Trio of Innovation Centres set to transform Cornish economy

25.02.2011

Three innovation centres are set to transform the way in which Cornish innovators do business.

The Pool Innovation Centre, Tremough Innovation Centre, and the Wellbeing Innovation Centre, which are ERDF Convergence funded, are at three different stages of development, but all expected to stimulate economic growth and development in the heartlands of Cornwall.

The first of the three to be completed, Pool Innovation Centre (PIC), which is managed by the University of Plymouth, opened only 6 months ago, and is being hailed as a runaway success.

The £12m centre, designed to meet the highest environmental sustainability standards, and has exceptionally fast fibre optic broadband infrastructure, has attracted several digital and creative businesses.

Already home to 20 firms and with several others in the pipeline, PIC is approaching an occupancy level of 50 per cent, a figure not expected until the third year of operation. Statistics have also revealed that 4,000 members of Cornwall's business sector have interacted with PIC in its first few months.

Councillor Carolyn Rule, Cornwall Council Cabinet member for the economy and regeneration, said: "We are thrilled by the success of the PIC and the way it has surpassed expectations."

"The number of exciting new companies taking up residence at the facility is testament to the excellent work of the University of Plymouth and the appetite for such high-quality business incubation space in Cornwall."

The £13m Tremough Innovation Centre (TIC), which is currently under construction on the University College Falmouth campus in Penryn, will house The Environment and Sustainability Institute and the European Centre for Environment and Human Health, as well as up to 70 related businesses.

Due to the close proximity to the University College, the centre is expected to strengthen the links between business and academia, as well as spark knowledge transfer and innovation.

Gavin Wonnacott, head of business incubation at the South West RDA, added: "Together, the Pool and Tremough centres form Cornwall's growth hub, driving economic and business growth from the county's environmental, natural resource and creative sectors. Far more than property, they provide the essential link between research, education, business and investors. Our focus is creating successful businesses and high-value jobs."

The Wellbeing Innovation Centre (WIC) at Treliske (Royal Cornwall Hospital) will complete the trilogy of innovation centres.

Construction work on WIC will start on June 16, subject to funding and planning approval, and there are already enquiries from potential tenants.

Together the innovation centres will provide business incubation hubs, focused on developing environments that encourage business growth. It is expected that having competitors in a shared environment will spark innovation, which is recognised as a key means of raising the county's economic game.

Len Smith, investment manager at Cornwall Council, points out; "The innovation centres are all written into the Convergence operational programme – there are not many projects that are able to say that. One is in place and doing great, another one is in place and we are working on the third one."