As the Cabinet recently met in Newcastle for first time, a trade body welcomed the increased focus on regional investment, but warned that there is still “more to be done.”
Jenny Tooth, CEO of The UK Business Angels Association, said: “The Government’s announcement of additional funding for the Northern Powerhouse can only be a positive – especially with regards to the infrastructure upgrades to the East Coast mainline. The huge range of innovative technologies, products and services being developed here in the UK demonstrate a strong capacity for scale and market disruption.
“There is, however, more to be done as a lack of infrastructure means that neither angels or entrepreneurs are visible to each other. The presence of funds is not enough as there must be infrastructure in place to create a proper environment where entrepreneurs are investment ready.
“This year the UKBAA has launched innovative new investment hubs across the North to help increase access to finance however there is still some way to go. The UKBAA looks forwards to continue working alongside the British Business Bank, and the wider Government, to boost SMEs and investors from across the Northern Powerhouse.”
The UKBAA represents over 18,000 angel investors and welcomes the £180m to drive forward innovation and cutting-edge research in the field of Offshore Renewable Energy Innovation and the High-Value Manufacturing Catapults.