Innovation Centre businesses enjoy triple the national growth rates
One of Cornwall’s award-winning Innovation Centres is celebrating its 3rd anniversary with the news it has supported companies based there to grow by up to 33 per cent in the last year – more than three times the national average – and create 43 new jobs.
Tremough Innovation Centre is one of three business acceleration facilities operated by Plymouth University on behalf of Cornwall Council which help businesses from the eco, enviro, media and creative sectors to expand and grow at a faster rate.
The centre, located next to the Penryn campus in Falmouth, marks its third anniversary with a party on May 21st, as new figures show client businesses grew by up to 33 per cent during 2014, with some enjoying an increase in turnover of up to 72 per cent. The UK average for annual growth is 10 per cent.
Targeted support provided by Cornwall Innovation staff coupled with state-of-the-art office facilities and unparalleled networking opportunities are cited as the reason behind many of the 55 companies based at TIC expanding last year.
Richard Snell, Manager of Tremough Innovation Centre (TIC), said: “Everyone working at Cornwall Innovation is passionately committed to helping our client businesses to fully achieve their growth potential and we’re delighted that once again, these exciting companies are expanding at a fantastic rate. In some cases of businesses who have been with us for a while, that is up to three times the national average.
“It’s vital that we keep dynamic businesses like this with the potential for growth and high quality job creation in Cornwall, and facilities like TIC are enabling them to stay in the region.”
Tremough, along with its sister centres Pool Innovation Centre and the Health and Wellbeing Innovation Centre in Truro, are operated by Plymouth University with the support of GAIN, the Growth, Acceleration and Investment Network which aims to boost business growth and job creation in the South West. Cornwall Innovation is supported with £29million of investment provided by the European Regional Development Fund (ERDF).
A recent SERIO study commissioned by Plymouth University found that between January and December 2014, longer term client businesses based at TIC grew by an average of 33 per cent, while businesses which moved in more recently grew by 29 per cent. The majority of these companies said that being located at the centre had supported them to achieve this growth.
Of the businesses surveyed, 23 reported increased turnover in 2014, with growth of up to £4.2million, or 72 per cent, and 19 said TIC was directly response for the increase thanks to the networking opportunities, facilities available on site, and targeted support provided by centre staff.
Businesses based at TIC created 43 new jobs in 2014 as a result of their growth, with 73 per cent saying their location had been “crucial” as the centre provided office space for them to expand into easily.
One company said: “We have had a lot of new clients since being at TIC, and getting those clients has been down to being located here; coming into this environment allows you to think in a business way, it helps you concentrate on what needs to be done.”
Another business commented: “It has enabled us to work much more effectively than if we were based somewhere else.”
And a third company stated: “It’s the facilities, the quality of the building, the way it is managed, the support provided and its location.
“It’s flawless in every department.”
Of the 42 businesses surveyed, only half said they would have stayed in Cornwall if they hadn’t been able to locate their company at Tremough, with five saying they would have moved to London or Bristol if TIC wasn’t available.
Companies based at TIC came together with partners, clients and supportive local business leaders to celebrate the centre’s 3rd anniversary with a rooftop hog roast and paella party on May 21st.
Bernard Curren, Plymouth University’s Innovation Lead and Director of Cornwall Innovation, said: “It’s tremendously rewarding to see from the results of the latest SERIO study that Tremough, along with its sister Innovation Centres at Pool and Treliske in Truro, is providing such tangible benefits to Cornish companies with growth aspirations.
“Our Innovation Centres don’t just offer first-class office accommodation, and this survey clearly shows that the myriad networking opportunities they provide, along with specialist support and business advice, are helping businesses to grow and expand at a much faster rate than they would be able to enjoy if they were based anywhere else.”
For more information contact:
DCA Public Relations
Notes to editors:
Cornwall Innovation Centres
The pioneering Innovation Centres are operated by Plymouth University on behalf of Cornwall Council, who opened the centres with significant investment provided by the ERDF (European Regional Development Fund) Convergence Programme.
About ERDF Convergence
The Cornwall & Isles of Scilly Convergence European Regional Development Fund Programme 2007 to 2013 is managed by the Department for Communities and Local Government. It is one of the funds established by the European Commission to help local areas stimulate their economic development by investing in projects which will support local businesses and create jobs.
Friday 22 May 2015