The first images have been released showing how a multi-million pound transformation of a town centre office block is shaping up as it prepares to open for business.
Work started on The Wellsprings 'Innovation Hub' in July of last year to create a a place for start-ups in the creative sector and digital sector to set up in cutting-edge surroundings.
It is being funded through a £6.9m from the Government’s Towns Fund and £1.4m from the UK Shared Prosperity Fund.
Images of the new office block have been released as it was announced that Oxford Innovation Space, which already runs 32 centres in the UK and Ireland, will run and operate the Wellsprings Innovation Centre.
Town hall chiefs say the team has more than 35 year's experience in supporting economic growth through a focus on advice, finance, and space.
And the organisation has helped in excess of 7,000 small and medium sized enterprises (SMEs) to become more sustainable businesses.
Bolton Council’s Deputy Leader, Cllr Akhtar Zaman, said: “The Wellsprings Innovation Centre is designed to support local entrepreneurs to expand their business, which in turn will benefit the wider Bolton economy.
“Oxford Innovation Space is the ideal partner for the council on this project, bringing decades of experience and the knowledge from running dozens of similar hubs across the UK.
“We are working to create a community of ambitious start-ups businesses, which will collaborate, share ideas and build on each other’s success.”
The Wellsprings Innovation Centre is expected to open in September 2024.
It is designed to provide flexible and affordable workspace – whether that’s an office, co-working or meeting and events space, 'where dynamic and innovative businesses come together and succeed'.
The hub will provide will be access to early-stage funding, through a network of business angels, which fills the gap between what an entrepreneur can raise themselves through family and friends and what a Venture Capital firm might fund.
It will also have on hand highly qualified mentors, coaches and other entrepreneurs through business support programmes.
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The finished development is said to 'help bring high quality jobs to Bolton and provide affordable, modern and flexible co-working and office space within the town centre'.
Other Towns Fund projects include the transformed Bolton Market, the renovated Central Library and Elizabeth Park.
Jo Stevens, Oxford Innovation Space MD said: “We are delighted to have been appointed as the operator of Wellsprings Innovation Centre, a new state-of-the-art facility in Bolton that will support the growth of innovative businesses in the region.
“As the UK's leading provider of innovation space, we have a proven track record of delivering high-quality services and creating vibrant communities of entrepreneurs and innovators.
“We look forward to working with Bolton Council and other partners to make Wellsprings a hub of excellence and opportunity for the local economy.”
Recently, Bolton Council in collaboration with Oxford Innovation Space organised a meeting with a group of local SMEs from the digital and creative sector.
It provided an opportunity for the business community to gain an early insight into the Wellsprings Innovation Centre and have their say on the plans.
Among them was Title Productions Ltd, a leading video production company.
Nicolay Armando, co-founder and film director, said: “It's truly inspiring to see the progress and visuals of the work being done at the Wellsprings Innovation Centre.
“I'm confident it will make a substantial impact on Bolton's economic growth.
“With its modern workspaces, expert business support, and emphasis on collaboration, the Centre provides a vital platform for ambitious entrepreneurs to thrive and foster the creation of local jobs.”
More information about the Wellsprings Innovation Centre and what it means for businesses will be provided at the Bolton Means Business Event on Tuesday, March 5 at Bolton Festival Hall from 10am – 1pm.
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