Suffolk County Council, working with Norfolk County Council and Connected Innovation, has secured funding from Barclays Eagle Labs Ecosystem Partnership Programme to boost support for the region’s digital technology sector.
The funding will be used to deliver ‘The Future’, a joint project which aims to support and scale digital technology innovation in Suffolk and Norfolk in three critical ways:
- Developing a local ecosystem with stronger connections between experienced entrepreneurs and the next generation of regional startups
- Developing a process for identifying, engaging and supporting early-stage startups and integrating them into the community
- Creating more opportunities for founders from disadvantaged socio-economic backgrounds by offering stipends to those who would not otherwise be able to commit to their venture full-time.
The project is bolstered by further funding from Connected Innovation as well as match funding from Suffolk and Norfolk County Councils.
The project will be delivered by Akcela in Norfolk and Innovation Labs in Suffolk.
Cllr Richard Smith MVO, Suffolk County Council’s Deputy Leader and Cabinet Member for Finance, Economic Development and Skills, said:
“I would like to thank Barclays for recognising the vision of this project, which aims to address some critical barriers to digital technology innovation locally. Currently, the region does not generate enough tech startups that are able to scale to the UK and the rest of the world.
“Our vision for ‘The Future’ is to create closer collaboration and knowledge sharing between established businesses and entrepreneurs and those who are still near the start of their journey, and to strengthen our local economy by creating an ecosystem in which startups can achieve their ambitions to scale and thrive.”
Cllr Fabian Eagle, Norfolk County Council Cabinet Member for Economic Growth, said:
“We are delighted that Barclays have funded this exciting project for the region’s thriving tech sector. One of the barriers that we have frequently heard from key businesses within our local tech sector was that we do not generate enough tech start-ups and there is a lack of funding for early-stage founders to support their growth journey”.
“This combination of local and national funding will strengthen Norfolk’s innovation ecosystem and will provide a testbed for supporting start-ups to their MVP stage working with two important partners within the Connected Innovation network.”
Amanda Allan, Director of Barclays Eagle Labs, said:
“We are excited to be facilitating this funding to help Connected Innovation, alongside and both Suffolk Council and Norfolk County Council, launch ‘The Future’ project. We are very much looking forward to seeing this support reach tech businesses in the region.
“Using our Ecosystem Partnership Programme, we are allocating funding to organisations like Connected Innovation that are already plugged into their regional ecosystems. We are proud to be able to support such projects, which are designed to help early-stage tech entrepreneurs. Our support for Connected Innovation and similar organisations highlights our ongoing commitment to support tech start-ups and scale-ups, which are vital to growing local economies throughout the UK.”
