A programme to help grow businesses in the Tees Valley has been announced with plans to attract almost £1m in private investment and support 70 new jobs.
The Grow Tees Valley scheme, which aims to help SMEs to develop and grow as they develop new services or products, will be run by Teesside University with financial support from the European Regional Development Fund (ERDF).
The scheme was announced by Teesside’s pro-vice chancellor Prof Jane Turner at the VentureFest Tees Valley event held at the Riverside Stadium in Middlesbrough.
She said: “It is a great privilege to be able to unveil our plans for Grow Tees Valley at VentureFest Tees Valley, an event that is specifically designed to help support small and medium-sized businesses and encourage them to thrive.
“We are really excited to hear from businesses that are keen to develop and expand, and are confident that by matching our experts with businesses in the region we can attract investment and bring new products and services to market, as well as delivering a real employment boost to the area.”
The scheme will see business experts working with companies looking to improve or develop a product, embed a new service within their company or enter new markets.
By carrying out a detailed business diagnostic, the team will identify areas where a business would benefit from support. Businesses ready to explore product development could also potentially secure 50% funding from a Growth Spark grant, up to a maximum of £20,000.
Simon Green, CEO of VentureFest Tees Valley, said: “We were delighted to have Prof Turner with us today and for Grow Tees Valley to be launched as part of her keynote was a great coup.
“We had over 200 businesses in attendance, ranging from start-ups to established organisations which meant it was the perfect audience mix for this type of announcement. We work very closely with Teesside University and are looking forward to seeing such a forward-thinking programme develop.
“Along with the announcement, our impressive line-up of speakers meant that there was something for everyone today.
“With an address from the Mayor of Tees Valley, Ben Houchen, keynotes from local and national investment and innovation figures and a live innovation challenge from housing provider Thirteen Group, it was an extremely busy but productive day with lots of new connections made.”
