Swindon & Wiltshire News
South West helping drive the UK’s innovation economy, new research finds
New research from NatWest has highlighted the South West’s strength as one of the UK’s leading centres for innovation, entrepreneurship and high-growth businesses, while identifying a significant opportunity to create even more jobs and investment across the region.
The report, From Innovation to Impact, found the South West is home to 1,791 innovative businesses, 927 recipients of public innovation grants and 225 university spinouts.
This firmly positions the region as a hub for creativity, technology and breakthrough ideas.
Innovation is taking place across the region, from Bristol’s digital and technology ecosystem to advanced manufacturing and clean growth activities across Gloucestershire, Wiltshire, Devon and Cornwall.
The research also shows South West businesses are already delivering results.
Grant-backed firms across the region have attracted more than £3.1 billion in follow-on investment, while the proportion securing additional private funding is above the UK average.
Despite this success, NatWest identified 382 innovative businesses that are continuing to develop new technologies and products but have yet to reach commercial scale.
Helping more of these firms grow could unlock significant economic benefits for communities across the South West through new jobs, increased investment and stronger local economies.
One company featured in the report is Bristol-based climate-tech business Kelpi (pictured), which has developed a seaweed-based packaging coating designed to replace plastic barriers in food and consumer packaging.
Having already raised more than £7 million in private investment and secured support from Innovate UK, Kelpi demonstrates the world-class innovation being developed in the South West and the importance of helping pioneering businesses bring new products to market.
Faye Long, regional managing director, South West and Wales, NatWest, said: “The South West has earned a reputation as one of the UK’s most exciting regions for innovation, with ambitious entrepreneurs and fast-growing businesses tackling everything from sustainability and clean tech to advanced engineering and digital transformation.
“Our research shows the region is already generating incredible ideas and attracting investment, but there’s an opportunity to go even further.
“Through our Growing Together ambition, we’re committed to helping businesses access the funding, expertise and networks they need to scale.
“We’ve seen the impact that support can have through our Bristol Accelerator, which has spent more than a decade helping founders turn innovative ideas into thriving businesses, creating jobs and investment that stays within the region.”
NatWest has been supporting entrepreneurs in the South West through its Bristol Accelerator hub for more than 10 years.
Since opening, the hub has supported more than 650 businesses, helped create over 600 jobs and enabled founders to raise more than £46 million in investment, reflecting the bank’s wider commitment to helping businesses start, scale and succeed.
