A leading business support organisation in Coventry and Warwickshire has helped to create around 11,000 jobs since its inception a decade ago.
The Coventry and Warwickshire Growth Hub is celebrating its tenth anniversary this year and demonstrates its impact to date in the sub-region in the current SmartRegion report.
Coventry and Warwickshire Growth Hub offers independent advice, guidance, and ongoing support at no charge to businesses in the region and since the closure of CWLEP last March, it has become a stand-alone organisation with two shareholders, Coventry City Council and Warwickshire County Council.
The SmartRegion report contains findings from research and engagements contributed by the Coventry and Warwickshire Growth Hub, Coventry City Council, Warwickshire County Council, and other local and national business support organisations.
Over the last ten years, CW Growth Hub has built and sustained strong working partnerships with local partners including Local Authorities, Universities and Catapult Centres to ensure businesses have been able to access support and programmes that best suit their individual needs. This has added £410 million in gross value to the local economy and leveraged around £315 million in private sector investment for business in Coventry and Warwickshire.
The overview of the Growth Hub, its activities, and some of the outcomes from the last ten years in the report also highlights how the local economy has changed over that time.
Over the last ten years, Coventry and Warwickshire saw an increase in the employment rate and a decrease in the unemployment rate for the working age population. And the total number of businesses in Coventry and Warwickshire has increased from 31,590 to 37,345.
The percentage of people with no qualifications is lower for Coventry and Warwickshire (6.2%) compared to the West Midlands (7.3%) and Great Britain (6.5%).
The sub-region also has a higher qualifications percentage (49%) compared to the West Midlands (42.5%) and Great Britain (47.3%).
Phil Peak, Deputy Chief Executive of Coventry and Warwickshire Growth Hub, said the organisation has helped over 10,000 businesses in the last decade.
“We have supported tens of thousands more through our work as Cluster Lead for the West Midlands Growth Hubs, but there are still many more businesses to reach, as well as taking businesses that we have already helped to the next stage of their growth,” he said.
“We also have new shareholders following CWLEP’s closure which is testament to all the work that we have done over the last ten years, and becoming embedded into Coventry and Warwickshire’s business community.”
Craig Humphrey, Chief Executive at Coventry and Warwickshire Growth Hub, said they have consistently been recognised nationally as one of the leading Growth Hubs in the UK.
He said: “It is now 10 years since the Growth Hub was established and as we celebrate our milestone anniversary, it is worthwhile reflecting upon our journey so far.
“Run by business for business, we are continually learning about what is, and what is not, working in terms of supporting businesses with their most challenging needs.
“It is recognised that engaging businesses with support is difficult, and we know that businesses often prefer to take advice from trusted sources and at trigger points when faced with challenges.
“The Growth Hub has become a trusted and invaluable resource for the business community of Coventry and Warwickshire, and my thanks goes to all of the partners that have supported us, and to everyone that has played a part so far.”
Caption: Craig Humphrey, Chief Executive of Coventry and Warwickshire Growth Hub