£5 million innovation deal brings life-boosting business

A multi-million pound innovation deal to help people in the UK live longer, happier lives is set to bring new jobs and businesses to the North-East.

The £5.6m joint investment brings together the North of Tyne Combined Authority covering Newcastle, North Tyneside and Northumberland with the National Innovation Centre for Ageing (NICA).

The cutting-edge research will bring new skills and tech start-ups to the North of Tyne region.

Innovations could include connected devices, smart homes and remote monitoring models that enable older people to live independently.

The ageing innovation market is set to add 2 per cent to global GDP by 2040.

Meanwhile, the number of people aged 65 who are still in work has doubled since 2001.

Jamie Driscoll, North of Tyne Mayor said:

“The UK’s population is ageing dramatically. This creates challenges but also opportunities.

“Our phones in our pockets are incredible and powerful tools that can help keep us fit and healthy as we age. Technology is more accessible than ever before and has the potential to do so more.

“Our region leads on digital tech so we are perfectly placed to launch this latest innovation deal. It will grow local tech businesses, support them to be ready for these emerging markets, and create new good jobs.

“We will be investing in products and services that make a difference, and help people to live well as they live longer.”

The deal is specially focused on the Internet of Caring Things (IoCT), which harnesses the latest technology to help people maintain their independence.

This investment phase will directly benefit workers in the area, creating 145 new jobs.

It will also engage with more than 1000 residents to help develop the new products and services.

Nick Forbes, Leader of Newcastle City Council and North of Tyne portfolio holder for Jobs, Innovation and Growth said:

“We want people in Newcastle and the North of Tyne to live a longer happier life. This is what this deal is all about.

“It means businesses with good ideas will gain the support they need to contribute to our flourishing research and technical sector, to develop products that will make a real difference to people’s lives.

“It’s about creating a virtuous circle within Newcastle, North Tyneside and Northumberland where we attract the talent and innovation that will drive growth, attract further investment, and make the North of Tyne a better place to live, work, and do business.”

The North-East already has a thriving tech industry.

In December, The Levelling Up Tech Power League named Newcastle the 8th fastest growing city in the UK, saying the area raised a record £86m in venture capital funding in 2021.

Tech jobs in the area attract an average advertised salary of £46,536, an increase of 5.8 per cent in 2020.

Header image courtesy of Newcastle University