East Midlands is the fourth largest area in England. It is positioned in the middle of UK. Derbyshire, Lincolnshire, Rutland, Nottinghamshire, Northamptonshire and Leicestershire are the counties in East Midlands. It has many attractions such as the Sherwood Forest, Silverstone motor racing and also the National space center. Also, the Airport of East Midland is the largest air freight terminal in the UK.
East Midlands has a diversified economy with companies dealing in electronics, pharmaceuticals, engineering and food and drink. It also has leading universities and is renowned worldwide for excellent research.
East Midlands is a very cost effective option for initiating a business. The office rents are 35% less than the national average. It is conveniently linked with other regions in UK and Europe hence provides great access. It also has very short commuting times as compared to other counties. World renowned businesses such as Toyota and Rolls Royce have centers here.
It has about 9 universities that are excellent and specialize in research. These include the Energy Technology Institute which deals in carbon technologies, CEMMNT that deals in nanotechnologies and the Silverstone Innovation Centre for Motor Racing. The Space Research Centre and Sports Technology Institute are also centers of excellence.
It also has a host of research facilities available. East Midlands are known for their innovative ideas. The DNA fingerprinting, MRI scanner and jet engines have all been developed in East Midlands.
The East Midlands Development Agency (emda) is in charge of the economic development in this region. It provides support to new businesses with innovative ideas and schemes. It has established a council to help make East Midlands a successful center.
In accordance with this, the Innovation and Action plan has been set up and iNets are being established to assist businesses.
East Midlands is set to have the first iNet in the bioscience and healthcare industry. The aim of iNet is to help businesses in these areas exploit new technologies. It also helps in undertaking research, overcoming any regulatory barriers and accessing the global markets for these businesses. iNets are also being set up in the food and drink industry, the sustainable construction and transport equipment industry.
Emda also plans to exploit new technologies and use it to boost business prospects. A Regional Technology framework (RTF) is being developed so that businesses can take advantage of these new breakthroughs in technology. The areas which are being aimed at are design, manufacturing, engineering, energy and the waste arena. Technological breakthroughs in the fields of communication and information technology, biotechnology and therapeutics are also being made in East Midlands.
Also, businesses that are relocating or setting shop in East Midlands can exploit these innovations and in addition get grants ranging from £5,000 - £20,000. emda can help these businesses with expansion or collaboration. These services are free of charge and confidential. They also assist in introductions to the various research centers, private sector companies and also offer financial assistance. It also helps businesses with their exports.
Thus, it is a great option to invest in East Midlands. Businesses can avail themselves of the new technological innovations and boost their business prospects further by investing in East Midlands.