Innospace

Project information

Index: 1023R4
Acronym:SMART EUROPE
Priority:1: Innovation and the knowledge economy
Sub Theme:Employment, human capital and education
Location UNITED KINGDOM NORTH WEST Manchester Greater Manchester Start/End date of the practice
Start: 2007

Topic of the practice

The aim of Innospace is to provide a low cost, low risk, incubation facility for graduates and other local entrepreneurs to test out and grow their new businesses. It contributes to the regional gross value added through growing new knowledge-based businesses and it introduces business as a career choice to individuals.

Good Practice Information

Innospace is unique in Manchester, in that it is an early-stage hotdesking incubator: an ecosystem of pre-start and very early stage start-up companies, with appropriate support services and a small supply of grow-on space. It is also unique, in that it is primarily focused on enabling graduates to pursue business as a career option. Innospace also enables home-based businesses
to grow through introducing would-be isolated entrepreneurs into a supportive environment and acting as a stepping stone onto the commercial property ladder. It is therefore not in direct competition with other incubators; indeed, it complements the other incubators in the city as a source of collaboration (e.g. through Corridor Connections) and providing a feed of prospective new tenants.

Evidence of success

- Number of Graduate start-ups - 121
- Number still active which has survived at least 3 years - 62
- Number of active firms - 126
- Estimated current turnover (£000s) – 5,370
- Estimated current employment (FTE) - 145
- Estimated external investment received (£000s) - 700

Contact details to obtain further information on the practice

Russell Yates

Manchester Metropolitan University

r.yates@mmu.ac.uk

www.innospace.co.uk/

Annex completed on: 09-26-2012

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