Being built on land next to the Combined Universities in Cornwall campus in Penryn, the Tremough Innovation Centre project is being led by Cornwall Council, supported by the Cornwall Development Company, with investment from the European Regional Development Fund (ERDF) Convergence Programme and the South West Regional Development Agency (RDA).
When occupied, the site, which is owned by Cornwall Council, will house up to 70 businesses with two shared meeting rooms, 'break-out' rooms and facilities for hosting conferences.
A similar innovation centre at Pool near Redruth opened in July and the Tremough Innovation Centre is due to be completed by November, with the first businesses expected to take up residence there early next year.
Carleen Kelemen, the director of the Convergence Partnership Office for Cornwall and the Isles of Scilly, said: "This substantial ERDF Convergence investment will help to achieve a key aim of strengthening links between businesses and academia so our economy can benefit from fresh knowledge and research and high-quality premises complementing business acumen. It will support our budding entrepreneurs on their road to creating globally competitive businesses."
Gavin Wonnacott, head of business incubation at the South West RDA, added: "This latest addition to the peninsula's network of innovation centres is particularly exciting, providing a hub for people to come together to exploit new business opportunities arising from the Tremough campus of the Combined Universities in Cornwall.
"Our network of innovation centres provides a supportive environment, including expert resources to catalyse ambition and growth and connect people, ideas and resources," he said.
"Together, the Pool and Tremough centres form Cornwall's growth hub, driving economic and business growth from the county's environmental, natural resource and creative sectors. Far more than property, they provide the essential link between research, education, business and investors. Our focus is creating successful businesses and high-value jobs."
Cornwall Council Cabinet member Councillor Carolyn Rule said: "This project will make a real contribution to the local economy and provide exactly the kind of space young, exciting companies need.
"It will be a cornerstone of the knowledge economy."
ARTICLE SOURCE: ThisIsCornwall website