Science City chiefs create business innovation machine

Jun 13 2009 by Adrian Pearson, The Journal

SCIENCE City bosses have set up a £6m “business innovation machine” to create jobs through new inventions.

Staff hope Newcastle will soon be home to some of the world’s leading companies but they have put together a list of problems holding back North industry.

Over the next three years, the Innovation Machine will be handed £3m from European funds and £.6m from development agency One North East to tackle those issues.

A database of ‘unmet needs’ has been put together covering everything from services to help nurses and GPs to new specialist areas for training companies.

These potential business ideas are then assessed and if they match the criteria money can be handed over to local companies to build a sellable product.

Already set up is Innovation Scout, which helps private companies find new services and products.

Last night Peter Arnold, chief executive at Newcastle Science City, said: “Our aim is to create new science-based businesses bringing jobs for the future in Newcastle.

“The business opportunities we have already identified with the innovation machine pilot scheme show this is very achievable.

“I am proud of Innovation Scout’s work and the two entrepreneurs, Nick Devitt and David Townson, who have created this innovative firm, and I am delighted with the findings of our initial research with them, which has just scratched the service of this project’s potential.

“They provide a great example for other entrepreneurs.”