- Initiative underlines Mayor’s innovation powerhouse ambitions
- Tech accelerator will support up to 60 start-up businesses in five years
Mayor Steve Rotheram has unveiled a £4.1m plan to speed up the growth of small and medium sized enterprises (SMEs) in Liverpool City Region’s tech industries.
The ‘tech accelerator’ is designed to create new high-quality jobs by providing intensive support, mentoring and investment for up to 60 start-up businesses over five years.
If approved at tomorrow’s (Friday) Combined Authority meeting, the initiative will aim to give local businesses a reason to stay and grow in the city region – while also attracting national and international start-ups, mentors and investors.
The Mayor’s ambition is to invest nearly 5% of the local economy on research and development (R&D) by 2030 – nearly double the government’s UK target. Achieving this would add an estimated £41.7bn to the city region’s economy and create 44,000 jobs.
Steve Rotheram, Mayor of the Liverpool City Region, said:
“SMEs are the cornerstone of our economy, accounting for 99% of all businesses in the Liverpool City Region. They are fundamental to our present and future success, and I want to support those businesses operating in those future-facing industries to expand and take their business to the next level.
“We want businesses to help us to create well-paid, secure jobs and training opportunities, attract investment and bring greater prosperity to our communities. They can also deliver a greater return on our investment while keeping more of the money we spend in the local economy, meaning that we get much more bang for our buck.
“We’re already home to one of the country’s most advanced tech clusters – and the appetite for their services is only going to get bigger as we become an increasingly technological society. I want to harness the expertise here in our region and establish ourselves as a leader on the global stage. We can only do that by empowering our SMEs to grow and succeed – and I’m hoping this investment will help to unleash their full potential.”
This launch underlines the Mayor’s wider determination to drive innovation in the Liverpool City Region and follows a series of investments and initiatives including LYVA Labs, the High Growth Innovation Fund and the Future Innovation Fund – totalling almost £8.5m.
Under the initiative, five accelerator programmes will run over five years, each supporting between seven and 12 companies. Further information on how companies can apply for support will be published when the initiative, if approved, is up and running.
Using the Strategic Investment Fund (SIF) a not-for-profit company would be set up, overseen by a board and advisory panel, made up of volunteers from diverse backgrounds – as part of a wider effort to improve representation among the region’s businesses.
Working with the LCR Race Equality Programme, it will also ensure diversity among applicants by ensuring that at least 10% of the companies supported have founders who are from black, Asian and ethnic minority backgrounds.
Successful applicants will benefit from help to develop funding strategies and investor pitches, make introductions to investors and offer collaboration with finance initiatives such as LCR Angels, the LCR Seed Fund and Finance Hub.
Deputy Metro Mayor of the Liverpool City Region and Leader of Wirral Council, Councillor Janette Williamson said:
“If we are to realise our ambition in place to make Liverpool City Region a national and world leader in innovation then we need to help our local tech firms to succeed and to create a supportive and attractive environment for businesses looking to relocate.
“This tech accelerator offers tailored, practical support that will help small and medium-sized businesses to speed up their growth and ensure that they embed our net zero ambitions and diversity targets within their plans.”