Hi-tech business gets a cash boost

Apr 16 2009 by Sam Wood, The Journal

A £2.1m investment was announced for Sunderland last night which will help create dozens of new hi-tech businesses.

The North East Business and Innovation Centre (BIC) in the city has won the investment from regional development agency One North East to help boost Sunderland Software City.

The initiative is aimed at developing knowledge and infrastructure in the region to create and grow software businesses and attract investment.

And it is hoped the new cash announced last night will create 70 new businesses.

The project is being part financed by the European Union’s ERDF Competitiveness Programme 2007-13, securing £855,000 ERDF investment to add to £1.25m through Solutions for Business, the Government’s portfolio of publicly funded business support to help companies start and grow. The BIC’s contribution to the initiative is focusing on enterprise, and growth for the development of new software products.