Actions

A staged approach to workspace should be considered to ensure a phased approach and market testing for workspace - start small at 3,000 sq ft and then move to 10,000 sq ft to deliver on demand.

Create a planned approach to a workspace with clear intent to invest while allowing for implementing funding mechanisms and capital grants.

Open discussion with University to understand their estate management approach and the potential for consolidating the creative and arts campus/extension into the city centre; this could be the key to the scaled strategy to take on a bigger workspace in a partnership or as part of a joint venture.

CWAC to evaluate the potential for capital projects to address the market failure and deliver a workspace environment in conjunction with the private sector. Industry co-working would be a prime candidate for this as they are already connected within the community, understand the market and looking at potential new opportunities.

Resource to be allocated financially to take leadership of workspace strategy and drive the initiative.

There are 14,000 businesses registered within CWAC, the majority in the micro sector. SIC codes should be investigated outside the usual main areas and look to understand those in commerce and newer industries to understand CWAC sectors; the council should look to understand this data through a business like Datacity or City Curator, alongside mapping side hustle businesses.

Santander is a supporter of the University Ventures programme; they are also building a multi-million creative hub for creative businesses in Milton Keynes; there is an opportunity to discuss a potential partnership for Chester.

CWAC does not have a dedicated localised angel network of note yet does hold high net worth capability within the borough

The Legatum Institute, in its prosperity report of 2021, identifies areas within CWAC where strength could be built in Investment / Enterprise / Infrastructure. CWAC Currently sits at 178 out of 329 authorities. Whilst workspace would contribute to enterprise conditions, access to investment is limited.

CWAC has access to three major areas of investment potential for smaller businesses and those in growth via Deepbridge Capital, Grosvenor Food and Agritech and also Oxbury bank, which specialises in agriculture

Crowdfunding capability for early-stage businesses within the North West stands at 5%, which is markedly higher than most other regions outside London and the South East.

Access to funding and investment is more visible in Liverpool and Manchester due to its angel networks and VC presence.

Liverpool recently announced its commitment to the earlystage business by setting up a £1M programme with LCR Angels.

The Beauhurst data report for CWAC shows that Aviva is investing the most money into the area but only across a small number of deals. The most active investor is Maven across their different funds, but they are working at an earlier stage with lower-value deals. ITS technologies are the recipient of the most funding, securing over twice the value of the next closest investment (Oxbury), with 27 companies that have secured raises.

Most raises of investment within CWAC are at the Seed stage.