Exeter to help local businesses fight the credit crunch

This will enable the University to invest in the local economy, supporting businesses and individuals in the region during the economic downturn. The 18-month project will establish the Exeter Knowledge Base Accelerator (KBA), which will work alongside external partners supporting a number of initiatives. This will include internships, work placements for new graduates, short targeted courses and vouchers to help unemployed people train and look for work.

Knowledge-based businesses will also benefit from the fund with a range of new programmes, including courses for employees on reduced working hours to allow them to fulfil their potential and assistance from the University to provide research expertise to support new business products and process design.

The money will be allocated on a programme and project basis with the method and level of support provided by the University being tailored to the needs of the business or individual. Local business will have access to the University’s Innovation Centre and other University resources.

Derek Phillips, chairman of Exeter Chamber of Commerce, welcomed the news. He said: "The Chamber supported the University’s bid and we are delighted to learn that they have been successful. This is extremely important and will be a great benefit to businesses in the city and surrounding areas"

Exeter was one of 70 successful Universities to bid for a share of £50 million in economic investment via a match-funding scheme, for which HEFCE has invested £27 million. The remaining funding has come from the University’s own funds.