Liverpool small business programme gets huge boost of over £42 million

Centred on small and medium-sized enterprise innovation and leadership, the Novel programme has successfully created 257 new positions.

It is focused on strengthening the leadership capabilities and connections that drive innovation within ambitious small and medium-sized enterprises (SME).  

More than 100 senior figures from business, academia and regional leadership gathered at the Royal Liver Building on Friday for Novel as Lord Michael Heseltine returned to address many different industry professionals. 

Becoming a breakout success story as part of the wider Horizons programme, Novel was led by the University of Liverpool’s VEC and backed by the Liverpool City Region Combined Authority through the UK Shared Prosperity Fund (UKSPF). 

The initiative has been supporting SME productivity, sustainable growth and competitiveness across the city. 

Aiming to address a long-standing gap in the innovation agenda, Novel made a big stride with this event. Although technology, funding and research exist, many SMEs lack the strategic space and support to embed innovation at board level.

Bringing together senior decision-makers from different sectors to build leadership, Novel unlocks collaboration and translates innovation into a measurable, commercial impact. 

Businesses that have been part of the Horizons initiative have realised:

• Over £800,000 of SME innovation investment supported
• 257 jobs created
• 82% saw productivity improvement
• Are on track to deliver £42.9m in GVA across the region

Thanks to the programme, the Liverpool City Region is positioned as a leader in SME-driven innovation in the real economy.

Widely regarded as one of the architects of Liverpool’s regeneration, Lord Michael Heseltine, addressed delegates and endorsed the region’s continued ambition.

Lord Michael Heseltine said: 

“Some people see excellence in places where it does not yet exist,” he said. “They create the circumstances for it to happen.”

“Regions cannot sit back and expect change to be delivered for them,” he added. “They have to back their own ambition and be prepared to lead.”

“For every pound of public money, we leveraged many more from the private sector,” he said. “That is how you create sustainable growth.”

Concluding his address, the room gave a standing ovation reflecting the impact of his role in the city’s transformation. 

Throughout the conference, topics were explored such as AI and digital transformation, the commercialisation of university research and the role of regional ecosystems in scaling high-growth firms. The resulting message was overall very positive, with it showcasing that the Liverpool City Region has the leadership, talent and institutional backing to continue driving innovation-led growth. 

Andrew Borland, Novel Co-Founder and Chief Innovation Officer at VEC, University of Liverpool, said:

“Liverpool has always demonstrated what is possible when leadership and ambition come together. Novel exists to ensure that our SME leaders are at the forefront of innovation, not following behind it.

“Growth businesses are the drivers of the UK economy. When we back the leaders of those businesses – equipping them with the knowledge, networks, capability and strategic confidence to innovate – we create jobs, improve productivity and strengthen the entire regional economy.

“With the support of the Liverpool City Region Combined Authority, Horizons and Novel are helping to build a generation of SME leaders ready to shape the future of innovation in our city region.”

Find out more about The Novel Innovation Leadership Programme here

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