New Business Festival Set to Boost West Midlands Economy Next Spring

By Anushka Malhotra

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Tech

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Quick Read: The West Midlands will host its first-ever Business Festival in March 2024, providing local companies with a platform to connect, network, and showcase their innovations over two weeks of events.

The West Midlands is gearing up to launch its first-ever Business Festival next spring, offering small- and medium-sized enterprises (SMEs) a unique opportunity to connect with the broader business community. The festival, organised by Business Growth West Midlands, will run from March 3 to 14, 2024, featuring two weeks of events designed to foster business growth and networking.

Mayor Richard Parker announced the event, highlighting its focus on creating opportunities for local businesses to collaborate with potential partners, industry experts, and investors. The programme will include conferences, workshops, networking sessions, exhibitions, product launches, and dinners.

Credit: West Midlands Combined Authority

Mayor Parker emphasised the importance of supporting SMEs, which form the backbone of the region's economy. “I want to make the West Midlands the best place to start and grow a business, and the Business Festival is a key part of that. It’s a chance for businesses to come together, get back to growth, and create real opportunities, especially for our young people.”

Applications are now open for businesses to apply to host events during the festival. This initiative aims to create a dynamic environment where companies can showcase their innovations and establish connections that will drive future growth.

The festival is set to become a central platform for promoting regional economic development, offering valuable insights and opportunities for local enterprises.

What's new

West Midlands Health Tech Innovation Accelerator Unlocks Nearly £50M in Private Investment

The West Midlands Health Tech Innovation Accelerator (WMHTIA), led by the University of Birmingham, has generated an impressive £49.4 million in private co-investment within its first two years, significantly surpassing its original £14.5 million public funding allocation.

Funded through the Innovation Accelerator programme, coordinated by Innovate UK, the Department for Science, Innovation and Technology, and UK Research and Innovation, WMHTIA has become a leading force in advancing health technology innovation across the region.

The majority of the private investment—£36.3 million—was directly committed by investors to enterprises supported by the Accelerator. This achievement represents a threefold return on the initial public investment, demonstrating the strong investor confidence in the region’s health tech sector.

Powering Health Innovation Through Collaboration

The WMHTIA brings together 21 partners from academia, industry, and the NHS to help healthtech companies develop, validate, and commercialise cutting-edge medical technologies. So far, companies supported through the programme have also secured an additional £10 million in national public grants from agencies including NIHR, Eureka, and Innovate UK.

Including both public and private contributions, the total investment leveraged by WMHTIA now stands at £67.3 million.

Professor Adam Tickell, Vice-Chancellor, University of Birmingham:

We’re proud to support startups through the riskiest stages of innovation so more life-saving technologies reach patients. This exceptional investment proves what’s possible when academia, the NHS, and industry work together to drive economic growth and better health outcomes.

In March 2025, the Innovation Accelerator programme was extended with a further £30 million, including £4 million for the WMHTIA to continue supporting the region’s innovators in 2025/26.

Backing the Future of Health Tech

Richard Parker, Mayor of the West Midlands:

The West Midlands is leading medical tech innovation—from faster diagnoses to shorter hospital stays. Healthtech isn’t just improving lives; it’s creating secure, high-value jobs that drive inclusive growth.

Dean Cook, Executive Director of Place and Global, Innovate UK:

This programme shows how place-based innovation can unlock greater business investment in R&D. By connecting the region’s strengths, we’re creating high-value jobs and building globally significant innovation capability.

The WMHTIA continues to strengthen the region’s reputation as a national hub for health technology, with far-reaching benefits for patient care, job creation, and regional economic development.

By Anushka Malhotra

24 Jun