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Torfaen Economic Development

Torfaen County Borough Council aims to address the economic challenges faced by Torfaen through business incubation and fostering a culture of innovation. Contact us to learn more!

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Torfaen Economic Development

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  1. Torfaen.. for Business.. for Lifestyle.. for you Torfaen Economic Development

  2. GROW YOUR OWN! Business Incubation As A Change Agent For Your Local Economy

  3. David LudlowHead of Economic DevelopmentDawson EvansBusiness Development ManagerTorfaen County Borough Council01633 648836 david.ludlow@torfaen.gov.uk

  4. Torfaen – Where? • South East Wales Valley Authority • 15 Miles Long and 4 Miles Wide Population 91,000 • M4 Corridor on Southern Border • Brecon Beacons on North Border • 3 Centres of Population – Cwmbran, Pontypool and Blaenavon

  5. Torfaen - Issues • Comparatively Low GDP Levels (Wales) • Decline of Traditional Employment • Lack of Graduate Opportunities • Talent Drain • Torfaen is a Net Exporter of Labour • Torfaen Has Fewer Businesses per 10,000 Population Than Wales

  6. Torfaen - Issues • Torfaen Has Proportionately Fewer Small Businesses Than The Rest of Britain • Torfaen Has Proportionately Fewer VAT Registrations Than Wales and The Rest of Britain But Has More Unregistered Businesses • Torfaen Has a Lower Number of Patent Registrations per 1000 Businesses Than Rest of Wales and Britain • Torfaen Has Proportionately More Businesses in Manufacturing and Construction Than the Rest of Britain

  7. Torfaen – Issue Summary • Limited History of Entrepreneurship • Need More Technology Based Businesses • A Culture of Innovation is Vital for Economic and Personal Success • Torfaen Must Profit From Global Innovation and Technology • Education and Training for Innovation and Entrepreneurship is Vital for the Future

  8. Torfaen – Reaction To Issues • Torfaen Sees Business Incubation as Vital to its Future • Co-ordinated Approach to the Creation of New Business and Growth of Existing Businesses Using Innovation as a Driver • Production of a Local Entrepreneurship Plan to Ensure the Torfaen Community Realises its Potential

  9. Feasibility Study • DTZ Pieda consultancy report 2002 • Demand for 30 early stage businesses per annum • 50% local demand • 20% spin out businesses from educational establishments • 30% wider catchment area

  10. Technium Springboard Building • 25,000 square feet • 12,300 square feet of rentable office space • 220-560 square feet units • 1000 square feet of e-pod space • 1000 square feet training facility • Rest is meeting space, break out areas, kitchens and support space

  11. Technium Springboard Building • 25,000 square feet • 12,300 square feet of rentable office space • 220-560 square feet units • 1000 square feet of e-pod space • 1000 square feet training facility • Rest is meeting space, break out areas, kitchens and support space

  12. Research v Reality • Demand Variable Year on Year • Local Demand Virtually Zero • Spin Out From Universities Virtually Zero (corrective action being taken) • Wider Catchment Area Most Productive • Number of Overseas Companies Landed

  13. Technium Springboard • Has Graduated 25 Businesses into the Local Economy • Created 161 Quality Jobs • 1 Business Failure • Convergence Funding of £2m Allocated for Springboard 2

  14. Technium Springboard • One Company Arrived from S.E. England and Developed Its Product With Funding Sourced by Springboard. Has Graduated into Premises on the Same Industrial Park and Have Employed 34 People to date

  15. Strategic Partnership University of Wales Newport • Torfaen has no University Within its Boundaries but Have Secured the Above • Provide High Quality Incubation Services for the University • Use Technium Springboard to Drive Knowledge Based Incubation • Link is to Support University ‘Entrepreneurship Foundation’

  16. Strategic Partnership University of Wales Newport • Provide Work Based Learning Experience at Technium Springboard • Integrate TCBC Staff / Tenants into The University Curriculum via Activities With Students • Provide a High Quality Business Orientated Facility for the Delivery Part Time / Short Entrepreneurship Courses for the Community / Students

  17. Skill / Qualification Provision • Entrepreneurship Needs to be Embedded into The Torfaen Community • Torfaen Training to Provide Skills / Qualification to 16 – 19 NEETS • Adult Education Services – Increase Qualification / Skill Levels of Workforce Population • Entrepreneurship in Local Schools

  18. Conclusion • Large Inward Investment is Rare • Business Incubation Increases Business Stock and Provides Opportunity to Influence Sectors • Skills / Qualifications Essential to Make Strategy Work • ‘Grow Your Own’ Works, but Entrepreneurs May not be Local People

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