The TV industry is worth billions annually, but less than half a per cent of content was made in the North East.

“If you had a passion, were talented and wanted to work in that creative sector, unless you got a job on Vera, you absolutely had to leave the region – and that is criminal.”

She added: “Now, the North East is the fastest-growing region for the screen sector in the UK.

“That means we can work together, we can collaborate, we can cross borders and we can fix problems.”

The next panel – Striving for Success – Supercharging Growth in an Era of Devolution – included insight from Dr Arnab Basu, chief executive of Kromek Group; Gary Chapman, director of industrials and infrastructure, head of North East region, CIC, at Lloyds Banking Group; Graham Robb, founder and senior partner of Recognition PR; Rob Hamilton, assistant director, strategy and innovation at the North East Combined Authority; and Natasha Boulding, chief executive and co-founder of Low Carbon Materials.

This discussion highlighted the North East’s economic potential following this year’s £4.2 billion north of the region devolution deal and appointment of North East mayor Kim McGuinness.

The region’s cost advantages, innovative spirit and supportive ecosystem, including initiatives like Sedgefield-based science and technology hub NetPark and the Northern Accelerator programme, which supports university spin-outs, were praised.

The panellists highlighted the region’s unique position in renewable energy and net-zero initiatives, coupled with its lower operating costs, which make it an attractive investment destination.

They said that with passionate leadership, robust infrastructure and unique opportunities, the North East is well positioned to be a leading destination for investment and growth.

Gary said: “If you look at Lloyds’ business confidence survey, the North East is actually the most confident region, and by some distance.

“That’s partly to do with devolution, but I think it’s partly to do with the major investment that we’re seeing, particularly in renewable energy.”

While the consensus was largely positive – recognising the North East as a region brimming with potential – panellists said there remains significant work ahead and a greater need to amplify the area’s presence.

Rounding off the morning, Dr Basu said: “Don’t underestimate the challenge of how invisible we are.”

And with VISION 31, that’s a challenge NET is willing to continue facing head-on.

Look out for an in-depth report of the London summit on NET’s platforms – N and Bdaily – in the coming days.

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