Our SEP highlights how more high growth businesses in the North East LEP area will help us secure economic resilience, improve the rate of private sector employment density and deliver more and better jobs. We refer to these high growth businesses as ‘scaleups.’
In 2014, the North East LEP area had 420 scaleups employing 15,500 people with a combined turnover of £1.8billion. A third of the increase in the value of goods and services produced in the North East during 2014 could be attributed to these 420 scaleups.
The North East economy is doing well and we have seen significant business growth in the past two years. But we want to do even better by increasing the number of scaleup businesses in the North East LEP area by 50% by 2024, creating 6,000 more jobs.
We are working on a range of activities to support businesses across the North East on their scaleup journey. These include:
We have secured resources for the North East in different ways. We oversaw the development of successful regional programme proposals to the UK Government to secure three rounds of Regional Growth Fund and Local Growth Fund investment. We prepared the strategy for European Strategic and Investment Funds and have used our resources to develop projects which lever significant additional resources for the North East.
With partners, we have prepared successful proposals for the 21 Enterprise Zone sites which have secured government tax benefits for investor business and will deliver a rolling investment fund over time. We have also secured resources from other sources for specific projects aiming to take forward aspects of the SEP, for example the Gatsby Foundation have resourced the regional project to improve careers advice and support and Horizon 2020 funding was secured to develop our engagement with European innovation platforms.
All of the projects that the North East LEP is currently funding can be found on our projects page.