Mapping incubators, accelerators and co-working spaces in the North West: A review of the economic benefit of the regions workspaces and their role in encouraging innovation March 2018 For further information contact:
[email protected] March 2018 !1 Executive Summary Introduction • Incubators, accelerators and co-working spaces (IACs) provide workspace and support to start-ups / small businesses and can play a key role in driving up productivity and innovation within the economy. • National research has found that start-ups that have access to strong IAC’s are more likely to survive and grow than those that are not part of a formal programme, supporting economic growth in an area.1 Furthermore, a recent report for the Northern Powerhouse Partnership2 recognised their potential for boosting the North’s contribution to the UK’s economy, particularly for the tech sector but increasingly for all sectors. It found that incubators across the prime capabilities are accessible across the North, despite the fact that more than half of the UK’s total are in London. Therefore, understanding how the North West can encourage and support IACs will help boost productivity and economic growth in the region. • In the North West, the number of start-ups per 10,000 working age population significantly lags London (171) the UK as a whole (100) and the East of England (120) at 93. Given the link with productivity and innovation this suggests that there is room for growth in IAC’s across the region. • It is set in this context that this report for the NW Regional Leaders Board reviews the incubator, accelerator and co-working space landscape across the North West.