Hub to nurture new process business

Wilton, UK - The Centre for Process Innovation (CPI) has started up a £4.5-million initiative to create new business opportunities in the process industries sector in the Tees Valley. The Process Industries New Business Opportunity Hub at Wilton aims to assist 150 small companies with growth plans, attract 50 new businesses to the region, create 90 new jobs and safeguard 75 others.

With extensive modular units, office space and laboratory areas equipped with testing facilities, CPI said the hub will enable SMEs to nurture embryonic commercial ideas. It will also provide process industry market sector experts to assist local businesses with market analysis, entrepreneurial skills and access to finance.

The initiative has attracted £780,000 in funding from One North East as well as £1.73 million is part finance from the European Regional Development Fund 2007-13. Further funding of up to £2 million has come in from the private sector.

The hub will tap into a range of sources for new business opportunities, including existing regional companies, North East universites and the CPI’s own advanced processing, low-carbon energy and functional materials capabilities.

The facility offers “a fully equipped physical environment in which to nurture new businesses,” said Mike Anderson, CPI’s new businesses development director. “But it’s not just about the incubator acting as a valuable anchor and focus on particular technologies. It’s also essential to provide high level business support at the marketing and market sector level.

“We will also provide a team of sector specialists to accelerate business growth plans and assist start up companies with market analysis, investment strategy and interim management. They will work with SMEs to enhance knowledge of their market segments, their competitors and their competitive position.”