Economic Context

To an area of multiple deprivations within Salford, the Innovation Forum brings a range of benefits including:

Over 600 jobs
Access to new learning opportunities
Re-use of 0.8 hectares of brown field land
Approximately 55 new businesses, many of which will be high growth SMEs.
Promotion of links and skills transfer between the community, the education sector and industry

Critical to the Manchester: Knowledge Capital Prospectus, and in particular a key feature of the ‘Arc of Opportunity’ within the M:KC project, the aim of the Innovation Forum is to support interaction between new businesses whilst at the same time encouraging community participation and the development of innovative new projects. Please click on the web links below for further information on the Manchester: Knowledge Capital initiative:

http://www.manchesterknowledge.com/press.asp?action=view&id=61670

http://www.salford.gov.uk/playing_our_part_in_manchester_knowledge_capital.pdf

On a local level the project also aims to provide a recognisable focal point for the regeneration of the area. The Innovation Forum building falls within the Charlestown and Lower Kersal New Deal for Communities (NDC) boundary, and the NDC has a particular interest in facilitating local community input into the project.

See http://www.chalk-ndc.info/index/doing/business-employment-skills.htm for further details of how the project fits with the wider strategic work of the NDC team.

The Innovation Forum also has significance for the Greater Manchester sub region, reflected by the project featuring in the Manchester City Region Sub Regional Action Plan (or SRAP) which maps sub regional priorities between 2008 and 2011. For further information click on
http://www.manchester-enterprises.com
/fundingprogrammes/MSRActionPlan/msrap_index.htm

The Innovation Forum links effectively with the main themes outlined within the Manchester City Region Development Programme (2006) - which aims to accelerate the economic growth of the sub region. For further information see:
http://www.manchester-enterprises.com
/documents/CRDP%202006%20Full%20Report.pdf

Finally, on a regional basis, the Innovation Forum is a priority project for the North West Development Agency (NWDA) evidenced by the funding awarded to Salford City Council to support the construction of the building. It was also matched by European Regional Development Fund (ERDF) funding. The project links strongly with the NWDA’s key assets and opportunities for Greater Manchester as set out on page 16 of the Regional Economic Strategy (2006), and also links with the priorities in the NWDA’s 2007/08 Business Plan and current Corporate Plan documents. For further information please click on:
http://www.nwda.co.uk/what-we-do/our-key-documents.aspx

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