Making Croydon better for business

Published by Chris M for Croydon Economic Development Company Ltd in Local Government

Proposals for a city style, economic development company have been unveiled as part of Croydon’s plans to counter a recession and endorse the borough as an attractive business centre where continuing investment will pay off.

If agreed, the new business led company would take a central role in creating an appealing environment for businesses to establish themselves and thrive and would ensure that Croydon has a much bigger voice in London, nationally and internationally in promoting the borough as a prime business location.

The proposals have been drawn together by Navigant Consulting, a global, multi-disciplinary consulting practice, who were engaged on behalf of the borough’s Economic Development Partnership to explore the best way to take forward Croydon’s new economic development strategy. The documented approach sets out ambitious plans to drive up the number of businesses and jobs in the borough and ensure that they have every opportunity to succeed.

The idea behind a dedicated economic development company reflects latest thinking and developments in other parts of the country and is seen as the best approach for a large borough like Croydon, with its excellent transport links, the largest population of young people and future employees in London, and given the scale of its existing business base.

Navigant’s findings have already been given the green light by the borough’s Economic Development Partnership and will be formally received by Croydon Council’s cabinet on 20 October, as well as Croydon Business and the Croydon BID board.

The concept is being heralded as a means of cementing relations with the town’s business community and external partners and as a natural next step for a borough with such a long-standing partnership with the business sector.

Initially the new company is likely to emerge through bringing together Croydon Business, Croydon Enterprise, Croydon BID and ENVIBE. This would ensure a critical mass in terms of staff and funding and help the new company take forward a more unified approach to business support and advice. To give it a fresh start and dynamic leadership, an open recruitment process will be staged for the top roles in the company. If the proposal is approved by cabinet members work will start to establish the new company including its board and chief executive. .

Within Croydon business circles there is a strong belief that getting the time right to launch the new company is critical for Croydon’s economic prosperity. The global credit crunch means that Croydon needs to work harder and in a more co-ordinated way to win new business and to protect the borough’s economy and jobs. The new company is needed now to influence and lead economic development activity in the borough while Croydon still has the advantage of LEGI income it has won from Government. An early priority of the company should be to make the case for extending this form of funding for a further five years through to 2016.

Said Croydon Council’s cabinet member for regeneration, Councillor Tim Pollard: “We asked our project team to examine what appears to work best in different parts of the country. We are convinced that the benefits of having a robust economic strategy in Croydon could be lost if at the same time we don’t develop an effective, co-ordinated approach to delivery which had the full support of the local business community.

“I am very excited, therefore, by the prospect of the borough benefitting from the focus of a privately-run economic development company and I am pleased that so many of the partners engaged in Croydon’s economy already share this view. I believe it will signal a step-change in the way we promote our town with a single voice for the area and secure much-needed investment.”

Ends

Notes to editors

If the private company goes ahead, responsibility for setting Croydon’s economic development strategy would remain with the economic development partnership and the council. As the lead delivery organisation, the new company will have to meet targets set out in the strategy and Local Area Agreement (LAA).

As well as implementing the strategy, Navigant anticipate the company would focus on:
• Business/enterprise development and support;
• Attracting inward development;
• Developing business skills and promoting local employment opportunities
• Town and district centre management;
• Seeking out funding opportunities;
• Developing and marketing the borough’s ‘brand’;
• Championing sustainability practices in business;
• Managing workspaces end enterprise centres;
• Lobbying on behalf of business interests in the borough.

Contact Chris Myers 020 8090 1695
Chris.myers@croydonenterprise.com
www.croydonenterprise.com