Funding the project will support the priorities outlined in the Enterprise M3 Strategic Economic Plan 2018 – 2030 by:
•Stimulating research and innovation in enabling digital technologies.
•Facilitating the commercialisation of AI and technology opportunities by providing access to specialist facilities for businesses and developing connections between large businesses and SMEs, enhancing the ability for them to collaborate and bring new ideas to market more quickly, driving local and UK competitiveness.
•Developing international connections which will open up opportunities for local SMEs to internationalise and encourage inward investment.
•Encouraging investment in the area as start-ups and digital businesses will be attracted to stay or locate in the Enterprise M3 region if they can access the specialist facilities, expertise and incubation space at the Regional Centre to help grow their business.
•Supporting the development of key skills digital businesses need to grow by providing access to practical training on security platforms
•Encouraging knowledge exchange between industry and research by providing all students with the opportunity to take an additional year as part of their degree programme, as a Year of Enterprise.
•Supporting high value sectors that intersect with digital technologies, in particular the space and satellite technology, life sciences, especially Medical Technology and professional services sectors.
•Supporting high productivity SMEs to scale up through the provision of space to test and develop products alongside access to specialists and support services.
•Linking with the Growth Hub and SetSquared to bring together universities and business in key sectors to enhance the culture of innovation and enterprise across the Enterprise M3 area.
The development of the Regional Cyber Security and Big Data Innovation Centre will also deliver:
•Incubation of a minimum of 25 businesses over 5 years
•250 new FTEs over a five-year period
•250 safeguarded FTEs over a five-year period
•An increase in GVA of £300m to £500m over a ten-year period