Government injects £75m into regional innovation hubs across the UK

Government injects £75m into regional innovation hubs across the UK

Government injects £75m into regional innovation hubs across the UK

The Government has injected £75m into regional innovation hubs to support local businesses and fuel regional economies across the UK.

The scheme will launch eight new Launchpads through Innovate UK, following successful tests in Liverpool and Teesside, to drive new ‘game-changing’ innovations in areas such as digital technologies and net zero.

Each Launchpad in the programme will be provided a funding grant of £7.5m to fund innovation projects to support the needs of each business community in order to grow their local economy.

John Kirk, deputy CEO at Inspired Thinking Group, commented: “A regional innovation drive is hugely encouraging, supporting nationwide socio-economic development to support the UK’s growing business ecosystem.”

“As companies decentralise from major centres such as London, it is also increasingly important that they continue to reach their audience through marketing campaigns, tapping into unique local market trends to maintain engagement. Innovative solutions such as Storyteq, for example, can enable businesses to produce localised content compliant with brand guidelines.”

The Launchpads have been strategically chosen in areas of the UK with promising innovation potential with the aim of providing businesses with opportunities to collaborate, share ideas and form joint ventures.

Sachin Agrawal, Zoho UK managing director, said: “Regional innovation hubs are a positive step in reducing the reliance on city centres for businesses and supporting the redistribution of economic wealth away from overcrowded urban areas.

“Supported by regional investment and innovation boosts, businesses can provide greater opportunities in rural areas, helping to retain regional talent while improving the quality of life for staff who can enjoy a more affordable lifestyle and be closer to their families.”

“For businesses launching or moving to rural areas, technology plays a vital part in enabling them to operate successfully through unified communication systems that enable core functions such as seamless communication and access to real-time data. This redistribution of talent and economic wealth can help growing local economies and business communities to thrive.”

George Freeman MP, Minister of State at the Department for Science, Innovation and Technology, said: “This £75m investment will support high-growth companies to build the industries of tomorrow – in sectors from renewable energy through to digital health. These Launchpads will play a pivotal role in growing our local economies, creating jobs and levelling up the UK.”

By Mark Adair – Correspondent, Bdaily

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