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Universities bid to help Leeds fight back against recession
AN INITIATIVE designed to help businesses innovate and be more competitive in the face of the global recession has been unveiled by the University of Leeds and Leeds Metropolitan University.
Innovation City Leeds is led by the University of Leeds in partnership with Leeds Met, Leeds City Council and Leeds Teaching Hospitals NHS Trust.
Its aim is to further accelerate the city's reputation as a centre for enterprise and innovation.
Its supporters say it will make a significant impact on the economy of Leeds, and the region, with internal forecasts predicting it could create more than 1,000 new jobs, 450 new businesses and bring in 29m of private and public investment.
Funding
But before the 65m project can go ahead, the organisations must secure funding from Leeds-based regional development agency Yorkshire Forward and the European Regional Development Fund.
If approved, construction would begin in the autumn and completed by 2011.
It would include a 30m Innovation City Leeds building and bio-incubator on the University of Leeds' campus.
The initiative would also include a special Creativity Centre where company bosses would be helped to "refine their entrepreneurial skills" and academics from both of Leeds's universities will be encouraged to work with the private sector to create ideas that can be applied in new and existing businesses.
It is aimed primarily at the healthcare technology and financial and professional services sectors.
Pro-Vice-Chancellor for Enterprise, Knowledge Transfer and International Strategy at the University of Leeds, Professor Richard Williams, said: "As the global recession bites, these plans will enhance the entrepreneurial impact of the two large universities in the city and our regional community to create new opportunities.
"We expect to improve businesses' ability to innovate and work in new ways to stay ahead of the game."
Under the proposals, the University of Leeds would contribute more than 31m and Yorkshire Forward would put in a total of 35m. This would include 7m of its funds and 28m of European Regional Development Funds (ERDF), which it administers.
Coun Andrew Carter, Leeds City Council executive member for development and regeneration, said: "The council welcomes the Innovation City Leeds proposals led by our two great universities with major investment in innovation, enterprise and skills.
"This will be a key part of the city's strategy for an internationally successful 21st century economy."
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Weather for Leeds
Wednesday 23 May 2012
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Temperature: 10 C to 23 C
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