Introduction David Ralph, HotSW LEP CEO
It is hard to believe that we are not far off entering the third year of the pandemic, but it seems there is light at the end of the tunnel. With a ‘new normal’ on its way, I am optimistic for the future. The fundamental opportunities for ‘good growth’ in our area remain, and the potential is there for local stakeholders to work together in developing a resilient economy under a long-term vision for the Heart of the South West.
Of course, that is not to underplay the global headwinds we face – high energy prices, inflationary pressures, sustained labour shortages, and disruption to supply chains present increasing risks. And some sectors continue to experience real hardship. It is possible, though, that labour scarcity and pandemic-induced digitalisation could induce a rebound in business investment in new technology; positive business sentiment is growing with some strong order books now being reported. Locally we can encourage this momentum by supporting creative, cultural, digital, and knowledge-based sectors; helping businesses to get a greater understanding of digital and intangible markets and services, supporting the development of the new skills that will be needed in the future.
Industrial change and restructuring will continue. On the one hand, urban areas are being hard hit by office jobs and retail restructuring. On the other hand, the greening of the economy will be most intense where the majority of residents and businesses are located and work. There will be massive change, big structural and transitional challenges, but also big opportunities.
As we look to overcome the challenges ahead of us as we start the year, it’s important that we take shared ownership of the agenda on a local level. If local areas collaborate effectively, this has the potential to be really powerful. I am delighted to see such positive news in this month’s newsletter, including investment opportunities, government skills training, and much more.
David Ralph
Chief Executive
Digital investment oppportunities
We recently announced a new funding call for projects to tackle key economic and societal challenges through data analytics and digital innovation.
There is up to £2 million of capital funding available to support projects which are delivering:
- Growth in the environmental intelligence market, exploiting the area’s data and research capabilities.
- Maximisation of clean growth applications from marine geospatial innovation.
- Reduced emissions from agriculture through the acceleration of development, commercialisation and dissemination of data analytics and AI technologies.
- Increased innovation through 5G, with a particular focus on delivering net zero ambitions.
If you are interested in applying, find out more and complete the Expression of Interest form by 9th Feb here.
Our economy dashboard analyses data across key issues including productivity, innovation, digital connectivity, business, and employment, to give a picture of the area’s economic performance and productivity, and to inform priorities going forward.
Inward investment grant available for SMEs in the Heart of the South West
In August 2021 we launched a £900,000 grant scheme for foreign-owned companies investing in the area to create jobs in Devon, Plymouth, Somerset and Torbay.
The grant is still open for applications from eligible businesses. Interested in applying? Find out more about the grant here.
New business support service launched by Growth Hub
Thrive is a new business support programme which has been launched by the Growth Hub to offer a range of training and support services for the self-employed and small to medium size enterprises (SMEs) in Devon, Plymouth, Somerset and Torbay.
The programme aims to support businesses to be the best that they can be, by offering free diagnostic and training services, with up to 12 hours of tailor-made support that will enable businesses to improve and grow.
To apply, register here and one of the Growth Hub’s business advisers will be in touch.
A reminder from HMRC
HMRC waived late filing and late payment penalties for Self Assessment taxpayers for one month, allowing them until 31st January to complete their 2020/21 tax return and pay any tax due.
Don’t forget to file yours by the end of the month. Find out more about the extension here.
Train4Tomorrow welcomes spring 2022 cohort
The Train4Tomorrow programme, part of the Government’s Plan for Jobs scheme and funded through the National Skills Fund, has welcomed its spring cohort of learners.
Train4Tomorrow offers free, high quality, digital and technical training to employed and unemployed adults across the South West. The Skills Bootcamps are designed by industry to meet their open and live vacancies. Bootcamps starting in February include welding, agri tech, IT readiness, and cyber readiness.
Find out more about the free bootcamps, and recruiting from the pool of highly-skilled graduates, here.
Exeter Science Park opens new £5m centre
Exeter Science Park’s new £5 million centre for maturing STEMM (science, technology, engineering, maths and medical) businesses opened its doors this month, providing bespoke laboratory and office space for 100 jobs.
The first tenants to move into the George Parker Bidder building, which is built to net zero carbon standards, will cross the road from the Science Park Centre to embark on the next stage of their business growth. They include Concept First, Remit Zero, Securious, Edson Tiger, Rx-info, and Dashboard.
Funding for the build was secured in August 2020 from the Government’s ‘Getting Building Fund’ and allocated to Exeter Science Park by the HotSW LEP from the £35.4 million share of the national pot. The building was one of the first Getting Building Fund projects to begin construction in the area. Read more about the project here.
Next step for £100m Bridgwater Tidal Barrier
The Bridgwater Tidal Barrier, designed to protect around 13,000 homes and businesses from flooding, is one step nearer now the Secretary of State for Environment, Food and Rural Affairs has approved the Transport & Works Act Order.
The TWAO grants powers to construct and operate the tidal barrier, which is a partnership project between the Environment Agency and Sedgemoor District Council. The barrier will feature two moveable gates on the River Parrett between Express Park and Chilton Trinity in Bridgwater. In addition, new flood defence embankments and improvements to existing embankments will be constructed on the River Parrett downstream of the barrier.
We are delighted to have contributed £2 million of Growth Deal funding to the project, to help provide much needed protection to homes, businesses, and infrastructure in Bridgwater.
In our latest blog post, David Ralph, CEO at the HotSW LEP, reflects on businesses’ changing appetite for growth, specifically ‘good growth’, and asks: have we lost enthusiasm? And how can businesses plan for ‘good growth’?
Read the full post here
