A cluster of high-tech engineering businesses, has been identified in the area surrounding Silverstone Park by a new research report launched today.
The Silverstone Technology Cluster, which is being backed by the Government, highlights a market of “untapped potential”.
MEPC, who manage Silverstone Park, 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, 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.”
The report is a first step in creating a ‘cluster organisation’, which will match investors with untapped high-tech engineering firms.
Sajid Javid MP, secretary of state for business, said: “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.”
Meeting demand for skills will be a challenge with a severe national shortage of engineers.
Cranfield University and Oxford Brookes play a crucial role in addressing this need within the Silverstone Technology Cluster by educating thousands of engineering students each year.
Jon Corbett, head of Northants business banking at Barclays said: “Establishing that there is a cluster is just the beginning; it is now critical for us to concentrate on how we address the skills shortage, attract investment finance, support innovation and, finally, how we create a network to support business acumen and commercialisation.”