Three Durham-based organisations are working collectively to encourage innovation after receiving £820,000 in funding.
Enterprise Durham, the enterprise help service of Durham County Council, the Centre for Course of Innovation (CPI), and Durham College will help modern enterprise growth in key sectors together with science, expertise, and house.
The Rising Markets Innovation Accelerator challenge focuses on supporting County Durham SMEs, college spinouts and potential start-up companies.
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Key components of the challenge embrace help to SMEs within the growth and market positioning of recent and improved merchandise and superior supplies, which is being delivered by CPI. Firms will profit from entry to specialist tools and services on the North East Expertise Park (NETPark) at Sedgefield, and CPI’s experience in product growth, prototyping, optimisation, value modelling and commercialisation help.
To encourage the event of college spin-outs, Durham College is offering a focused PhD enterprise programme to help their PhD college students with a bespoke entrepreneurship coaching programme focussing on deep expertise commercialisation.
And Enterprise Durham is main on a diversification help programme for companies trying to discover new rising markets, together with help for companies which are eager to interact in alternatives throughout the house and satellites sector.
The challenge can be serving to to map the talents wants for these rising sectors and exploring the event of modern options to handle these wants working with regional companions and constructing upon what’s already out there to help expertise growth.
An essential final result from this collaborative challenge utilizing cash from the Authorities’s UK Neighborhood Renewal Fund (CRF) may even be the event of innovation motion plans aligned to the rising markets by which County Durham has recognized potential for development, together with web zero warmth, fintech, house and superior supplies.
This can present a blueprint from which CPI, Durham College and Enterprise Durham can collectively drive ambition and lift the profile of the county’s functionality for innovation, in addition to assist to place County Durham to safe future funding for this essential work.
Sarah Slaven, Managing Director at Enterprise Durham stated: “We’re delighted to be collaborating with CPI and Durham College as all of us have a robust observe document in delivering tasks, and in working collectively in partnership, together with efficiently delivering earlier innovation help tasks.
“With new and rising markets comes the demand for an modern workforce which might rise to the problem, so this challenge goals to maximise alternatives for each companies and people throughout these fast-growing sectors.
“Collectively we’re dedicated to constructing on County Durham’s present strengths, and the CRF funding will allow us to additional develop and promote the specialist tools and capabilities current at NETPark in Sedgefield, which is a key development space for our native financial system.”
Jenny Taylor, Head of Financial Improvement at Durham College, added: “By working collectively to encourage extra companies to innovate we proceed to create vibrant and collaborative ecosystems, bridging the hole between tutorial analysis and trade observe in County Durham.”