Report reveals DigitalCity’s successful contribution to the local economy

A unique project which has supported the Tees Valley’s tech sector over the last two decades is responsible for almost £53m of added value to the region’s economy.

A report investigating the effectiveness of the DigitalCity initiative has determined that the project is excellent value for money and that it has been delivered to a high standard according to beneficiaries.

The summative assessment of DigitalCity has also found that for every single pound invested in the project it has returned more than 11 times that amount,

DigitalCity is a Teesside University-led initiative funded through the European Regional Development Fund* which equips organisations with the knowledge, skills and tools they need to thrive in the ever-expanding digital world of today. The project recently celebrated over 20 years of delivery.

A bespoke survey received 67 responses, with 73% of beneficiaries operating in either the digital or creative sectors and 92% of beneficiaries stating they were satisfied or highly satisfied with the support provided by DigitalCity.

The impact of the positive responses specify that DigitalCity is forecast to achieve a Benefit Cost Ratio (BCR) of 11.44:1, meaning that for every £1 of investment into the initiative, it will bring £11.44 in economic returns within the Tees Valley economy. This has resulted in DigitalCity being characterised as outstanding value for money.

Key figures from the report show that the scheme is forecasted to have supported around £52,968,419 in cumulative net Gross Value Added within the Tees Valley economy.

Businesses who have been supported by DigitalCity, cited that they saw an increase in productivity, business resilience and the development of new products, services or processes as their main benefits from working with the initiative.

Lynsey Robinson, Director of DigitalCity said: “We are delighted by the figures and tremendous feedback presented as an outcome of this summative assessment of DigitalCity. It is a collective effort that goes into running such an impactful project, and these results demonstrate the need for such support mechanisms for the Tees Valley digital and creative clusters.

“With the European Regional Development Fund ending, we acknowledge that the fantastic team at DigitalCity will no doubt continue to mentor, support and advise local digital leaders.”

To read more and meet the people behind the statistics, visit DigitalCity’s celebration of digital in Tees Valley at www.thedigitalcity.com/celebration

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