The D2N2 Growth Hub has supported more than 1,300 businesses, secured almost 200 jobs, and created £14m of value to the region’s economy, according to a survey by The Insight Works.
Their review looked at the whole D2N2 Growth Hub 2.0 programme, which ran from June 2018 to June this year, following the success of the original Growth Hub programme.
The review’s key findings were that Hub 2.0 achieved the following:
- Created an additional £14m of value to the D2N2 economy (based on GVA calculations)
- Delivered almost 200 jobs
- Provided a ‘go to’ destination for inclusive business support, advisor support services and signposting, to help local Small to Medium Sized Enterprises (SMEs) develop and tackle issues which restrict their performance
- Delivered business support services to over 1,340 businesses
- Supported 696 enterprises through the project lifecycle, with over 186 receiving grant support to help with their digital needs, capital equipment and specialist consultancy costs
- Delivered around 360 events annually, with almost 10,000 participants
- Achieved excellent value for money; its costs for the services it provided were a third of the cost of comparable business support programmes
The Business Investment Fund, delivered by the Growth Hub, has been particularly successful and has enabled applicants to achieve better performance and operational efficiencies. 78% of businesses that have accessed the funding stated they were more innovative as a result, and 73% had access to new technologies, equipment or facilities. The funding has allowed businesses to increase their Research and Development activities and subsequently increase their growth potential as a result.
Tom Goshawk, Head of Economic Growth and Strategy, said: “We’re really pleased to see this report. It highlights the excellent work of the D2N2 Growth Hub team and its delivery partners, and outlines their great success in delivering support to over 690 businesses across our region. The D2N2 Growth Hub has continued to focus on the productivity challenges businesses are facing in the LEP area and through its delivery, has supported job and GVA creation, thereby helping to boost the D2N2 economy.”
