Introduction David Ralph, HotSW LEP CEO
This month the Government published their Autumn Statement, setting out positive measures to encourage investment and innovation, and restore some much needed stability.
The Statement didn’t go far enough in terms of growth, and there are opportunities in the region which need further investment and support, so we can play our part in the country’s future.
This is vital in terms of responding to the needs of our businesses and communities facing real and challenging headwinds.
In that vein, our team were pleased to be part of the Great South West Energy Summit, which brought together key figures in our energy sector to set out how the wider region can come together to accelerate the delivery of clean energy, and deliver our net zero ambitions.
As conditions for business get even more challenging, I can also confirm that the LEP is continuing to fund the Growth Hub into 2023/24, providing access to vital business support and funding for thousands of SMEs. Some examples of the current support available are included with this newsletter.
David Ralph
Chief Executive
Energy Summit showcases region's powerhouse ambitions
The huge potential of the South West’s green energy credentials, and its progress in becoming the UK’s green energy powerhouse, were showcased at a key Energy Summit held by the Great South West Partnership.
The event brought together leading figures across industry and Government, highlighting the region’s energy opportunities, including floating offshore wind, hydrogen and geothermal. Read about the summit.
University of Plymouth join international nuclear research project
The University of Plymouth will take part in a three year international research project, to explore some of the challenges facing the role of nuclear technology in cutting global emissions.
TITANS (Tritium Impact and Transfer in Advanced Nuclear reactorS) is a €3.8m project supported by an investment of €2.8m from the European Union. Read more about the project.
£1.2m invested in Plymouth underwater communications network
Smart Sound Plymouth is to benefit from a £1.2m investment, to upgrade the offshore infrastructure and further enhance the unique proving ground for businesses to test, trial, prototype and commercialise new products and services.
The upgraded network will reinforce Smart Sound Plymouth as a unique fully connected proving ground for businesses to develop advanced marine technologies. Discover more about Smart Sound Plymouth and the upgrade.
Growth Hub business support to continue with new funding
We were delighted to announce a further £208k funding to support the Heart of the South West Growth Hub in providing free support and advice to local businesses, which has proved vital during the current economic crisis and uncertainty around doing business.
The Growth Hub offers free, impartial, expert advice, and has a range of programmes and grants to help support businesses with growth, resilience, trade, marketing, recruitment, and more. Find out more about their services.
Boost growth with up to £9k funding
We are urgently reminding SMEs across Devon and Somerset to apply for up to £9k funding by the end of December to help boost their growth in international markets, through the Department for International Trade’s Internationalisation Fund.
The funding is available to SMEs who have a product or service suitable for export overseas, to help them overcome barriers to enter new markets, grow their international trading, and strengthen their business. Find out more about the funding, and apply by the end of December.
Help your business Thrive
The Heart of the South West Growth Hub’s Thrive programme is an opportunity to get free support on increasing turnover, growing your business, business planning, finance, HR, and much more.
The programme can be put together in a way to best meet your needs, including a 3-hour review meeting leading to a development plan for your business, 1-2-1 sessions focusing on your particular needs, and webinars on relevant business topics. Find out more about Thrive.
£200m investment fund to support South West SMEs
A £200 million South West Investment Fund, to support the growth of regional SMEs, is on course to be launched in the first half of next year by British Business Bank, to help drive sustainable economic growth.
The fund will offer a range of commercial finance options with loans from £25,000 to £2m, and equity investment up to £5m. Read about the new fund.
Department for International Trade visit Yeovil
The Department for International Trade (DIT) visited the iAero Centre in Yeovil as part of a wider tour of the South West aerospace cluster. The cluster is the second largest aerospace cluster globally, and is essential to driving the UK’s industrial productivity.
The DIT team met with Leonardo, and had a tour of Leonardo’s site in Yeovil – the ‘Home of British Helicopters’. Find out more about their visit.
Mobile Boost scheme extended
Connecting Devon and Somerset’s scheme to improve indoor 4G mobile phone coverage in the region has been extended with support of additional funding from the LEP, to meet ongoing demand.
More than 1,200 homes and businesses across Devon, Somerset, Torbay and Plymouth have already benefited from the scheme. Read more about the scheme and how it is supporting local businesses and residents.
Autumn Statement: stability over growth?
In this month’s blog our CEO David Ralph discusses the Autumn Statement’s impact on the region.
“We are missing a clear and comprehensive plan to grow the economy. Without this, we risk ambitions not being realised.”
“There is much more that needs to be done to realise the opportunities we have here in the Heart of the South West, and ensure that we can play our part in the country’s future.”
Carry on reading for David’s insights.
