A NETWORK of 'innovation hubs' are set to be created across the south-east as part of the strategy to turn the region into one of the most successful in the world, writes David Duffy.

The announcement comes after Chancellor Gordon Brown's Budget promise to pump millions of pounds into backing for entrepreneurs and university research.

Facilities for budding entrepreneurs to develop their ideas will be sited close to universities and colleges, to create new companies based on ideas from academic and research centres.

Allan Willett, chairman of the South East England Development Agency (SEEDA), said he envisaged hubs not only in Oxford and Brighton, which already have innovation and enterprise centres, but also in places such as Banbury, Aylesbury, High Wycombe and Reading.

The hi-tech centres will offer space where entrepreneurs can spend a year developing ideas before moving on to incubator units, small factories and science parks.

A regional public-private venture capital fund of between £30m and £100m will invest sums of between £50,000 and £500,000 in the region's promising companies.

Already, SEEDA has identified £30m in funding from banks and financial institutions. Further funding is expected from the European Union and corporate investors such as utilities.

Mr Willett said: "This central fund, which we hope will be in place by Christmas, will work alongside local funds in our districts, towns and cities, and will only invest money directly in companies

Story date: Friday 12 March

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