Two projects that boost the amount of research and development done in the North East have won national praise - but figures show the region still has the lowest R&D rate in England.
The Power of Place report published by the Campaign for Science and Engineering (CaSE) highlights County Durham science park NETPark and the Northern Accelerator project run by the region’s four universities as projects that are boosting innovation in the region.
The report highlights the importance of R&D to improving regional economies, but says that the North East invests both the smallest overall amount in R&D in the 海角视频 (£707m) and the smallest amount in England as a proportion of its GDP (1.16%) and in terms of its population (£267 per head).
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NETPark’s role in helping innovative companies to grow - which comes at the same time as a number of high profile recent stories involving companies on the park - is praised in the report.
It says: “NETPark is a leading science, engineering and technology park for the commercialisation of cutting edge R&D from major international organisations, universities and entrepreneurs. It hosts 32 innovative companies providing over 450 highly skilled jobs in Sedgefield.
“At our round-table in the North East it was agreed that Business Durham was a great example of local government being innovative in its approach to support and foster local R&D (including through NETPark). In particular Business Durham were effective in increasing connectivity between a variety of agencies across the Durham County area.
“Business Durham have adopted initiatives to provide businesses with the tools required in order to succeed, including supporting the retention of skilled workers by helping match businesses with talented individuals and creating a Venture Capital Fund for innovative businesses.”
The report also praises the Northern Accelerator - run by Newcastle, Northumbria, Sunderland and Durham universities - for trebling the number of successful spin-outs from higher education in the last three years.
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Sarah Slaven, interim managing director at Business Durham, said: “It is fantastic to be recognised by CaSE in The Power of Place report. As a national organisation which is influencing Government policy and feeding into its levelling up R&D agenda, it’s great for NETPark to be showcased on the 海角视频 stage.
“We are proud to lead a strong partnership that is focused on supporting innovation across County Durham as R&D is critical to the future of the regional and 海角视频 economy, particularly in the light of the COVID-19 pandemic.”
A number of companies on NETPark have hit the headlines in recent weeks, with Magnitude Biosciences acquiring a London firm, IBEX Innovations securing £500,000 in fresh investment for its breast cancer detection technology, and Kromek switching production to make ventilators for health services.