High demand for SW Peninsula City Deal Innovation Voucher scheme

Over £200,000 has been allocated to businesses in the last four months in a scheme to help start-up, micro, small and medium sized companies in Devon, Somerset* and Cornwall. 

The South West Peninsula City Deal Innovation Voucher scheme helps businesses to access external expertise from a knowledge partner to develop innovative products, processes and services to help them innovate and grow.

Offering up to 50% support for projects with a total value ranging from £10,000 to £25,000, the aim is to build links between the knowledge base and SMEs in the target area by creating a demand led approach to supporting innovation.

Demand for Innovation Vouchers was high and funds were allocated quickly.

Universities South West Executive Director Deborah Watson said: ‘We are delighted that 12 Innovation Vouchers have now been awarded and we are oversubscribed.  A reserve list has been created and only ‘oven ready’ projects will be considered for possible reserve places at this stage

‘We are really pleased to see funded Innovation Voucher projects spread right across the City Deal area, covering a broad range of sectors - from IT and creative industry innovations, to engineering, manufacturing and environmental technology initiatives’.

Homeless Insight, a social enterprise intended to showcase and promote creativity and innovation in homelessness outreach, is one of those to benefit from the funding. Secretary Robin Johnson said ‘The Innovation Voucher is allowing us to buy in external skills and expertise to explore new options and develop new opportunities that are crucial to us at this stage in our development’.  

Managed by Universities South West, the scheme is supported by the Regional Growth Fund and part of the wider Plymouth and South West Peninsula City Deal. The City Deal is focused on increasing productivity and growth in the South West Peninsula and could see almost £300 million of investment into the region’s marine and advanced manufacturing sectors, creating over 9,000 jobs.

The City Deal includes a sustainable business support package with some £24 million of private and public sector money to help existing businesses flourish here as well as attract new investors. It will also tackle deep-rooted unemployment, by providing intensive support to over 1,500 young people helping them back into employment.

Universities South West is the membership association of the 13 universities in the South West who can help to open up the knowledge, facilities and expertise that resides in academia and research organisations.

For more information on Innovation Vouchers please visit the Universities South West website or contact them on 01392 241301.

For more information, please contact Julie Everett at Coast communications on 01579352604 or email julie@coastmarcoms.co.uk

For information about the scheme regionally please visit www.usw.ac.uk/business or contact 01392 241301.

Notes to Editors:

* Excluding North Somerset and Bath & North East Somerset. Universities South West is the regional higher education association for South West England. It provides a forum for the 13 Universities and Higher Education Colleges in the region to work together. It aims to extend higher education's contribution to sustainable regional development and to influence and shape the social and economic agenda in the South West region by appropriate joint action. Memberships includes: Arts University Bournemouth, Bath Spa University, Bournemouth University, Open University SW, Plymouth University, Royal Agricultural University, Falmouth University, University of St Mark & St John, University of Bath, University of Bristol, University of Exeter, University of Gloucestershire, University Of West of England. Website: www.usw.ac.uk. Plymouth and South West Peninsula City DealThe Innovation Voucher project is part financed by the Regional Growth Fund which supports the Plymouth and South West Peninsula City Deal.

Plymouth and South West Peninsula City Deal is a ground-breaking deal with government to deliver economic growth in the south west in exchange for the government devolving powers and funding. The deal area covers Plymouth, Cornwall, Devon, Torbay and Somerset.

The deal will tackle low rates of productivity, a key barrier to economic growth by playing to the peninsula's strengths and growing the marine and advanced manufacturing sectors. The South West has 14 per cent of the national marine supply chain, employing 26,000. It is home to global companies such as Babcock Marine, Princess Yachts International, Pipex px, Pendennis Ship Yard and Agusta Westland.

The Deal will tackle low rates of productivity by:

Growing the marine and advanced manufacturing sectors by developing a marine industries production campus led by South Yard in Plymouth. This will provide additional research and commercialisation facilities and the relocation and development of supply chain companies, enabling the growth of the marine sector across the peninsula.Providing tailored business support programmes to all small and medium enterprises (SMEs) and marine sector companies, including through the establishment of a Growth Hub to co-ordinate business support in the region and make accessing this as easy as possible. The Peninsula City Deal Growth Hub, being delivered in partnership by GAIN, collects into one place everything and everyone businesses need to know to help them grow – from expert business advice and mentoring to innovation workspace and R&D facilities, funding and investment support.Implementing a Deal for Young Peoplethat will tackle youth unemployment in Plymouth and the peninsula.

As a result of the City Deal local partners predict it will lead to:

9,500 permanent jobs.Unlock 32,400 square metresof new marine workspace as part of a potential phased release of the South Yard site at Devonport Naval Base that could, in the long term, unlock 85,000 square metres of new marine workspace.1,500 young people taking part in youth unemployment programmes, with 540 achieving sustained employment.The launch of the largest wage progression project in the country that will boost the earnings of young people.Provide £34m of local and national public sector investment.Lever in over £72 million of private sector investment into the area, increasing to £262m over the long term.

The Plymouth and Peninsula City Deal is supported by Plymouth City Council, the Heart of the South West LEP, Plymouth University, Devon County Council, Cornwall Council, Cornwall and Isles of Scilly LEP, West Devon Borough Council, South Hams District Council, Torbay Council, Torbay Development Agency, City College Plymouth, Exeter University, South West Marine Energy Park (SWMEP), Plymouth Chamber of Commerce and Industry, Babcock, Princess Yachts and Plymouth Marine Laboratories.

Regional Growth Fund

The Government’s Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow and support projects and programmes committed to deliver sustainable jobs and economic growth. Round 5 selected bidders have now been announced. A sixth round is due to launch in the summer. For more information, please go to www.bis.gov.uk/rgf

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