An independent report has revealed that in 2021 alone £35.8million of equity investment was raised by the Warwick Innovation District (WID) - an innovation group that brings together academics, businesses and investors.

Powered by the University of Warwick, the district was launched in 2020 and has helped over 700 businesses raise over £100million in investment since.

The report published by consultancy firm Beauhurst underlined the West Midlands' position as a stronghold for many high-growth industries, including clean transport, manufacturing, gaming and esports, health and wellbeing, and fintech.

David Plumb, chief innovation officer at the University of Warwick, said: "We have long believed that championing innovation is key to supporting the growth of the local economy.

"The investments generated by the WID will ultimately pay dividends to the wider West Midlands, driving an uptick in new jobs, business opportunities and more.

"It is critical that we continue our effort to nurture entrepreneurial talent, create jobs, solve practical problems and accelerate business growth in order to secure the current and future success of the region. Only through putting innovation at the forefront can we ensure that the West Midlands continues to flourish for years to come."

The district is also home to the Minerva Business Angel Network, a subsidiary of the University's Science Park, which was acknowledged as the top investor in the West Midlands.

Since its inception in 2010, the network has helped provide over £80million in funding to over 70 companies looking for investment.

Other initiatives launched by the University include a health and wellbeing accelerator, incubators for deep tech and creative and digital industries, and a £200,000 investment in a state-of-the-art esports centre.

Henry Whorwood, head of research at Beauhurst, commented: "There are only a handful of places that match the Warwick Innovation District ecosystem in the UK.

"Delivering innovation, nurturing talent, and helping businesses to capitalise on opportunities is enabled due to its highly engaged and diverse ecosystem built on strong foundations."

To download the Beauhurst report, visit: https://www.beauhurst.com/research/warwick-innovation-district/