Creating high growth businesses

Newcastle as a Science City (NSC) is aiming to create 500 new high growth companies by 2025. To help in the drive towards this ambitious target a unique vehicle, The Innovation Machine has been established.

Over the past two years the innovation machine programme has enabled budding entrepreneurs to come and work with Newcastle Science Company to develop their business ideas.

The entrepreneurs sit alongside the Newcastle Science City team and benefit from their expertise in a wide range of areas; project management, finance, marketing and procurement. In addition to this strength they also have access to a wide range of external suppliers based within the region for example; legal advice, Intellectual Property (IP), business mentors and venture capitalists.

During their time with the team the programme ensures that they have access to everything they need to spin out a successful company,  based here in the North East.

To date seven businesses have launched from the programme with a further four due to take flight in 2012.

The programme, funded in part through the European Regional Development Fund (ERDF) has been recognised by the partners as a major success. As a result key elements of the business development model have been built into Newcastle Science Company's external business support offer, to ensure that businesses across the region can also benefit from the concept and ideas behind the original Innovation Machine model.

The Newcastle Innovation Machine project aims to create and support high-growth innovative companies and is part financed by the European Union’s ERDF Competitiveness programme 2007-13, securing £3m of ERDF investment through the regional development agency One North East.