A high-profile organisation that has supported businesses growth by securing grants and helping firms to innovate is to cease trading after nearly three decades.
The Staffordshire Business Innovation Centre (BIC) was set up in 1995 as a not-for-profit organisation. Over the years it has supported more than 5,000 companies, worked on dozens of projects and awarded millions of pounds in funding.
However, its chief executive says BIC’s ability to operate has become untenable due to a decline in local firms seeking to fund innovation externally – fuelled by high energy bills and the Covid-19 crisis.
Geoff Riley, Chief Executive of the organisation based in Stoke-on-Trent, said: “It is with great sadness that after 27 years of encouraging and supporting Innovation in Staffordshire the BIC (Business Innovation Centre) is ceasing trading.
“As a not-for-profit organisation we have been funded through a mixture of sponsorship, European and UK funding over the years – in fact we have worked on 66 projects.
“However, the consequences of the pandemic and the energy crisis has meant a recent decline in external investment by local companies on innovation resulting in an untenable situation for the BIC.
“New funding will eventually be available, but time is not on our side.
“But we close the business with our heads held high as we look back and celebrate that we have helped over 5,000 companies to grow through innovation; we have awarded over £5.5m in grant funding and seen many wonderful new products and services commercialised.”
Staffordshire Chambers of Commerce Chief Executive Sara Williams, pictured above, has worked closely with the BIC to support businesses and praised the work it has done.
She said: “The news of the closure of the Business Innovation Centre – affectionately know as the BIC – is a real shame. The concern is that this could be the first of many organisations which support business growth and communities, and which have used European funding to provide great services, that suffer.
“Staffordshire Chambers has worked closely with the BIC since its inception, and we know the value it has brought to innovators and businesses by helping bring innovative products and services to market.
“We hope that we can help companies find new sources of financial help and expertise to support their creativity and innovation.”
