North East Small Loan Fund grants £24k to innovate local business

A local support organisation is investing in future development through its move into larger offices.

Innovation SuperNetwork is utilising a £24k investment from the North East Small Loan Fund Supported by The European Regional Development Fund, aiding its move into new regional premises.

The Small Loan Fund investment was secured through regional fund management firm NEL Fund Managers and will enable the organisation, and the growing innovative businesses it supports, to make better use of the BIC’s new Innovation Zone business incubator and co-working space.

Founded in 2015, the Innovation SuperNetwork is strategically aligned with the North East LEP with a mission to increase the adoption of innovative practice in regional businesses through cross-sector collaboration, ultimately supporting economic growth.

Simon Green, CEO at Innovation SuperNetwork, commented: “All our innovation projects are built around collaboration and joint creation.

“This means it’s really important for our team to be able to work in the same space and to be working alongside innovative businesses and partners.

“Our recent office move provides the extra space for this, whilst locating in the Innovation Zone means that businesses, investors and innovation support organisations can take up space right next to our team.”

Innovation SuperNetwork currently has 14 members of staff but is looking to bring in a number of new innovation managers following an expansion in its remit to deliver sector-specific accelerator and cluster innovation programmes.

Ensuring it has the space available to accommodate a bigger team was part of the rationale for the move.

Jonathan Armitage, investment executive at NEL Fund Managers, added: “Innovation SuperNetwork is the catalyst for a huge amount of business innovation and success across and beyond the North East.

“The facilities and infrastructure that they’re now putting in place will have a substantial positive impact on both Innovation SuperNetwork’s future progress and the wider regional economy.”

The North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering up to £80m for further regional investment.

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