Fuelling growth through innovation: A strategic approach

Manchester, with its rich history of innovation, is embracing a technology-driven economic transformation, establishing itself as a leading UK hub for growth and investment. 

Driving innovation in key sectors 

Manchester's Economic Strategy prioritises innovation, focusing on sectors where the city holds a competitive advantage, such as AI, fintech, and cybersecurity. This focus is supported by strong partnerships between businesses, higher education institutions, and local government through initiatives like the Greater Manchester Business Board and Innovation Greater Manchester. 

Leveraging strengths to attract investment 

Several factors contribute to Manchester's success in attracting significant investment and creating high-skilled jobs. The first is its talent pipeline with world-leading universities like the University of Manchester and Manchester Metropolitan University providing a steady stream of highly skilled graduates. The second is a supportive ecosystem, with initiatives like the Greater Manchester Innovation Accelerator and Investment and Growth Zones attracting businesses and fostering collaboration. The third is continued investment in connectivity including both physical and digital infrastructure. 

This approach is reflected in the success of Manchester and Salford's tech sector, which is attracting significant investment and creating high-skilled jobs.  For example, Cloud Imperium Games, a renowned game developer, chose to relocate to Manchester's Enterprise City, citing the city's strong education links and high connectivity as key factors in their decision. This aligns with national trends, as the UK tech sector continues to outperform other sectors, attracting record levels of investment in recent years. 

However, to truly accelerate the journey from "discovery to delivery," Manchester must increasingly focus on commercialisation and aim to bridge the gap in venture capital funding compared to London. Increased access to capital will empower the city's innovators and entrepreneurs to scale their businesses, translate research into real-world solutions, and compete on a global stage to address global challenges. 

Fostering collaboration for greater impact 

Manchester's commitment to collaboration is evident in projects like Sister, a joint venture between The University of Manchester and Bruntwood SciTech. This ambitious project aims to create a world-leading innovation district, bringing together academics, entrepreneurs, and businesses to drive innovation and economic growth. 

The recent partnership between the University of Manchester and the University of Cambridge further exemplifies this collaborative approach. By leveraging the strengths of both universities and their respective innovation ecosystems, this partnership aims to drive inclusive economic growth and position both cities as key players on the global stage.  The University of Manchester has also launched Unit M to connect and catalyse the innovation ecosystem in Manchester and the wider region to accelerate inclusive growth. 

Manchester's role in the UK's growth strategy

Manchester's focus on innovation and its attractiveness to international businesses positions it well to contribute to Deloitte’s Growth 35 vision, which emphasises technology adoption and attracting foreign direct investment to drive economic growth. 

By attracting businesses, nurturing talent, and strategically investing in technology, Manchester is building a thriving economy for the future and solidifying its place as a leader in sustainable growth within the UK.