Strategy for Success
One NorthEast and partners have created the Strategy for Success to exploit the region’s research and technology base to generate innovation, competitiveness and long-term economic growth.
The goal is to achieve long-term structural change in the region’s economy and sustained development by renewing the science and technology base. Productivity and international competitiveness will be boosted through effective research and development, and the encouragement of innovative new ways of doing things.
Three main components of the Strategy for Success are:
- The Regional Science & Industry Council
- Five Centres of Excellence in the key areas of Digital Technology & Media (Codeworks), Life Sciences (CELS), Emerging Technologies (Cenamps), New & Renewable Energy (NaREC), and Process Innovation (CPI)
- The venture finance company NStar.
The five Centres of Excellence promote wealth creation by encouraging the exploitation of world-class research. They are supporting and nurturing high technology companies, and forming international partnerships to tackle commercial opportunities or carry out joint research activities.
The Centres together employ more than 110 highly skilled, internationally experienced executives, project managers, and finance and marketing specialists.
Although the Centres operate independently,they combine their specialist expertise on projects to seize opportunities arising from science. Some examples:
- Bio-processing - CELS/CPI
- Fuel cells - NaREC/CPI
- Technologies to help the elderly - Codeworks/CELS
Codeworks, CELS and Cenamps have headquarters in Newcastle with satellite offices in the region. NaREC is located at Blyth, Northumberland, and CPI at Wilton, Teesside.
NStar has been created to ensure that suitable finance is available to technology companies which are starting up. This currently involves a Proof of Concept Fund, with £10m available for investment, and a Co-Investment Fund (£23m).
