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Newcastle innovation centre eyes £1.2 billion impact

New independent research reveals how the National Innovation Centre for Data is creating jobs, building skills and driving economic growth across the UK with £141 million already generated for the UK economy and a total projected impact of £1.2 billion by 2036.

A new independent Economic Impact Report, prepared by Ortus Economic Research Ltd, reveals the scale of that impact.

NICD’s impact at a glance

·          £141 million in cumulative net additional Gross Value Added (GVA) generated for the UK economy between 2018 and 2026
           (with £116 million of net GVA generated in the North East of England)

·          570 net additional jobs created through support from the centre, including 467 in the North East

·          Up to 6,600 people in client organisations equipped with new data science and AI skills

·          More than 180 collaborative projects delivered with businesses, charities and public sector organisations

·          £27.20 of net additional GVA generated for every £1 of direct public funding

·          A projected £1.2 billion economic benefit by the end of 2036, with £1.1 billion expected to occur in the North East

For the past nine years, the National Innovation Centre for Data has helped businesses and public sector organisations turn their data into better decisions, improved services, greater productivity and new opportunities for growth.

Since its inception, NICD has delivered more than 180 projects with SMEs, large businesses and public sector organisations including Sage, NHS England, Procter & Gamble and Newcastle Building Society.

Drawing on expertise from Newcastle University, the centre works collaboratively with organisations to address real data challenges. Their work transfers practical data science and AI skills into participating teams, enabling organisations to continue innovating after a project has ended.

NICD has made a significant contribution to the UK economy, helping businesses across the North East and beyond to improve productivity, develop business-critical solutions and build their workforces, while helping to attract investment and wider economic activity across the UK.

The report also shows that NICD, which was initially created with £30 million of funding from the UK Government and Newcastle University, has delivered exceptional value for money.

Professor Paul Watson, Director of the National Innovation Centre for Data said:

'This new economic analysis highlights the significant positive contribution that the National Innovation Centre for Data has made to both the North East and the wider UK through developing workforce skills, creating jobs and attracting inwards investment. As NICD's reach and reputation continues to grow, we want to build on this impact and help even more organisations realise the value of their data.” 

Professor Chris Day, Vice-Chancellor and President of Newcastle University commented:

'Newcastle University is proud to be the home of the UK’s National Innovation Centre for Data. Its work reflects the University’s commitment to ensuring that world-class research and expertise are translated into practical solutions that respond to the technological demands of the modern world.

'The success of NICD demonstrates the important role universities can play in turning academic expertise into real-world outcomes.'

By combining research, skills transfer and long-term partnership, NICD is helping organisations improve productivity while strengthening the conditions for investment and high-value job creation. With its impact projected to grow over the next ten years, NICD provides a model for how universities can use their specialist strengths to support regional and national economic growth.

Read more about the economic impact report or download the report. 

This was posted in Bdaily's Members' News section by Newcastle Innovations .