THE ECONOMIC strengths and weaknesses of Northamptonshire go under the microscope in a new report.
The Northamptonshire Innovation Ecosystem Report, carried out by the University of Northampton and strategy specialist Whitecap Consulting in Milton Keynes, aims to identify the innovation and growth potential of the county and close the GVA gap.
Data published at the end of last year by company secretarial software specialist Inform Direct showed that the number of companies registered in Northamptonshire had risen by 4.6% to an all-time high. Yet in 2022 its GVA – at around £61,000 – was just over 10% lower than the £68,000 UK national average.
Helen Miller, the university’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.”
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 Councils as part of their economic strategy.
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.
Whitecap Consulting director Lal Tawney said: “By examining collaboration within and between firms across key sectors, from logistics to food and drink manufacturing to Silverstone Tech Cluster, we will gain a clear picture of what is working well and where there is room for growth.
“Identifying talent gaps and pinpointing the right funding sources will be crucial in nurturing a culture of innovation.”
Anyone 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.
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