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New report shows Teesside University is key driver in the North East economy

12 November 2012 @TeesUniNews

 

Teesside University pours millions into the North East economy every year and has created hundreds of companies and jobs through its work with business, a new report says.

A report by the KSA Partnership shows that Teesside University’s business engagement and enterprise activities provide an ongoing contribution of £20m per year to the GVA in the North East.

To date 430 new businesses and 590 jobs have been created by graduate enterprise and DigitalCity Innovation – at an average cost per job that is £2,000 cheaper than the national average with a return on investment of 10:1 compared to 9:1 nationally.

As a leading University for engaging with business in the UK, Teesside University is supporting global entrepreneurship week – 12-18 November 2012 with a whole host of events for students, the public and staff – to foster entrepreneurial activity.

New business start-up is vital for economic growth and this is especially true in Tees Valley which is underperforming in terms of economic growth, employment and enterprise. The employment rate is lower than the national average and this is marked among 18 – 24 year olds. The number of enterprises and business units remains well below the national average.

The report also shows some notable areas of performance including: • number of jobs created (146% of target), especially those created in disadvantaged areas (213% of target) • businesses created (142% of target) • businesses surviving 12 months (136% of target).

Professor Cliff Hardcastle, Deputy Vice-Chancellor for Research and Business Engagement at Teesside University, said: 'The report by KSA shows how vital the University is to the economy of this region because driving excellence in enterprise, nurturing entrepreneurship, and inspiring success is at the heart of our mission as a leading, business-engaged University.

'Our entrepreneurial approach of creative problem solving, innovative research and ultimately commercial success is based on Teesside University's students, graduates and staff working across disciplines - and without boundaries - to deliver transformative enterprise and economic growth.'


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