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Venturefest has positive economic impact on North East businesses

Venturefest North East, the innovation conference which attracted 500 entrepreneurs and businesses last week, has proved to have a positive economic impact on the region as 14 businesses offered funding at the event itself.

The event’s overall economic impact on regional businesses will be calculated over the coming weeks, with the final figure expected to be significantly higher than initial 14 businesses to be provided with funding.

The sell-out event was delivered by Newcastle Science City with support from Innovate UK, the Government’s Innovation Agency, and the North East LEP.

Small and medium sized businesses from across the region came together to hear inspiring innovation stories and case-studies from over 40 speakers at the free, all-day event.

Delegates heard from business champion Paul Callaghan of The Leighton Group, Matt Mead who runs Nesta’s social impact investment fund for innovative ventures tackling major social need in the UK, and Simon Evetts of Wyle Group, a partner of the European Space Agency and NASA, who spoke about how learning from space can be reapplied on Earth.

Key note speaker, Joe Faith, a project manager at Google UK, revealed Google’s lean innovation strategy for success, encouraging businesses to allow failure to happen more often in order to succeed quicker.

Formerly senior lecturer at Northumbria University, Joe moved to the US in 2011 to take up a post with Google based at their headquarters in California.

In 2014 he returned to the UK and is now developing a major new product for Google in London from his base in Newcastle.

Venturefest North East also saw the launch of a major new £80 million innovation strategy by the North East LEP.

Innovation Champion Roy Sandbach introduced their brand new Innovation Programme at the event, outlining the opportunities innovation can bring for regional businesses.

The Government’s innovation agency Innovate UK also chose to use the event to launch a new £2 million national feasibility funding competition for the technology sector.

The event was very well received by the audience, sponsors and exhibitors, attracting support from both public and private partners across the North East, as well as all five of the region’s universities, demonstrating how business and academia can work together.

Attendees accessed business advice and services from over 40 exhibitors, and a unique Innovation Showcase was presented in association with the North East Business & Innovation Centre (BIC), featuring exciting new products from some of the region’s most innovative businesses.

Delegates heard from a variety of other innovation experts and over 35 industry experts speaking on different aspects of innovation in eight workshop sessions, led by industry partners Ward Hadaway, Offshore Renewable Energy Catapult, CPI with Durham University, Enterprise Europe Network, Escher Group, Newcastle Biomedicine, Newcastle University, RTC North, Design Network North and Zero Carbon Futures.

Working with GrowthAccelerator, the conference also featured over 250 separate ‘elevator pitch’ meetings between funders and businesses.

The event’s economic impact on regional business will be calculated over the coming weeks, but is already thought to be significant, with 14 businesses offered funding at the event itself, the final figure is expected to be significantly higher.

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