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East Midlands Innovation
Employment, learning and skillsInnovation
Innovation is the successful development and introduction of new ideas – not just for science and technology but for all new products, new services, new ways of running business, new ways of doing business and more.
In a global economy innovation is an increasingly important way for businesses to maintain a competitive advantage and achieve their growth potential.
The challenge
The East Midlands needs to address its current ‘innovation deficit’.
The region compares favourably with the rest of the UK on Business Expenditure on R&D (BERD). In 2002 this was 1.8% of Gross Value Added, compared to 1.4% for the UK. A number of East Midlands companies perform exceptionally on R&D investment and lead their respective sectors nationally.
But just 4% of turnover relates to new or improved products in the East Midlands, compared to an average of 9% for the rest of the UK. With 25% of the region’s GDP generated by manufacturing businesses, this low level of innovation is putting a major section of our industry base at risk.
Much of the region’s R&D investment is concentrated in a handful of larger companies. We need to raise awareness among businesses, particularly SMEs, about the economic value of investing in R&D. Innovation leads to more and better paid jobs, higher value products and services and increased productivity.
A critical activity is to develop and enhance links between businesses and the science base in order to maximise the market opportunities for regional innovation.
East Midlands Innovation
East Midlands Innovation is the region's Innovation Council, which is funded by emda's investment in innovation support.
The vision is for the East Midlands to become a fast growing, dynamic economy based on innovative, knowledge based companies competing successfully in the global economy.
East Midlands Innovation launched its Regional Innovation Strategy and action plan in November 2006. This sets out how we will use the knowledge, skills and creativity of organisations and individuals to build an innovation led economy.
To find out more visit the East Midlands Innovation Portal.
Nottingham Science City
emda is investing almost £1.1m in this three year project, after the Government awarded Nottingham Science City status in 2005. emda’s funding is helping the city to strengthen a reputation for cutting edge research and commercialisation of science and technology.
To find out more visit the Nottingham Science City website.
BioCity
BioCity in Nottingham is one of Europe's largest bioscience incubators – a joint venture between emda and Nottingham’s two universities. Over 60 companies, employing more than 525 people, are now based there.
The first facility opened in September 2003, and Phase 3 in the form of grow-on space, opened in October 2008.
Phase 3 of the site’s development enable 5 BioCity based businesses to expand – freeing up incubator space for new businesses. emda has committed almost £3m, with another £1m coming from the European Regional Development Fund. The firms occupying this phase have invested a further £2m.
BioCity launched its own investment fund, Mobius Life Sciences, focused on providing seed finance for life science companies on 1st October 2009.
To find out more visit the BioCity website.