Regional business support organisation Innovation SuperNetwork has been acquired by North East contemporary UMi Holdings.
The not-for-profit, which specialises in connecting innovating firms with support and finance, has become part of the Durham-based business support firm but will continue to operate as a standalone organisation. The move coincides with CEO Estelle Banks stepping down and UMi's CEO Nicki Clark taking the helm.
Since its creation eight years ago, Innovation SuperNetwork has helped more than 1,700 business - billing itself as an "anchor point for the region's innovation ecosystem", and helping firms access finance and support in order to innovate. It runs the recently re-launched Northern Investor Hub, an investor network of more than 200 angels and funds which has leveraged more than £40m of investment for businesses since 2019. It is also the organiser of the VentureFest series of conferences, which saw its 10th edition last year.
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Nicki Clark said: “The addition of Innovation SuperNetwork and its specialisms to UMi’s portfolio strategically and practically enhances our collective ability to create an even bigger impact. Both organisations have very clear and aligned purposes - to help SMEs do more and go further by taking the hard work out of accessing and using expertise and finance. I’m incredibly excited about the additional impact and success that will be achieved because of the immensely talented teams across the SuperNetwork and UMi joining forces. It is a perfect example of something I believe passionately in, which is that we can achieve more by working together as individuals and enterprises than we can apart.”
Estelle Blanks, who has been CEO at Innovation SuperNetwork since April 2021, and has overseen a significant period of growth, took the decision in January to step down as CEO. She said: “It has been an incredible privilege to play a leading role in establishing and growing the Innovation SuperNetwork, alongside a talented team of innovation specialists. As we stand today, we have successfully navigated a changing funding and governance landscape in the North East to secure and deliver a broad portfolio of innovation and access to finance support programmes across the North East and Tees Valley.
“I decided to take up an exciting new career opportunity at the beginning of the year. Alongside the directors of the board, we explored several options to continue the SuperNetwork’s growth as an anchor-point for innovation in the region. The decision to go ahead with an acquisition plan was a timely opportunity to align with UMi. It recognises the strengths of both organisations and increases the potential for the SuperNetwork to grow and enable sustainable and inclusive economic growth through the provision of exceptional innovation and access to finance support.”
