Published: Fri 2nd August, 2024
Hundreds of people have sought help from a Loughborough-based startup incubator – with more than 43 new businesses created as a result.
The latest cohort of local entrepreneurs have now completed the fifth cycle of the programme, which first launched towards the end of the Pandemic.
A total of 460 individuals engaged with Charnwood’s Restocking the Business Base programme to seek initial guidance about setting up a business. That was almost double the 250 queries projected when the programme got underway in March 2021.
Of those emerging startups, 101 went on to receive structured support across five cohorts. A total of 43 new businesses were ultimately founded, creating 48 jobs.
Andy Reed OBE, Chair of the Leicester and Leicestershire Business Board, said: “All economies need productive and innovative small businesses and entrepreneurs.
“Programmes such as Restocking the Business Base help to nurture bright new business ideas, which is so important for local employment and growth.”
LUinc – the Loughborough University incubator – has been supporting graduate startups and research spinouts since 2011. It operates from bases on Loughborough University Science and Enterprise Park (LUSEP) and the Careers and Enterprise Hub in Loughborough town centre.
Restocking the Business Base saw LUinc. partner with the Leicester and Leicestershire Enterprise Partnership (LLEP) and Charnwood Borough Council to extend its services to founders from outside the campus.
The aim was to develop a new generation of agile Leicestershire businesses
As well as access to coworking space and other university facilities, members benefited from free weekly meetings, one-to-one coaching, structured training, and roundtable discussions delivered by a range of experienced experts and entrepreneurs.
Pete Hitchings, Incubator Manager, said: “Bringing together businesses from the university and the local area has grown a diverse community of business owners who are really invested in helping one another to succeed.
“We are now seeing businesses from our earlier cohorts grow and begin hiring new employees themselves.”
Sirius Transformation joined LUinc. in the Spring of 2022 after making an initial inquiry through the Careers and Enterprise Hub.
Founded in late 2021 by former 3M employees, James Whyley and Steven Sleath, Sirius is a process improvement consultancy based on its founders’ extensive manufacturing experience. It has gone on to work with a number of private sector clients in the construction, glass-processing and plastics industries.
Earlier this year, Sirius was appointed the Advanced Engineering and Manufacturing Specialist Advisor for a borough in Gloucestershire, assisting businesses on matters including capital investment, strategic planning, connections to subject-matter-experts, and targeted process improvements.
Charnwood Borough Council and Loughborough University have now collaborated to extend their small business incubation partnership for a further 12 months.
Cllr Jewel Miah, Leader of Charnwood Borough Council, said: “It’s great to see so many local startup companies taking advantage of what’s available through this programme.
“As a Council, we’re committed to supporting a thriving local economy; small businesses are central to that and that’s why we are keen to continue supporting them.”
The original three-year project was part-funded with £314,000 from a Covid-19 Recovery Fund, created using Enterprise Zone Retained Business Rates.
The extended programme, running until March 2025, is now accepting applications from local founders.
