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Launchpad opens for new, innovative businesses
A one-stop shop for innovation, entrepreneurship and the creation of new jobs for the city has opened at the University of Portsmouth.
The University has invested £500,000 into the Innovation Space (pictured), at Hampshire Terrace, to help ignite the growth of entrepreneurship and businesses in the region.
There are two floors dedicated to help business owners and managers work alongside academics to develop new products or routes to markets, and two floors dedicated to the Innovation Warehouse, an engine room for individuals and start-up companies looking for serious growth and new business opportunities.
The combination of the two elements is a first for the University, which has never before provided space for businesses, and a first for Portsmouth, which is now the second city in the UK to be home to the Innovation Warehouse, a concept designed and tested in its London headquarters and which has, in 18 months, helped eight new business ventures to launch.
Local business and civic leaders, including businesses from the Isle of Wight, academics whose research has potential to deliver a boost to businesses, local media and strategic managers from the University and Innovation Warehouse attended the official launch.
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Alistair McDermott, director of knowledge services at the University, said: “The launch of Innovation Space is about the University bringing wealth and jobs to the region and promoting engagement with experts from the University. Together with the Innovation Warehouse, we are now in a position to help support local entrepreneurship and growth, which the city and region needs.“
The University’s goal for the centre is to put like-minded people in science and innovation together to find new ways of solving problems or to come up with answers to help businesses
make a step change in the development of new products or services.
McDermott continued: “We are committed to offering businesses direct access to researchers who are experts in their field to help create sparks of innovation and business growth. The businesses which have already joined us will be working with our experts in artificial intelligence to help improve their profit margins.“
The top two floors are dedicated to the Innovation Warehouse, which launched in London in 2011 after a philanthropist saw a need for those with entrepreneurial spirit and ideas to be given space to develop and fine- tune their ideas, products and goals.
Tony Fish, director of London’s Innovation Warehouse, said: “We are about giving direct access to market for entrepreneurs with progressive and novel ideas. What we offer is not for everyone. It it is a strong launchpad for businesses which have brilliant potential but also some gaps or hurdles ahead of them – anything from understanding business concepts including intellectual property or company and product law, access to finance, pitching for funding, marketing and technical skills such as software development.“
The Innovation Warehouse has plans to open eight more centres in the next two years and is working with partners to develop these in Leeds, Oxford, Croydon and New York.
Shena Mitchell, director of Innovation Warehouse Portsmouth, concluded: “When the co-founders and co-directors were looking to invest and start a new Innovation Warehouse I persuaded them to consider Portsmouth. Having worked in the city for the past 20 years, I believe there are many people in Portsmouth ready to start their own businesses and who just need the kind of support we have to offer.“
For more on artificial intelligence at the University of Portsmouth, see page 6.
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2013
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