A major new initiative to help North East businesses grow or expand into the health, wellness and social care delivery sectors is set to go live.
Regional fund management firm NEL Fund Managers has joined forces with Northumbria University to set up the new Purposeful Health Growth Accelerator, which will offer practical support, advice and growth capital investment worth more than £1m in total to up to 200 North East firms.
To qualify for the free, year-long pilot programme, businesses need to be working within the health, wellness and/or social care sectors or looking to expand their existing operations in that direction.
The programme will build on the product, process and service innovations implemented by many regional firms in response to the needs and opportunities presented by the Covid-19 pandemic, as well as looking at wider commercial opportunities available within the relevant sectors.
Programme participants will be able to access Northumbria University research expertise in wellness, health and social care, as well as a bespoke package of business support from both the University and NEL that will help them prepare for expansion.
NEL Fund Managers has also ringfenced up to £500,000 of investment capital from the two elements of the North East Fund that it manages to help selected participants realise their growth potential through implementing the ideas within their business plans.
A range of information and knowledge exchange events which are scheduled to take place later in the year also form part of the scheme.
The Purposeful Health Growth Accelerator is being backed by the UKRI Research England Development (RED) Fund, which supports projects that aid the development and interaction of the UK’s higher education research and knowledge exchange communities.
Dr Carolyn Horrocks, client relationship manager at Northumbria University, says: “This sector includes a wide variety of different types of businesses, from those providing PPE products, to personal wellbeing advice, through to the practical delivery of care services. Given the right support, there are countless opportunities for regional firms to do more in this sector.
“In addition to the businesses already working within the care delivery sector which this project will support, there have been many examples of North East firms pivoting their businesses during the pandemic to provide products and services to support the Covid-19 efforts. We’re now aiming to help the firms in the region to capitalise on this momentum.
“Northumbria University already has a strong reputation in areas like nursing, social work and care delivery, and the innovation support that we can offer will provide the basis on which businesses can build their enhanced products and services.”
Dr Yvonne Gale, chief executive at NEL Fund Managers, adds: “We’ve invested in many successful health sector businesses over the years and understand how to help owner/managers realise the growth potential within their operations.
“We want to involve as many businesses as possible with this initiative and encourage them to develop ideas for how investment capital can help them grow and/or expand their operations.”
For more information on the Purposeful Health Growth Accelerator, please visit www.purposefulhealth.co.uk.
The overarching £120m North East Fund will provide financial support for more than 600 businesses across Tyne & Wear, Durham and Northumberland, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.