{"id":5293,"date":"2025-05-29T16:32:53","date_gmt":"2025-05-29T16:32:53","guid":{"rendered":"https:\/\/thewitnessexeter.co.uk\/?p=5293"},"modified":"2025-06-04T13:41:26","modified_gmt":"2025-06-04T13:41:26","slug":"guest-opinion-by-steve-race-mp-the-south-wests-innovation-moment","status":"publish","type":"post","link":"https:\/\/thewitnessexeter.co.uk\/?p=5293","title":{"rendered":"Guest Opinion by Steve Race MP: The South West’s Innovation Moment"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>7 Minute, 2 Second <\/div>\n\n <\/div>\n

About the writer<\/strong>: Steve Race has been the serving Member of Parliament for Exeter since 2024. He is a member of the Labour Party, and has kindly offered us his thoughts on the brimming opportunities for growth and innovation in the South West. The Committee would like to thank him for his contribution, and all further text has been written by Mr. Race. <\/p>\n\n\n\n

The South West\u2019s Innovation Moment: Why the Future Is Being Built Right Here\u00a0<\/strong><\/p>\n\n\n\n

When people picture Exeter and the South West, they tend to think of cream teas, coastal holidays, and rolling green fields. And fair enough \u2014 we\u2019ve got all of that in abundance. But if you stop there, you\u2019ll miss the real story. Because today, the South West of England is quietly becoming one of the UK\u2019s most exciting regions for technology, innovation, and investment. <\/p>\n\n\n\n

As the MP for Exeter, I see this first-hand every day. Exeter itself is a powerhouse of research and innovation \u2014 home to our top-tier university, the world-renowned Met Office, and a growing ecosystem of science and tech businesses that are already shaping the future. But it\u2019s not just about one city. From Cornwall to Bristol, from Plymouth to Yeovil, this region is buzzing with possibility. <\/p>\n\n\n\n

And here\u2019s the truth: we\u2019re only just getting started. <\/p>\n\n\n\n

What Makes a Region Investable?\u00a0<\/strong><\/p>\n\n\n\n

Last week I spoke at the UK Real Estate and Infrastructure Investment Forum, sharing the stage with business leaders and investors to discuss what makes a successful regional innovation cluster. In my view, it comes down to five interlinked factors. First, you need strong institutions that attract and retain talent \u2014 our universities, research centres and hospitals provide exactly that. Second, a track record of success helps build investor confidence, and we\u2019ve steadily built one. Third, you need a full articulation of what makes the region great \u2014 the compelling \u201cvibe\u201d or narrative that draws people in. Add to that supportive and committed local stakeholders, and finally, strong connectivity: between cities, institutions, people, and ideas. <\/p>\n\n\n\n

The South West has all of these in abundance \u2014 and for students and staff in our universities, that presents a powerful opportunity to help shape what comes next. <\/p>\n\n\n\n

A Region Rich in Innovation\u00a0<\/strong><\/p>\n\n\n\n

The range and quality of innovation across our region is remarkable. In Exeter, we are building major strengths in areas like climate science, life sciences, photonics, and artificial intelligence. The University of Exeter works in close collaboration with the Met Office and our leading teaching hospital, and the innovation happening at Exeter Science Park is globally significant. We\u2019re actively pursuing an AI Growth Zone designation for our city \u2014 with a bid backed by local government, academia, and business. <\/p>\n\n\n\n

Elsewhere in the region, there are exciting things happening across sectors. In Plymouth, we have the largest naval base in Western Europe and a growing hub for nuclear engineering and skills. In Cornwall, critical minerals mining is supporting the tech of the future, while one of the UK\u2019s spaceports and a national drone hub are helping drive our leadership in aerospace and satellite technology. The marine science cluster in Falmouth has global recognition, and North Devon is emerging as a key player in both defence and renewable energy, especially floating offshore wind. <\/p>\n\n\n\n

Somerset is home to some of the most ambitious infrastructure projects in Europe \u2014 from the Hinkley C nuclear project, with tens of thousands of people working on site, to the future gigafactory being developed at the Gravity Smart Campus. The aerospace sector in Yeovil, led by Leonardo Helicopters, remains a cornerstone of advanced engineering. <\/p>\n\n\n\n

And then we have our other city powerhouses. Bristol\u2019s leadership in robotics, quantum tech, and advanced materials is firmly on the global map. Bath excels in sustainable engineering and digital innovation. Across the South West, we are combining research excellence with industrial muscle \u2014 and that makes this region incredibly fertile ground for high-growth innovation.\u00a0<\/p>\n\n\n\n

