The Tremough Innovation Centre is funded by the South West RDA and European Convergence money and will provide facilities and resources to enable start up companies to launch, as well as providing a base for existing businesses to grow.
It could house up to 70 businesses, with two shared meeting rooms, shared areas and a conference facility.
It will become a sister facility to Redruth's Pool Innovation centre, which opened in July last year. Together, the idea is that they will form a key growth hub for the county's economy.
The development is next to the Combined Universities in Cornwall Tremough campus. It is hoped that it will attract graduates to set down business roots in the region and boost the local knowledge economy.
As part of this ambition, the TIC is expected to build a relationship with University College Falmouth and the University of Exeter, the joint hosts of the Tremough campus, and with local businesses.
The building will be built to environmentally-friendly BREEAM excellent standard by construction firm Leadbitters. It is due for completion in November 2011 with the first businesses expected to move in by early 2012.
The project is being led by Cornwall Council, which owns the site, supported by Cornwall Development Company (CDC).
Dr Gavin Wonnacott, head of business incubation at the South West RDA, said: "Our network of innovation centres provides a supportive environment, including expert resources to catalyse ambition and growth and connect people, ideas and resources. Our focus is creating successful businesses and high value jobs."
Tremough’s sister centre, Pool Innovation Centre, opened last year. It was developed by the South West RDA in partnership with Cornwall County Council, Cornwall Enterprise and CPR Regeneration. Like TIC, it is funded by the European Regional Development Fund Convergence Programme and the RDA. That centre also supports entrepreneurs and businesses in the early stages of development.
ARTICLE SOURCE: Insider Media website