Latest News | 20 July 2021
Official launch for £5m scheme to help Derby firms innovate and grow
A £5 million business growth programme, designed to help Derby companies innovate and expand, has been officially launched.
Yesterday, Derby City Council lifted the lid on its Ascend programme at a launch event held at The Chocolate Factory – home to Bustler Market and Scenariio – which was attended by over 120 people.
Ascend, which aims to create over 500 jobs, is part of the city’s coronavirus economic recovery strategy – devised to ensure that Derby can build back successfully after the Covid-19 pandemic.
Run in partnership with the University of Derby, Ascend will support ambitious local companies to develop and implement growth plans and secure investment.
Councillor Chris Poulter, leader of Derby City Council, said: “We want to make our city a fantastic place to establish and grow a business, to create high-quality and sustainable jobs while, at the same time, supporting and diversifying the local economy.”
Speaking at the event, Professor Kathryn Mitchell, vice-chancellor at the University of Derby, said: “I am very pleased that the university is part of this exciting collaboration to propel the potential of businesses in our city and create the opportunities which our students will identify as integral to their decision to study in Derby.”
The Ascend programme aims to support up to 40 businesses over the next two years.
It is open to businesses based within seven-and-a-half miles of Derby city centre who commit to creating jobs for Derby residents, graduates or students.
The Ascend team has appointed an expert panel including senior officials from the council and university, business advisors, investors and entrepreneurs to consider applications.
Businesses chosen to participate in the programme will be able to access bespoke support and advice, to help develop and implement business growth strategies and, where appropriate, prepare an investment case for equity investors or access loans for capital investment where traditional finance is not available.
Support is available for three key areas; growth readiness, investment readiness, and growth projects.
At yesterday’s launch event, the audience heard from businesses who are already benefiting from the scheme.
Among them is luxury doughnut-maker Project D, which has recently created 100 jobs and moved into a new bakery in Spondon.
The firm was chosen to help pilot the project and received expert support to further develop its business.
Speaking at the launch, co-owner and strategy director Jacob Watts at Project D, gave an update on how Ascend had helped their business.
He said: “The Ascend team helped us out in two key areas that we wanted to develop; making improvements to our supply chain and procurement.
“The advice we’ve had is invaluable. We obviously had an idea of where we wanted to go and how we wanted to grow Project D, but to have experts there to push you in the right direction, support you, and connect you has really been invaluable.”
The launch also included a presentation from Gareth O'Donovan, head of economic growth at Derby City Council, who explained in more detail how the scheme could help growing businesses.
He said: “The programme will initially run for two years but really we want this to become a permanent fixture for Derby. We’ve seen the success the city can have when public and private sector work together.
“Ascend will bring in experts in leadership, business modelling, growth strategy, financial planning and technology development to nurture the ambitions of our brightest companies and help them achieve their potential.”
To find out more about Ascend and how it could help your business please click here.
