Growth Works was launched by the Combined Authority in 2021 to support jobs, learners, entrepreneurs, businesses and the acceleration of inward investment into the region. The Combined Authority wants to be the most inclusive region in the UK for people to start and grow a business or to find the skills they need to boost their career and Growth Works is bringing that vision to life.
In year one the programme was tasked with creating 589 new jobs and working with employers to deliver 209 additional training and learning outcomes, both targets were comprehensively surpassed by Growth Works with over 1,000 jobs and apprenticeships created and 257 learning outcomes delivered.
The programme’s inward investment service line has successfully built a pipeline of 151 companies with the potential to bring jobs and investment to the region with 15 companies already committed to expanding or establishing new operations within the Combined Authority.
Every one of the region’s six district council areas has already benefited from new inward investors, supported by Growth Works, highlight the inclusivity of the service and its proven ability to support every corner of the region. Success includes retaining our high growth businesses to achieve their growth expansion within the Combined Authority.
Other key achievements for the first year include:
727 companies given a full growth support analysis – called a growth diagnostic, and 215 companies have been given growth coaching. Every business which completed the diagnostic has been offered free business coaching, growth support and strategic advice.
151 potential inward investors receiving support, information, brokerage and detailed diagnostics
Launch of Locate Cambridge – a dedicated inward investment brand for the region with a digital platform for international business to gain insights 24/7
£3,000,000 of grant funding was awarded to 43 SMEs, stimulating over £7 million in capital expenditure
Formation of a strong Growth Equity Fund pipeline with the potential to create over 120 new jobs
Growth Works continues to work to deliver on its overall targets and this year the programme is forecast to create an additional 2,682 jobs, 449 new apprenticeships and 748 training and learning outcomes.
Austen Adams, chair of the Business Board, said: “Growth Works was founded to support the ambitions of the Business Board and the Combined Authority to grow our economy by supporting enterprise, creating jobs, boosting skills and accelerating investment into the region.
“Measuring progress is vital and these figures show the difference Growth Works has made in just its first year.
“The Business Board has a busy 2022 ahead in focussing on recovery from Covid-19, building a more resilient post-Brexit economy, guiding our local economic strategy and supporting levelling up. As a key vehicle supporting our priorities, we want to ensure Growth Works maintains is positive momentum.”
Richard Cuda, Growth Works Programme Director said: “We are delighted with our performance over the past 12 months, the teams across all service lines have hit the ground running and are already having a real impact on business leaders, learners and workers across Cambridgeshire & Peterborough.
“While we are delighted with what we have delivered so far, all of the Growth Works team know we are only as good as our last set of results. We will not be taking our foot off the accelerator.
“Our drive to build a more resilient, prosperous and diversified regional economy for the Combined Authority will not stop, we will not rest on our laurels.
“Throughout 2022 and the beyond, the Growth Works team will be continuing to work hard to make sure Cambridgeshire and Peterborough is the best place to invest, work live and learn in the UK.”
Nigel Parkinson, Chairman of the Cambridgeshire and Peterborough Business Growth Company Ltd – the company responsible for overseeing Growth Works, said: “Growth Works was launched at a challenging time. The pandemic has forced us to adapt quickly to a new reality, but it has also focussed minds on supporting our economy to recover better and with greater resilience for the future. I think we’ve laid the groundwork to kick on and continue to have an increasing positive impact on the ground, in the real economy.
“With the Combined Authority developing a new Economic Growth and Skills Strategy in 2022, Growth Works is ever better placed to help bring those plans to reality.”