The Oxfordshire Local Enterprise Partnership (OxLEP) has announced a new part-Government funded project – delivered in collaboration with Oxford Brookes University – set to promote entrepreneurship and support start-up businesses in the county.
The new Oxford Brookes Enterprise Centre will give companies access to lab spaces, experts and professional networks. It’s also hoped that the new project will support the creation of at least 17 start-up companies and 74 jobs too.
The announcement follows recent global attention on Oxfordshire’s research and innovation excellence, with the county leading the way in the development of a COVID-19 vaccine.
The centre hopes to capitalise upon this excellence as well as Oxfordshire’s dense network of research, knowledge-intensive businesses and skilled workers – essential to a successful ‘innovation ecosystem’.
The Oxford Brookes Enterprise Centre will focus on health and life sciences and the digital technologies sector. It will provide premises for spinout and early stage companies with laboratory space, co-working space, meeting rooms and a multi-purpose enterprise space.
Associated research, business and professional support networks will also deepen collaboration and accelerate the commercialisation of new ideas.
OxLEP secured £837,000 of funding for the project via the government’s Local Growth Fund. The Local Growth Fund investment aims to allow LEPs to use their local knowledge to promote growth in their individual regions.
OxLEP is one of 38 Local Enterprise Partnerships (LEPs) in England playing a key role in driving forward economic growth and – by 2021 – it’s expected that central Government will have invested over £12bn into the UK economy via the Local Growth Fund.
Analysis has shown that for every £1 of Local Growth Fund invested, £4.81 in benefits could be generated.