The Story Unfolds
Nottingham as a Core City
Economic Diversity
Led by: Competitiveness and Growth Strategic Action Team, Greater Nottingham Partnership
The problem:
New business start ups are 12% below the national average - and they are more likely to fail. Local entrepreneurial spirit is lacking due to our historic reliance on large firms in traditional industries. There are few suitable premises for small companies and much commercial space has now become housing. Businesses report that crime is a debilitating drain on their resources.
The answer:
Nottingham has some good examples of creative industries, plus engineering, food and drink suppliers and an exciting new medical technology initiative. The service sector has grown in the last ten years, as has the public sector in health and education. All these areas must be nurtured, while more high growth companies must be persuaded to move in.
We recognise the importance of the social economy, both in providing services which fill gaps in mainstream provision, and in providing employment in some of our most deprived communities. Working with the guidance of SEEM, (Social Economy East Midlands), a county wide social economy support partnership has been set up. The establishment of a regional School for Social Entrepreneurs, based in Nottinghamshire, will increase the number of entrepreneurs entering the sector.
| Action | Who leads? | Timescales |
|---|---|---|
| Inward investment partnership to target civil service | City Council for GNP | ongoing |
| Business crime strategy | GNP | in place |
| City Growth Strategy to support businesses | City Council | September 2005 |
| New entrepreneur scholarships | Nottinghamshire Business Venture | ongoing |
| Business brokers and innovative methods in manufacturing | Business Link Nottinghamshire | ongoing |
| Developing an innovation fund | NDE | Summer 2005 |
| Enterprise education in schools | FEBA | 2006 |
| Sites for new and expanding companies | Phys Regen SAT / NRL | ongoing |
| Social Economy East Midlands | GNP / SEEM | ongoing |