Business incubator to launch in Croydon

‘Croydon Tech City’ set to grow as more tech start-ups move out of inner London in favour of cheaper rents

Sussex University Innovation Centre has today revealed plans for the launch of its first off-campus incubator.

Announced at an event featuring Shadow Business Secretary Chuka Umunna, and 2014 Apprentice finalist and Startup 100 member Bianca Miller, the new incubation hub will offer flexible, professional office space and in-house support for potential fast growth businesses at any stage of their progression.

Sussex University says the incubator will act as a base for up to 30 businesses with space for over 300 employees and will support over a 100 local businesses through its network.

The business support group also anticipate that over the next three years the first companies to join the incubator will generate £6m in turnover and raise £1m in investment.

The event, which was held in the new site’s location in Croydon One, also unveiled research which suggests that over the next five years 63% of London’s small business owners (78% for tech businesses) will have moved out of central London due to high rents.

Chuka Umunna, Labour’s Shadow Business Secretary and small enterprise advocate, said:

“Sussex Innovation’s new Croydon Campus has an exciting future ahead, with huge new opportunities being created for the local area by helping spur the creation of hundreds of new jobs and assisting businesses in starting up, growing and innovating.

“This is crucial at a time when more and more people are considering starting out on their own and setting up a business, and when we want to make it easier for everyone to pursue this route, regardless of their background.”

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