High-growth business support programme to bolster West Midlands Plan for Growth
More than £3m of unspent Commonwealth Games money is to be used by the West Midlands Combined Authority (WMCA) to help grow the region’s industries of the future.
The money, part of a £70m underspend from last summer’s Games, will be used to bolster the West Midlands Plan for Growth – a roadmap launched 12 months ago to drive the region’s post-pandemic economic recovery.
The new funding will be used to provide an 18-month programme of intensive support for businesses in key economic clusters which the Plan for Growth identifies as being crucial in creating high-quality, well-paid jobs for local people.
The Plan for Growth sets out how the public and private sector can work together to build on the potential of eight clusters where the region already has a competitive advantage, such as electric vehicle manufacture, health and medical technology, and manufacture of future housing.
It shows how, with the right interventions, the clusters can be supercharged to help grow the West Midlands economy by more than £3bn, creating up to 45,000 new jobs.
As part of this new investment from the WMCA’s Commonwealth Games Legacy Enhancement Fund, high-growth potential businesses across the economy, including those in supply chains, will be invited to apply join an accelerator programme.
Each will benefit from intensive one-to-one coaching and mentoring, specialist workshops, and additional peer support through networking events and ongoing alumni groups, supported by the WMCA as part of a longer-term commitment to their future.
Andy Street, Mayor of the West Midlands and WMCA chair, said: “Through our Plan for Growth, we’ve already set our focus as a region on driving the investment needed to generate high quality jobs and valuable opportunities for local people – building on our traditional strong suits whilst also looking to the growth sectors of the future.
“So with this new investment, we’re taking positive action to provide intensive support to help those businesses with high-growth potential to continue their trajectory.
“It’s great news that we’re able to provide this much-needed support as part of our £70m legacy funding secured from the Birmingham 2022 Commonwealth Games budget underspend. We must do all we can to ensure that legacy is felt right across our region – and our economy – in the months and years ahead.”
The Plan for Growth was drawn up by leading private sector figures working with the WMCA, local councils, universities, and colleges.
It highlights the critical partnerships needed to secure a growing economy that is both environmentally cleaner and fairer to communities and highlights the crucial role of the private sector, working alongside public authorities, in creating the right conditions for investment and prosperity.
The eight clusters the Plan identified as being key to the region’s future economy are:
- The manufacture of electric vehicles and battery storage devices
- Modern and low carbon utilities such as solar and wind power technology
- Logistics and distribution
- The manufacture of the low carbon, factory-built homes of the future
- Professional and financial services
- Health and medical technology
- Aerospace
- Creative content production and video gaming
The effective organisation and delivery of last summer’s Games meant the event came in under budget. Following discussions with Andy Street, Mayor of the West Midlands, and the WMCA, the UK government has decided to invest the remaining £70m into the region to enhance the legacy of the Games and ensure the benefits continue their positive impact for many years to come.
More information about how to join the High-Growth Support Programme and Supply Chain Transition Programme will be available later in the year.
Read the West Midlands Plan for Growth at www.wmca.org.uk/what-we-do/economy-and-innovation/plan-for-growth/.
