University of Hertfordshire awarded £1m to help small businesses grow

20 September 2019

The University of Hertfordshire has secured £1.1m to set up a new University Enterprise Zone to support start-up and small businesses, to increase economic growth, employment, and investment in the county.

Hertfordshire has 58,000 enterprises, most of which are small businesses*. However, the University’s local area, Welwyn-Hatfield, is currently among the lowest performing for new businesses, with one-year business survival rates also falling short of the national average**.

The Enterprise Zone will offer companies across the county access to new specialist workspaces, equipment and resources and encourage the development of talent through apprenticeships and student placements. A network of academics, supported by our world-leading research, will enable businesses to grow and prosper.

“This initiative gives the University the opportunity to support many more small businesses and start-ups in the Hertfordshire region, extending the work of our existing enterprise programmes, such as our Business Incubator. Stimulating the growth of small businesses will help drive economic development, turnover and employment in Hertfordshire, leading to greater long-term investment in the region.”

Julie Newlan
Pro-Vice Chancellor for Business and International Development at the University of Hertfordshire

Being a member of the University of Hertfordshire’s Business Incubator gives companies access to hundreds of academic experts and their research, as well as seminars, mentors, networking events, business directories and marketing through the university’s website.

For more information visit: https://www.herts.ac.uk/business

The £1.1m fund for the new University of Hertfordshire Enterprise Zone is part of a wider £20 million investment announced by the Government for 20 universities across the country for the development of new University Enterprise Zones.

*Strategic Economic Plan, Hertfordshire Local Enterprise Partnership, 2017

**ONS Business Demography Tables; ONS Midyear Population Estimates (2016)

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