initial Social Economic Inclusion model developed by July 2015 which will impact all three objectives Query whether objective 3 should be focused on youth cf other groups e.g. over 50s Delivery Framework For Business Growth To an internationally recognised, highly competitive, innovative business location with better productivity and sustainable economic growth Overall objective: Overall 25k extra jobs, 2.9bn increase in GVA, 21.5k extra homes, by 2025, from 2013 baseline Objectives Strategic Priorities Measures Providing businesses access to finance to 1605 businesses supported by 2022 Proportion of surviving help them grow that reach £1m Reducing regulatory burdens for businesses, Agri-tech framework commences in April focusing on priority growth sectors 2015 and completed by March 2017 1.Help businesses to grow Proportion of growth” Create a 1-stop shop for public and private 5k businesses engaged on growth hub by “high through providing the right businesses sector advice and support March 2016 support, access to finance and Full contact details of 23k businesses by reducing regulatory burden Levels of exports increased from March 2016 17%, to 25% by 2025 Engage and support businesses that are in 550 business engaged by 2022 the priority growth sectors and / or experiencing significant growth Linking up businesses to share ideas and Innovation network established by end 2015 % employees in encourage innovation industries Helping businesses to get a new ideas off the Innovation incubator completed by April 2015 2.Develop an environment ground Proof of concept fund 80 businesses – where innovation can flourish supported and 52 jobs created by 2018 (from with a focus on agri-tech, # patents 2015 base) cyber and STEM Connecting universities & businesses to # businesses supported access the innovation happening within academia Notes: Access to finance includes monitor progress of West midland fund of funds and overseeing Worcestershire Expansion Programme grant scheme, acting as a broker – and creator of funds Reducing regulatory burden pioneering a UK pilot for simplified regulatory compliance to help SMEs expand (unique across all LEPs). Starting with agri-tech and – then developing similar frameworks for other priority growth sectors 1 stop shop includes input and lobby for an enhanced Growth Hub (building on Business Central model), agree what it should compromise and how it’s managed – going forwards Supporting growth businesses additional tailored support for growing companies and those in growth sectors, assumes the use of brokers; includes supporting – development of in Worcestershire” and golden envelope concept (from away day) and localised advice clinics “Advised
initial Social Economic Inclusion model developed by July 2015 which will impact all three objectives Query whether objective 3 should be focused on youth cf other groups e.g. over 50s Delivery Framework For Business Growth Overall objective: To an internationally recognised, highly competitive, innovative business location with better productivity and sustainable economic growth Overall 25k extra jobs, 2.9bn increase in GVA, 21.5k extra homes, by 2025, from 2013 baseline Objectives Strategic Priorities Measures 1.Help businesses to grow through providing the right support, access to finance and reducing regulatory burden Proportion of surviving that reach £1m Proportion of “high growth” businesses Levels of exports increased from 17%, to 25% by 2025 Providing businesses access to finance to help them grow 1605 businesses supported by 2022 Reducing regulatory burdens for businesses, focusing on priority growth sectors Agri-tech framework commences in April 2015 and completed by March 2017 Create a 1-stop shop for public and private sector advice and support 5k businesses engaged on growth hub by March 2016 Full contact details of 23k businesses by March 2016 Engage and support businesses that are in the priority growth sectors and / or experiencing significant growth 550 business engaged by 2022 2.Develop an environment where innovation can flourish with a focus on agri-tech, cyber and STEM % employees in industries # patents Linking up businesses to share ideas and encourage innovation Innovation network established by end 2015 Helping businesses to get a new ideas off the ground Innovation incubator completed by April 2015 Proof of concept fund – 80 businesses supported and 52 jobs created by 2018 (from 2015 base) Connecting universities & businesses to access the innovation happening within academia # businesses supported Notes: Access to finance – includes monitor progress of West midland fund of funds and overseeing Worcestershire Expansion Programme grant scheme, acting as a broker and creator of funds Reducing regulatory burden – pioneering a UK pilot for simplified regulatory compliance to help SMEs expand (unique across all LEPs). Starting with agri-tech and then developing similar frameworks for other priority growth sectors 1 stop shop – includes input and lobby for an enhanced Growth Hub (building on Business Central model), agree what it should compromise and how it’s managed going forwards Supporting growth businesses – additional tailored support for growing companies and those in growth sectors, assumes the use of brokers; includes supporting development of “Advised in Worcestershire” and golden envelope concept (from away day) and localised advice clinics
Board-Papers-for-Meeting-on-22.01.15.docx