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Liverpool City Region continues to attract global innovation investment


Published: 05 Jun 2023

Mayor of the Liverpool City Region Steve Rotheram opened last week's 2023 LCR Innovation Investment Summit at The Spine, in Liverpool's Knowledge Quarter.

The summit, delivered by ICAEW North West Region, is a landmark innovation investment conference for stakeholders, business leaders, and policy experts. This year welcomed guest speakers and panellists from BioGrad, ORCHA, Sci-Tech Daresbury, Northern Gritstone, and more.

Mayor Rotheram said that the past year had been a “complete game changer for the Liverpool City Region”.  He highlighted consecutive successes including the ground-breaking strategic partnership with Innovate UK, the Baltic Accelerator programme, the launch of the city region’s new fleet of publicly owned hydrogen buses and £500m trains, which are some of the most accessible and sophisticated in the country, potential for the world's largest tidal power scheme in Mersey Tidal Power, the opening of the Liverpool City Region’s Freeport - and the knockout success of hosting Eurovision on behalf of Ukraine.

Mayor Rotheram launched the refreshed LCR Innovation Prospectus that reaffirms the city region's ambition to invest 5% of GVA in R&D annually by 2030, a target which is nearly double that of the national target, whilst aiming to become net zero by 2040 - a full 10 years ahead of the UK’s goal.

The Innovation Prospectus outlines the region’s plans to add an estimated £42bn to the city region’s economy, create 44,000 jobs and generate a 10% boost to productivity.

Steve Rotheram, Mayor of the Liverpool City Region, said: “From the moment I was elected Mayor, it’s been one of my priorities to cement our area’s reputation as an attractive environment for businesses to innovate and invest.

“I’m incredibly proud of what we’ve already achieved – but this is just a down payment on my future ambitions. I want us to go even further and catapult our region to the forefront of UK science and innovation.

“Our Innovation Prospectus is our roadmap to do just that – it showcases the full breadth and depth of our ambitions and demonstrates the unique place-based approach that continues to make our area one of the most lucrative locations to invest in.”

Lorna Green, CEO of LYVA Labs, said: “LCR has ambitious targets for R&D-linked innovation growth in the next ten years, linked to a growing cluster of science, innovation, and industrial assets of national and global importance. LYVA Labs aims to harness these regional assets by fostering collaborations, developing investment opportunities, and mentoring innovation talent, to extend real growth opportunities to SMEs and innovative businesses across the region.”

When looking at the global picture, panellist, Shaun Beaney, Editor of Preqin First Close, said venture capital funds worldwide had $2.5tn assets under management, including $564bn of ‘dry powder’ (capital to invest in deals). “If Liverpool City Region attracted only a tiny increment of that, it would be transformative. The region is building on its strengths in life sciences, materials chemistry, AI, and net zero, all of which are potentially of great interest to early-stage investors.”  

The event was backed and supported by the LCR Combined Authority, Innovate UK, the British Business Bank, LCR Connect, Preqin First Close, LYVA Labs and the Liverpool Chamber of Commerce.

David Petrie, Head of Corporate Finance ICAEW said “ICAEW is delighted to deliver this important investment summit which for the second year has succeeded in bringing together the investment and business communities. It is very pleasing to see that some of the initiatives agreed at the inaugural event twelve months ago are now in place and delivering clear benefits, including advice and funding, to fast growing, innovative businesses in the LCR."

Chair, Steve Stuart noted “This summit really demonstrates the progress the City Region is making; innovation is the key to economic growth and success over the next 7 years. It is really amazing to see so many significant projects coming together across the city region. This environment provides SMEs with a real opportunity to get on the growth journey and flourish over the next few years.”
Alex Pilkington of ICAEW, confirmed that the summit will return to Liverpool on 23 May 2024, to continue to drive the innovation agenda in the City Region.  For further details, sponsorship information please contact alex.pilkington@icaew.com