New Falmouth University programme to bring over 500 new jobs to the county

Falmouth University has announced that it will receive a £12 million investment from the European Regional Development Fund and local partners for its groundbreaking postgraduate business incubation programme, Launchpad.

The two-year programme is designed to foster the creation of start-up businesses in Cornwall, creating high-value jobs, attracting investment and growing the digital and technology sector in the county. The UK Government has given the go ahead to the project and has committed to funding for the project even after Britain leaves the EU.

The first cohort of students will be recruited by May 2017.

After a successful pilot programme, the University predicts that Launchpad will deliver 128 jobs and 32 high-growth, knowledge based sectors companies in the first three years – based across Cornwall and the Isles of Scilly – increasing to 526 jobs by 2023.

Launchpad works by reversing the traditional model of start-up business support; instead of starting with an entrepreneur and their idea, Launchpad begins with a market gaps identified by industry. During the pilot phase, industry partners including Sony and Amazon worked with Launchpad graduates to set up high-growth start-ups built to market opportunities.

Professor Anne Carlisle, Vice-Chancellor and Chief Executive of Falmouth University, Director of the Falmouth Business School and Founder of Launchpad said, “Launchpad has the potential to transform the economy of Cornwall. Creating jobs and businesses in high-growth sectors will provide a pipeline of talent, helping the county become a hub of creativity and innovation.”

Local MP, George Eustice commented, “I am delighted that Falmouth University’s bid has been successful. The Launchpad programme will deliver 128 new high value jobs and 32 new to market businesses in Smart Specialisation areas. This is wonderful news for Cornwall.”

Nearly £10m is coming from the ERDF, Cornwall Council has provided £2 million of the total investment to help the county achieve its economic growth targets and Falmouth University is also contributing £500,000.

Cornwall Council Portfolio Holder for Economy and Culture, Julian German said, “Cornwall’s technology infrastructure, creative capital and pool of talent means that we are in the right place to capitalize on the digital economy – a sector that’s worth £118bn to the UK economy, and a sector that’s growing. Launchpad will be a key element in our efforts to grow the digital industry in Cornwall.

Notes to editor

More information can be found in the document attached.

For interviews or further information, please contact Anna Brown (a.brown@falmouth.ac.uk or 07798950494)

European Regional Development Fund

The project is receiving £9.83m of funding from the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Department for Communities and Local Government is the Managing Authority for ERDF. Established by the European Union ERDF funds help local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.  For more information visit https://www.gov.uk/european-growth-funding

Contact
Alex Ledbrooke
Engagement Officer, Cornwall and Isles of Scilly ITI Support Team (European Structural and Investment Funds)

Mobile – 07854 039960
Email – aledbrooke@cornwall.gov.uk
Website – www.cornwallislesofscillygrowthprogramme.org.uk
Twitter – @GrowthProgramme

Economic Development and Culture
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