Kit Malthouse

Kit Malthouse

Kit Malthouse is London’s Deputy Mayor for Business & Enterprise and the Co-chair of the London Enterprise Panel. He writes here about the Growing Places Fund and its potential benefit for life science companies. 

Earlier this month, the London Enterprise Panel (LEP) published its jobs and growth strategy.  It sets out the key priority sectors in which City Hall will be investing, and I am proud that we have given life sciences such a prominent place in the strategy.  I would encourage all the BioIndustry Association’s members to look at the documents and consider whether LEP funding would be right for your business.

Our vision is to realise the potential of London’s world class science and technology community to drive innovation, jobs and growth. London’s ability to innovate and adapt will be critical to staying ahead in the global economy. The City’s science and technology sectors are some of the most productive sectors of the economy. In 2009 these sectors contributed 14% of London’s GVA from just 6% of employment.

The Growing Places Fund is a £111 million revolving capital fund which was allocated to London in 2012. A key component of the work of the LEP will be to advise the Mayor and me on how and where we should spend the Growing Places Fund. The revolving capital fund will be used to help establish financially sustainable projects, and will target projects which represent good value for money.

The first round of funding in London had a total of £41m available. The LEP received 16 bids of a value of £150m. Of these, ten were for infrastructure projects (seven of which specifically related to transport projects).  The Round 2 fund will concentrate on projects which fall into three LEP priority areas, with the skills and employment agenda being relevant across all areas.  The deadline for submitting bids to the LEP for Round 2 is 2 July 2013, so I would encourage you to look at the documents and consider making contact with our teams at City Hall to see if this enterprise is the right fit for your business.