Universities secure £100m in sales for small firms

Date: 16th December 2008

Small businesses in one regional economy have been given a £100 million boost by local universities.

Academics at the West Midlands Technology Network (WMTN) - which encompasses the area's higher education institutions - has effectively stimulated £100 million in sales and protected more than 2,500 jobs.

Through the network, business start-ups have been given access to university resources, allowing them to improve skills such as marketing and management and increase their overall prowess.

Dr Alan Collins, director of business development at the University of Wolverhampton, said: "In this current economic climate it is going to be the smaller businesses that struggle the most, yet it is also the innovation coming out of small businesses that can help the economy come out stronger after the downturn."

He added that universities were organisations which could provide small firms with the expertise needed to survive during the financial crisis.

Last week, the London Development Agency revealed that it was putting together a £23 million package to provide business start-ups with finance schemes and recovery programmes.