£5.6 Million Entrepreneurial Futures Project Launched in Cornwall & Isles of Scilly

Aimed at fostering a culture of business innovation and entrepreneurism in Cornwall and the Isles of Scilly, the Entrepreneurial Futures project has received a substantial £5.6 million backing.

This financial support comes from the Cornwall and Isles of Scilly Good Growth Programme, an initiative managed by Cornwall Council and funded by the Government’s UK Shared Prosperity Fund.

Enhancing Economic Development and Skills

The project seeks to capitalise on the economic, employment, skills, and community advantages of the region’s connections with higher and further education institutions. Led by the University of Exeter, in collaboration with the University of Plymouth, Falmouth University, and Duchy College, this comprehensive programme targets major research priorities across key sectors. These include Clean Energy, Geo-resources, Robotics/Automation, Agri-food, Net zero & Biodiversity, and Immersive Technologies.

Entrepreneurs and businesses within the region will gain access to crucial advice, support, and academic partnerships. This collaboration aims to spark innovation in new ideas, products, and processes, thereby enhancing productivity, reducing costs, and unlocking new domestic and international markets.

Addressing Barriers and Promoting Sustainability

Additionally, the project will conduct research to pinpoint obstacles to entrepreneurial activities, focusing on socio-economic factors. This insight will inform advice to government and policymakers on fostering a conducive environment for entrepreneurism.

Two flagship research, development, and innovation (RD&I) initiatives are set to highlight the potential benefits of closer ties between businesses and academia. Duchy College’s Environmental Living Laboratory will focus on the agri-food sector, providing a venue for the development and testing of sustainable farming and land management innovations. Concurrently, the University of Exeter will establish a pioneering geotracer facility to investigate environmental challenges such as river/marine pollution, land contamination, and groundwater sources.

Local Leadership and Vision

Councillor Louis Gardner, Cornwall Council’s portfolio holder for the economy, highlighted the project’s alignment with Good Growth principles. He stressed its contribution to sustainable, inclusive economic growth, and the promotion of environmentally friendly and socially responsible industries.

Martin, Deputy Vice Chancellor (Cornwall) at the University of Exeter, emphasised the critical role of entrepreneurial advancements in securing a greener, fairer, and healthier future for Cornwall. He pointed to the collaborative effort as a cornerstone for nurturing talent, skills, and ideas essential for regional prosperity.

Funded by the Government’s UK Shared Prosperity Fund, the £5.6m investment in the Entrepreneurial Futures project is part of Cornwall’s £132m allocation over three years. This funding is aimed at driving green and inclusive growth, with investment decisions made locally.

For more information on the Good Growth Programme and its supported projects in Cornwall and the Isles of Scilly, interested parties are encouraged to visit the Good Growth website.

This ambitious project represents a milestone in the region’s journey towards an innovation-driven economy, with far-reaching benefits expected for local businesses, communities, and the broader environment.