West Yorkshire Mayor Tracy Brabin has unveiled a new support scheme to fuel growth in health technology – one of the region’s fastest growing sectors.
The announcement represents a further catalytic boost for Leeds and the region, kickstarting the flagship West Yorkshire Healthtech and Digital Tech Investment Zone, which is set to unlock £220 million of investment and support the creation of 2,500 jobs over the next five years.
The £4.5m partnership with Health Innovation Yorkshire & Humber will see hundreds of companies receive support to help them accelerate their growth, create jobs and develop life-changing innovations for patients.
As part of this multi-million pound funding package, Health Innovation Yorkshire & Humber will host a new Healthtech Accelerator, offering up to 240 businesses the support, expertise and skills they need to break into new markets, navigate regulations and overcome barriers to growth over the next four years.
One of the strongest regional economies outside of London, West Yorkshire is home to over 250 healthtech businesses, generating over £3 billion in turnover and employing around 16,000 people.
Tracy Brabin, Mayor of West Yorkshire, said:
“The first priority of our Local Growth Plan is to boost our region’s fastest growing business sectors, because we know that’s how we’re going to drive investment, create jobs and put more money in people’s pockets.
“We’re launching £4.5 million of new support for our world-leading health technology firms, which already generate £3 billion for our economy but could go even further with the right backing.
“This will help with access to finance, skills and workspace to bolster collaboration with hospitals and universities, boosting growth and helping us build a stronger, brighter West Yorkshire.”
Expanding its highly successful Propel@YH accelerator programme, Health Innovation Yorkshire & Humber will provide even more intensive business support and masterclasses for innovators, helping them to scale into the NHS, attract investment, and contribute to regional economic growth.
Dr Neville Young, Director of Enterprise and Innovation at Health Innovation Yorkshire & Humber, said:
“Securing this partnership with the Investment Zone funding is fantastic news, not only for Health Innovation Yorkshire & Humber, but for the West Yorkshire region. This funding will accelerate the growth of our health innovation and digital tech cluster, aligning closely with the government’s mission to support economic growth.”
“Our well-established and highly successful Propel@YH accelerator is the ideal vehicle to support the West Yorkshire Investment Zone. Over the past six years, it has successfully helped 70 UK-based healthtech innovators scale their solutions, driving investment regionally and nationally, delivering real benefits to the NHS and creating jobs in the sector.
“This is an exciting opportunity to expand the programme, attract more companies with cutting-edge solutions, and further strengthen the healthtech and life sciences sector in our region, ultimately improving patient care and boosting the regional economy.”
Companies with a commitment to growing in the region, creating good local jobs and benefitting local patients, will be chief among those eligible to receive support as part of this new multi-million pound boost.
→ To learn more about the Health Innovation Yorkshire & Humber healthtech accelerator, Propel@YH, visit https://www.propel-yh.com/
The announcements detailed how the Investment Zone will inject new capital investment into the region’s towns and cities to ensure there is the right infrastructure for businesses to thrive.
This includes the 1 million square foot Leeds Innovation Village at the site of Leeds General Infirmary, which will include the redevelopment of the Old Medical School into a cutting-edge innovation hub co-locating clinicians, entrepreneurs and academics.
The Innovation Village will play a pivotal role in the £2 billion Leeds Innovation Arc, creating a go-to destination for science, research, technology and innovation, delivering 4,000 jobs and £13 billion of economic benefit.
→ Find out more: West Yorkshire Combined Authority