• Economic resilience for Devon powered by https://newprosperitydevon.org initiatives and growth
• Supporting Local Businesses and Entrepreneurship
• Access to Finance and Investment
• Developing Skills for the Future Economy
• Collaboration with Educational Providers
• Investing in Infrastructure and Connectivity
• Digital Connectivity – Bridging the Gap
• Promoting Sustainable Tourism and the Rural Economy
• Attracting Investment and Growing Key Sectors
• Building a Future Focused on Innovation and Collaboration

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Economic resilience for Devon powered by https://newprosperitydevon.org initiatives and growth

Devon, a county renowned for its natural beauty and close-knit communities, faces ongoing economic challenges, requiring proactive and innovative strategies for sustainable growth. Addressing these challenges and fostering resilience is at the heart of the work being undertaken by New Prosperity Devon, an organisation dedicated to building a stronger, more prosperous future for the region. Initiatives spearheaded by https://newprosperitydevon.org are focused on unlocking economic potential, supporting local businesses, and creating opportunities for residents across Devon. These efforts recognize the unique strengths of the Devon economy and aim to build upon them in a way that is both inclusive and environmentally responsible.

The focus is transitioning Devon’s economy to one that is not only more resilient to external shocks, but also more equitable and sustainable. This involves investing in key sectors such as tourism, technology, and green energy, alongside supporting the development of skills and infrastructure needed to attract investment and create high-quality jobs. Collaboration is central to this approach, with New Prosperity Devon working closely with local authorities, businesses, and community organisations to deliver tangible results. The overarching goal is to create a Devon where everyone has the opportunity to thrive, and where economic prosperity is shared by all.

Supporting Local Businesses and Entrepreneurship

A cornerstone of Devon’s economic resilience lies in the strength of its local businesses. New Prosperity Devon actively supports these enterprises through a range of initiatives designed to overcome common barriers to growth. This includes access to funding, mentorship programmes, and business support services tailored to the specific needs of Devon-based ventures. Recognizing that small and medium-sized enterprises (SMEs) are the engine of the local economy, these efforts are focused on helping them to scale up, innovate, and compete effectively in a global marketplace. The organisation understands that fostering an environment conducive to entrepreneurship is vital for creating new jobs and diversifying the economic base of the county.

Access to Finance and Investment

Securing adequate funding remains a significant challenge for many small businesses in Devon. New Prosperity Devon actively works to connect local enterprises with potential investors, grant opportunities, and loan schemes. This includes facilitating access to regional growth funds, as well as providing guidance on preparing compelling business plans and financial projections. Furthermore, the organisation collaborates with financial institutions to promote lending to Devon businesses, highlighting the potential for investment in the region. A key aspect of this work is demystifying the funding process and providing businesses with the tools and resources they need to navigate the complex world of finance. It’s about unlocking potential, and supporting a thriving, self-sufficient business community.

Funding Source
Typical Amount
Eligibility Criteria
Application Process

Regional Growth Fund	£25,000 – £500,000	Devon-based SMEs with growth potential	Online application via New Prosperity Devon website
South West Investment Fund	£50,000 – £2 million	Businesses seeking venture capital or loan finance	Application to SWIF through appointed fund managers
Devon County Council Grants	Up to £10,000	Small businesses undertaking specific projects	Application directly to Devon County Council

The availability of these resources, and the guidance provided by New Prosperity Devon is proving invaluable to many local businesses, enabling them to invest in growth, create jobs, and contribute to the prosperity of the county.

Developing Skills for the Future Economy

To ensure that Devon’s economy remains competitive, it is essential to equip the workforce with the skills needed for the jobs of the future. New Prosperity Devon is actively involved in initiatives to address skills gaps and promote lifelong learning across the region. This includes collaborating with educational institutions to develop training programmes that align with the needs of local employers, as well as supporting apprenticeships and other work-based learning opportunities. A key focus is on developing skills in high-growth sectors such as digital technology, renewable energy, and advanced manufacturing. The organisation also recognises the importance of supporting individuals to reskill and upskill throughout their careers, providing access to a range of training courses and resources.

