New funding from a regional business development agency is expected to give rise to hundreds of new high-tech companies in Cambridge and the east.
St. John’s Innovation Centre in Cambridge has been awarded a contract worth over a million pounds by the East of England Development Agency (EEDA) to fund the launch and growth of up to 200 new high-tech businesses.
EEDA says the new programme should help create over 400 new jobs and encourage millions of pounds of investment into regional start-up companies over the next three years.
As a result of the funding, St John’s Innovation Centre will now be classed as an EEDA Enterprise Hub.
The programme will chiefly focus on developing specialist support for the region to ensure that start-ups are ‘investor-ready’ and capable of growth.
Businesses will be supported by the East of England Innovation Relay Centre in their development, and an appointed International Relations Officer will be responsible for finding international partners for the most innovative companies.
“This contract is an excellent example of how public sector funding and private sector know how can come together for the benefit of entrepreneurs in our region,” said David Marlow, chief executive of EEDA.
“The three strands of this initiative are designed to give our entrepreneurs the chance to compete effectively not only in the UK but in Europe and across the world.
“By creating strong networks and clusters we are ensuring opportunities are opening up to all those who have products and services which have the potential to have a significant impact on the economy.”
