Tuesday, August 11, 2020

County attracts inward investment thanks to Science Park

Companies at Lincoln’s Science Park have attracted a sizeable £8m of inward investment in the past year. Part of the Park’s remit is to create a home for the innovation and research community in Lincolnshire, a county which has historically had a poor track record of winning funding and bids compared to other counties in the UK.

The investments have been awarded to science and tech companies in areas such as biotech, pharmacy, agritech, data centre, cybersecurity, chemical engineering and digital technologies, based at the Park’s Boole Technology Centre. On average, each tenant attracted about £800k of inward investment, with the largest investment exceeding £2m.

In the most recent report by the Government into the amount of inward investment being attracted on a county level, Lincolnshire scored poorly. In Mapping Local Comparative Advantages in Innovation, Lincolnshire is in the bottom three for research and development expenditure, 34th out of 39 for receiving Innovate UK funding and the second worse Local Enterprise Partnership in the country for the amount of employees who are trained at NVQ level 4 and above.

Tom Blount, Director of Lincoln Science & Innovation Park, said: “There is tremendous potential in this county. Part of the Science Park’s role is to help support opportunities coming out of industry and the university.

“We have been fortunate that a high calibre of companies have chosen to make Boole Technology Centre their home, which has created a cluster of excellence and high-quality job creation that we hope will spread out across the county.

“We are incredibly proud of these excellent companies. Many of them would attract investment anyway but may have chosen to be based outside of Lincoln and Lincolnshire if it weren’t for Boole Technology Centre. It offers such a flexible building with an excellent infrastructure and links into the university for expertise and graduate recruitment.”

Lincoln Science & Innovation Park was founded by the University of Lincoln and the Lincolnshire Co-op and the building of its Technology Centre has been supported by the county’s Local Enterprise Partnership.

Phase Two of the Park’s development aims to continue this success by widening its offer to include bespoke buildings for sole occupancy to larger and expanding businesses.

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