Collaboration with Educational Providers

Strengthening the links between education and industry is crucial for ensuring that training programmes are relevant and responsive to the needs of employers. New Prosperity Devon works closely with universities, colleges, and training providers to co-design curricula and deliver courses that equip students with the skills demanded by local businesses. This includes providing opportunities for students to gain practical experience through internships, placements, and industry projects. The organisation also supports the development of innovative training models, such as bootcamps and online learning platforms, to provide flexible and accessible learning opportunities for individuals across Devon. This commitment to ongoing education ensures a competitive and adaptable workforce.

• Promote STEM (Science, Technology, Engineering, and Mathematics) education in schools.
• Develop apprenticeships in key growth sectors.
• Facilitate collaboration between businesses and educational institutions.
• Provide funding for skills training programmes.
• Support lifelong learning opportunities for adults.

By investing in skills development, New Prosperity Devon is helping to create a workforce that is equipped to meet the challenges and opportunities of the 21st-century economy.

Investing in Infrastructure and Connectivity

Robust infrastructure and reliable connectivity are essential for supporting economic growth and attracting investment in Devon. New Prosperity Devon advocates for improvements to transport links, digital infrastructure, and other key areas. This includes supporting the development of high-speed broadband networks, improving road and rail connections, and investing in sustainable transport solutions. The organisation recognises that improving infrastructure is not only vital for businesses, but also for enhancing the quality of life for residents across the county. By creating a more connected and accessible Devon, New Prosperity Devon is helping to unlock economic potential and improve the competitiveness of the region.

Digital Connectivity – Bridging the Gap

Access to high-speed broadband is now considered essential for businesses and residents alike. New Prosperity Devon actively campaigns for improved digital connectivity across Devon, particularly in rural areas where access can be limited. This includes working with telecommunications providers to extend broadband coverage and promoting the adoption of innovative technologies such as 5G. The organisation also supports initiatives to provide digital skills training and help businesses to leverage the benefits of digital technologies. Improving digital connectivity is crucial for supporting remote working, enabling access to online services, and fostering innovation. It’s about creating a level playing field for businesses and residents across Devon.

1. Identify areas with poor broadband coverage.
2. Lobby government and telecommunications companies for investment.
3. Promote the adoption of digital technologies.
4. Provide digital skills training.
5. Support the development of community broadband schemes.

Addressing the digital divide is a key priority for New Prosperity Devon, ensuring that everyone in Devon has the opportunity to benefit from the digital economy.

Promoting Sustainable Tourism and the Rural Economy

Tourism is a vital component of Devon’s economy, generating significant revenue and supporting thousands of jobs. New Prosperity Devon works to promote sustainable tourism practices that protect the environment and enhance the visitor experience. This includes supporting the development of eco-tourism initiatives, promoting responsible travel behaviours, and working with local businesses to reduce their environmental impact. The organisation also recognises the importance of supporting the wider rural economy, promoting local food and drink production, and encouraging diversification in agriculture. By fostering a thriving and sustainable tourism sector, New Prosperity Devon is helping to create a more resilient and prosperous rural economy.

Attracting Investment and Growing Key Sectors

To drive long-term economic growth, Devon needs to attract investment in key sectors with high growth potential. New Prosperity Devon actively promotes the region to potential investors, highlighting its strengths in areas such as advanced manufacturing, renewable energy, and creative industries. This includes participating in trade missions, hosting investment conferences, and developing marketing materials that showcase Devon’s unique assets. The organisation also works to create a supportive business environment that encourages innovation and entrepreneurship, making Devon an attractive location for businesses to invest and grow.

Building a Future Focused on Innovation and Collaboration

Devon’s economic future depends on a commitment to innovation and a spirit of collaboration. New Prosperity Devon is actively fostering both, bringing together businesses, educational institutions, and community organizations to work towards shared goals. One emerging area of focus is the development of a regional innovation network, connecting research institutions with businesses to accelerate the commercialization of new technologies. This network will also facilitate the sharing of knowledge and best practices, fostering a culture of innovation throughout Devon. The organisation is also exploring opportunities to leverage digital technologies to improve public services and enhance the quality of life for residents.

Initiatives like these, facilitated by the strategic vision of https://newprosperitydevon.org, are not simply about economic growth, but about building a more resilient, equitable and sustainable future for all those who live and work in this beautiful corner of England. By focusing on the strengths of the region, creating opportunities for all and fostering a collaborative spirit, Devon can continue to flourish and thrive. Focusing on supporting the unique needs and possibilities within the county ensures a tailored and effective approach to sustainable prosperity.