CHESTER’S new business incubation hub has set itself the task of challenging some of the key problems facing business in the North West.

The £6m Riverside Innovation Centre, based at the University of Chester’s Riverside Campus, is ready to help develop untapped business potential and hopes to address the statistics that highlight regional shortcomings.

Professor Tim Wheeler, the University of Chester’s vice-chancellor, said: “When we applied to the European Development Fund (ERDF) for financial backing, we were able to highlight the vital contribution of small business growth to the regional economy.

“The Prime Minister David Cameron has referred to the job creation capability of small, high growth firms, adding that ‘…so far from ignoring the start-ups – the insurgents if you like – we should be laying out the red carpet for them’.”

Professor Wheeler added: “There was a record number of 279,000 business closures nationally in 2009, and it’s clear that the North West can’t afford to stand still. We lost 30,000 businesses across the region, around 1,500 of which were in Cheshire West and Cheshire, while there were just 24,000 business births, around 1,200 locally. Realistically, the statistics for 2010 are likely to tell a similar story.”

So where does this leave Chester and the North West?

Professor Wheeler said: “It’s more vital than ever to support business start ups and prevent talented individuals from leaving the region. This is exactly where the Riverside Innovation Centre comes in. Not only are we providing a state-of-the-art centre to foster entrepreneurial talent, we are offering wider services to the local business community to help secure its future.

“We are particularly focusing on encouraging start ups that target the North West’s most successful industries: biomedical, health, food, business and professional services and digital and creative media.

For more information about Riverside Innovation Centre, visit www.riversideinnovation.co.uk.