Government revs up Silverstone tech cluster
The government has thrown its weight behind a cluster of high-tech engineering businesses at one of the region’s motorsport hubs.
The Silverstone Technology Cluster has been identified in the area surrounding Silverstone Park by a new research report launched today (27 May).
The report, which focuses primarily on the evolution and characteristics of the Cluster, has been commissioned by MEPC, asset manager and developer of Silverstone Park on behalf of Hermes Investment Management, with partners PwC and Barclays. It has been authored by SQW, the economic and social development research firm whose findings first brought the ‘Cambridge Phenomenon’ to public attention.
MEPC has identified over 4,000 small and mid-sized businesses within two hours of Silverstone specialising in aeronautics, automotive, medical industries, green energy, marine, defence, electronics and sensors, as well as motorsports.
Roz Bird, commercial director at Silverstone Park for MEPC, said: “The potential of the Silverstone Technology Cluster is limitless. Having taken over management of Silverstone Park in 2013, we noticed this untapped market almost immediately and have been working with our partners to develop it.
“As an evolving engine room for UK innovation, the cluster is able to adapt and provide a continuing flow of entrepreneurial new firms. However, in order for the cluster to achieve its full potential further investment is needed.”
Chris Taylor, head of private markets at Hermes Investment Management, said: “Global capital increasingly gravitates to best talent and we believe the Silverstone Technology Cluster plays to this theme, along with longer term trends associated with technology and globalisation.
“As a long term, responsible investor the opportunity exists to create a globally leading high performance technology centre at the heart of a rapidly expanding cluster.”
Sajid Javid MP, Secretary of State for Business, Innovation and Skills, said: “Britain has a proud history as a hotbed of innovation and technological changes have the real potential to revolutionise our lives. For example, data analytics used in motorsport is now driving innovation in hospitals and health care.
“The Silverstone Technology Cluster is at the forefront of global technological innovation, skilled at solving engineering problems and delivering solutions. It is an exemplary haven and one where young engineers can get the training they need to become the best in the world.”
The study has also been sponsored by: the Motorsport Industry Association (MIA); Buckinghamshire County Council; Northamptonshire County Council; Aylesbury Vale District Council; South Northants Council; Cherwell District Council; Buckinghamshire & Thames Valley Local Enterprise Partnership (BTVLEP); Northamptonshire Enterprise Partnership (NEP); South East Midlands Local Enterprise Partnership (SEMLEP).