From Start-ups to Scale-ups\u00a0<\/strong><\/p>\n\n\n\n

The South West is now home to more than 1,000 active start-ups, and collectively these businesses have raised \u00a36.6 billion in investment. Crucially, they\u2019re not just growing in number \u2014 they\u2019re growing in value, with the average venture-backed startup in our region now worth \u00a311 million. And this isn\u2019t just about Bristol or Bath. In Exeter alone, we\u2019re seeing exciting ventures take root and thrive.\u00a0<\/p>\n\n\n\n

Companies like New Motion Labs are rethinking mechanical systems with next-generation gears and chains; Intelligent AI is transforming the insurance sector through cutting-edge data analysis; Brain in Hand is supporting neurodiverse individuals through smart, app-based interventions that link users with carers and services; and RoleMapper, a female-founded business, is leading the way in job data compliance and organisational development. Each of these companies has raised millions in early-stage investment \u2014 and they\u2019re just the start. <\/p>\n\n\n\n

What\u2019s particularly exciting is that nearly half of our startups are still at seed stage. That means they\u2019re brimming with ideas and ambition, but still need the right support to scale. For students and graduates in the region, that represents an enormous opportunity to join \u2014 or even start \u2014 businesses that will shape the future of tech, science, and innovation in the UK. <\/p>\n\n\n\n

The Investment Revolution\u00a0<\/strong><\/p>\n\n\n\n

While our innovation ecosystem is thriving, there\u2019s still a significant disparity in where capital flows. The South West currently attracts just 2.7% of the UK\u2019s private equity and venture capital \u2014 a figure that doesn\u2019t reflect the quality or potential of the companies here. <\/p>\n\n\n\n

But that\u2019s beginning to change. We\u2019re seeing a quiet revolution in the way investment works across the region. A growing number of angel investors and networks are stepping in to support early-stage ventures. Councils and universities are bridging funding gaps. The new \u00a3100 million South West Fund \u2014 seeded by Devon and Avon pension funds and managed by Foresight \u2014 is a major moment for long-term, regionally-rooted investment. <\/p>\n\n\n\n

There\u2019s also growing momentum around organisations like QantX, which is supporting spin-outs from the SETSquared university partnership. The idea is to replicate the success of Northern Gritstone in the North \u2014 identifying talent locally and helping companies grow here in the South West, rather than chasing capital in London. <\/p>\n\n\n\n

Deep tech is especially promising. Startups working in AI, biotechnology, and advanced materials now account for 44% of the total equity value of South West tech businesses \u2014 some \u00a3284 million out of \u00a3641 million. That\u2019s an extraordinary concentration of cutting-edge capability. <\/p>\n\n\n\n

Backed by Government \u2014 and You\u00a0<\/strong><\/p>\n\n\n\n

The Labour government is investing in this growth, and we\u2019re backing it with serious reform. We\u2019ve committed \u00a320 billion to research and innovation, and I accompanied Lord Patrick Vallance recently as he helped to launch our new national metamaterials hub, with \u00a310m of funding from UKRI. We\u2019re creating a new Skills England body to close the skills gap, investing in technical education, and reforming the apprenticeship system to better match today\u2019s economy. Our National Wealth Fund will help unlock further capital, and planning reform will make it easier to build what\u2019s needed. We\u2019ve even launched a new Regulatory Innovation Office, so outdated rules don\u2019t hold back new ideas. <\/p>\n\n\n\n

This is a government that wants to partner with students, universities, local authorities, and businesses to make this region thrive. <\/p>\n\n\n\n

But government alone can\u2019t do it all. We need researchers, entrepreneurs, investors, and future leaders \u2014 people like you \u2014 to drive this forward. Whether you\u2019re designing quantum processors, building green energy systems, or starting the next social impact venture, there\u2019s a place for you in the South West\u2019s innovation story. <\/p>\n\n\n\n

A Region on the Rise\u00a0<\/strong><\/p>\n\n\n\n

So let\u2019s lay it out clearly. We have the institutions that attract and develop world-class talent. We have a growing track record of successful innovation. We\u2019re learning to shout more loudly and proudly about our achievements. Our networks are deepening, our ecosystem is growing, and our quality of life \u2014 well, that\u2019s still as unbeatable as ever. <\/p>\n\n\n\n

The future is being built in the South West. Now\u2019s the time to be part of it.<\/p>\n\n\n\n

Image<\/a>: St Martin’s Church and Mol’s Coffee House near the Exeter Cathedral, Tomislav Medak, 2008\/\/CC BY 2.0<\/a><\/p>\n

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