University aims to ‘scale-up’ growth following start up success

The economic strengths and weaknesses of Northamptonshire will be examined in a new report from the University of Northampton (UON) which aims to capitalise on the growth in the number of startup businesses in the county.

At the end of 2023 Inform Direct published data which showed the number of companies registered in the county was at an all-time high following a 4.6 per cent increase in number of new businesses over the preceding 12-months.

Historically, the county has also experienced a productivity gap compared to the national average. In 2022, the Gross Value Added (GVA) per employee in Northamptonshire was approximately £61,000, slightly below the national average of £68,000.

UON has now teamed up strategy specialists Whitecap Consulting for the Northamptonshire Innovation Ecosystem Report (NIER) which will identify the innovation and growth potential of the county and close the GVA gap.

Helen Miller, UON’s Head of Knowledge Exchange and Enterprise, said: “Thriving businesses are crucial to economic health. While Northamptonshire boasts a high rate of startups, nurturing and scaling up their capabilities is essential.

“This project will identify strengths and areas for improvement, allowing us to strategically support local businesses and bridge the county’s productivity gap.

“By fostering a vibrant innovation ecosystem, we can unlock Northamptonshire’s full potential and ensure a prosperous future for the region.”

Lal Tawney, Director, Whitecap Consulting said: “By examining collaboration within and between firms across key sectors, from logistics to food and drink manufacturing to Silverstone Tech Cluster, we’ll gain a clear picture of what’s working well and where there’s room for growth.

“Identifying talent gaps and pinpointing the right funding sources will be crucial in nurturing a culture of innovation.”

UON and Whitecap will also develop a plan to address key barriers to growth which will be adopted by local stakeholders, including: the Silverstone Technology Cluster, the Federation of Small Businesses, and West Northamptonshire and North Northamptonshire unitary councils as part of their economic strategy – to support innovation and growth within the county.

The NIER is due to be completed in September 2024, will provide an in-depth assessment of the county’s innovation landscape, and will:

• Evaluate local innovation capabilities and resources.
• Identify growth opportunities and deliver actionable recommendations for future economic strategy
• Influence policy and vision for West and North Northamptonshire.
• Outline the University of Northampton’s role in supporting these initiatives.

Anyone can with insight on the business landscape in Northamptonshire is welcome to contribute to the study, to find out more, email Business Support at UON, or Lal Tawney at Whitecap Consulting.