Private sector led economic development company Opportunity North East (ONE) is launching a new partnership with tech business incubator CodeBase.
ONE CodeBase aims to capitalise on the specific opportunities to support growth in the industrial digital space and create businesses of scale with international aspirations, which provide transformational digital solutions for corporates within major industry sectors including oil, gas and energy, food, drink and agriculture and life sciences.
ONE CodeBase is CodeBase’s first move north from its existing locations in Edinburgh and Stirling. The initiative, led by the ONE Digital & Entrepreneurship (ONE D&E) sector board, marks the start of ONE’s investment to build digital capacity and capability in North East Scotland as part of the wider regional economic renaissance agenda, focused on strengthening and diversifying the economy.
ONE D&E plan to invest up to £1.5 million this year in digital company growth in the region including the creation of a hub for tech business incubation, acceleration and entrepreneurship growth.
Up to £1 million will be available every year after that to 2026 to support its digital and entrepreneurship development agenda, with the aim of leveraging match-funding from the private and public sectors.
CodeBase is the UK’s largest early-stage digital technology incubator, having raised more than £405 million investment since 2014 and home to more than 100 of the country’s leading technology companies. It works with businesses tackling big technology challenges by bringing together ambitious entrepreneurs, world-class technological talent and top investors, in a creative and collaborative environment. It’s custom-built office spaces provide access to a range of experts in diverse fields, with hands-on mentorship, networking and world-class business support.
ONE CodeBase will host a series of introductory meet-ups in Aberdeen over the coming months in advance of the permanent hub for digital and entrepreneurship activity being ready in the city centre later in the year. Companies can register for updates on forthcoming ONE CodeBase activity here http://www.thisiscodebase.com/aberdeen.
Sir Ian Wood GBE, Chair of ONE D&E, said: “The ONE CodeBase partnership will deliver the specialist support required for digital company creation and growth, provide crucial access to experienced digital entrepreneurs, and increase the number of entrepreneurial businesses with scale and international reach. ONE is investing to drive this agenda at pace.
“Bringing CodeBase’s proven digital incubation expertise and network into the heart of the region is the first step towards building a significant cluster of digital tech companies. Most importantly, the CodeBase team shares our vision for the North East of Scotland to be a leading player in corporate industrial transformation,” said Sir Ian.
Stephen Coleman, CEO and co-founder at CodeBase, said: “There is a fantastic opportunity to build significant digital businesses in the Aberdeen area, which will have a transformative effect on the economy. The wealth of talent in Aberdeen and the unrivalled access to global corporates is a key driver for CodeBase in our quest to create jobs and wealth for the next generation of digital entrepreneurs.”
The new action and investment to realise the digital opportunity for the region was welcomed by industry.
Dave Lynch, Vice President Reservoir Development BP North Sea and digital lead on the industry Technology Leadership Board, said: “ONE’s investment in north east of Scotland’s digital environment is welcomed. The influence and impact digital technology is beginning to have on the North Sea oil and gas industry cannot be understated, particularly as we seek to explore in, and produce from, the technically-challenging corners of our basin and deliver the Maximising Economic Recovery (MER UK) strategy. Accelerating innovative thinking and developing game-changing, disruptive digital solutions will help us achieve that and help the sector realise the full remaining resource potential of the North Sea.”