Cornwall’s first innovation centre is celebrating its third anniversary as recent figures show it has supported the creation of 100 new jobs and injected hundreds of thousands of pounds into the local economy and neighbouring businesses.
Pool Innovation Centre (PIC) is now home to 48 companies which employ over 250 people and have reported an annual growth rate of 40% – substantially above the national growth rate average of 10%.
And the benefits are more widespread with other businesses in Pool, Camborne and Redruth also reporting increased trade – including the Penventon Hotel in Redruth, which has enjoyed extra business, much of which it puts down to the centre opening.
Richard Scutt, manager of PIC, said: “It has been a fantastic three years and we are delighted and proud to see the tangible results that PIC has had, both for the businesses based here and for the wider business community as a whole.”
Aaron Pascoe, general manager of the Penventon Hotel in Redruth, said: “Having the innovation centre two miles away in Pool has been significant to us. It’s impossible to measure the overall impact but we’ve seen an increase in trade over the last three years of close to £150k which we know is mainly down to PIC.
“It’s fantastic to have a facility like this in the Camborne and Redruth area, and it has really lifted the esteem of the area.”