Investment in high innovation and technology sector sparks sustained job growth

A cluster of high innovation and technology businesses in Northamptonshire have exceeded targets for job creation, creating 724 well paid jobs and opportunities for local people.

The job growth was achieved as a result of a £2.1m investment from the Regional Growth Fund (RGF). This government fund was allocated to businesses, with the aim to create lasting employment.

To be eligible for the fund, businesses needed to evidence significant private sector investment in research and development activity, which would ultimately lead to the creation of sustainable private sector jobs and positive impact on the local supply chain.

As a direct result of this funding, businesses were able to create or safeguard 724 jobs, exceeding the job creation targets set by 62%.

As well as exceeding the job targets, this investment has helped strengthen Northamptonshire’s innovation successes.

Whilst funding for RGF has come to a close, the South East Midlands Local Enterprise Partnership (SEMLEP) continues to monitor the progress and performance of projects awarded grants.

SEMLEP is responsible for steering public money into South East Midlands based projects that can leverage private sector investment to create jobs and boost the economy. SEMLEP continues to invest in people, places and business through priorities set out in Local Industrial Strategy.

The Local Industrial Strategy is the plan for future economic success of the South East Midlands. Published in July, the plan was created in consultation with private sector businesses, universities, local authorities, SEMLEP and the Government.

Through the commitments set out in the strategy, SEMLEP will be working with partners to create conditions for new investment into the area, benefiting local communities and pushing government to continue to invest in success.

SEMLEP is committed to creating attractive well-designed places where people want to live and work today and that meet the needs of generations to come. As a part of this work, local small-medium businesses are being supported by SEMLEP’s Growth Hub which offers free advice and guidance on business challenges. It is also rolling out a programme for businesses experiencing high-growth through increased turnover or job creation.

The Regional Growth Fund (RGF) has supported eligible projects and programmes raising private sector investment to create economic growth and lasting employment. No future rounds of the RGF are proposed but SEMLEP will be working with partners to steer further investment into the local economy.