Unveiling a plaque in the new building, the Chancellor said: "This new incubator will help start-ups turn their ideas into reality. By backing this centre with £122 million of funding we are supporting British innovators to create the technologies of the future and boost productivity."
The three-storey Sopwith Building will provide incubation cells for start-ups to develop and manufacture prototypes of their products. They will have access to the MTC's advanced manufacturing and research facilities, as well as its team of engineering and manufacturing experts.
Photo: The Chancellor met with apprentices at the MTC
Housed within the building will be the Business Launch Centre Ltd (BLC), a wholly-owned subsidiary and trading arm of the MTC. Dean Baker, director of the BLC, said the new building creates a high-quality environment for the development of new products: "The BLC hosts incubation businesses and provides services to design, manufacture and mature prototypes through to full commercial viability. On the ground floor of the new building there are six specialist laboratory units, each one kitted-out with the facilities and equipment to meet the requirements of the individual business occupier.
"It is often said that the early stages of a new business are 'the valley of death', due to the high failure rate of UK companies as they head towards full scale production,” he continues. “However, the BLC aims to dramatically transform the odds of success when combined with the backing of the MTC, acting as a centre for collaboration between industry, finance institutions and universities. This enables companies to get access to a wide range of skills and manufacturing support.”
The building is named after Sir Tommy Sopwith, who founded the Sopwith Aviation Company at Brooklands, Surrey in 1912. During World War I, the company built more than 16,000 aircraft, including the legendary Sopwith Camel, which is credited with shooting down nearly 1,300 enemy aircraft.
MTC strategic development director Neil Rawlinson welcomed the extra funding announced by the Chancellor and said the custom-built facility would be a huge boon for start-up companies needing facilities to develop their products for the marketplace: "We are now able to provide a de-risked environment for start-ups, with the support of our product development team from concept to manufacture. Through the MTC's membership we can give young companies the opportunity to draw on the wider manufacturing community and create a successful and sustainable business. Our knowledgeable team offers an end-to-end service that reduces the stress of bringing a product to market.”
