The North East of the UK prides itself on being an innovative region. The fact today’s Venturefest North East was sold out well in advance is testament to the vibrancy of the inventive and entrepreneurial businesses operating here, and their interest in understanding how new technologies, finance and partnership opportunities can help them grow.
Innovation is one of the key priorities in the Local Enterprise Partnership’s Strategic Economic Plan and our aim is for the North East to become recognised as one of Europe’s leading innovative hotspots.
At the event, I’ll be updating the audience on the work of our Innovation Board and what it’s doing to create the right conditions for these companies to thrive, and will be introducing some of our most creative businesses to the event to share their stories and experiences.
The board brings together business leaders with regional, national and international innovation pedigree, research leaders in our universities, and colleagues from the national and local public sector to create an innovative, collaborative culture for the North East. This is something that will pay major dividends for the future of the region’s economy, and help us to create more and better jobs for people across the North East
We’ve identified four parts of the North East economy – the digital and tech economy, offshore energy and subsea engineering, automotive, particularly low-carbon vehicles, and health and life sciences – in which we have expertise, including concentrations of innovative businesses and excellent research strengths, through which we can generate competitive advantages.
We’re now developing strategic programmes to grow these sectors and promote North East companies nationally and internationally. Venturefest is a great opportunity for North East businesses to come together with Innovate UK and the North East LEP and discuss how we take this forward.
It’s part of our broader strategy to build an ‘innovation ecosystem’, promoting dialogue and collaboration to create new products and services, to deliver growth, and bring more and better jobs to the region.
There’s no doubt the North East is moving forward as a region where innovative businesses can thrive. Indeed, the North East’s digital and tech sector is the fastest growing in the country.
We have a unique economy with some real strengths, and of course, real challenges. Overall, our innovation approach is about building on our advantages and by growing these areas, being clear about what differentiates the North East from other parts of the country.
This clarity will enable us to build partnerships – attracting international investment to work with local businesses and create employment through innovation.
Parts of the North East economy performed very well during the recession. However, other parts of the region face real challenges, which innovation can help to overcome.
One of our aims for this Venturefest is to provide a chance to focus on the North East’s long-standing health challenges and promote discussion about how innovative approaches by businesses and social organisations can make a difference.
A key part of our role as the region’s LEP is enabling people to come together to stimulate collaboration. Events like Venturefest are crucial to creating a collaborative environment and exploring opportunities for growth. I look forward to hearing from the 600 delegates who will be with us at this year’s event and to working with them in future.
You can follow the Venturefest North East event today on Twitter at #VFNE.
Hans Moller is Innovation Director with the North East LEP and chairs the Karolinska Institutet Science Park in Stockholm