A UNIQUE business incubation programme which could see Cornwall become the silicon valley of the south west by creating over 500 new jobs has been given a £12 million boost.

The programme, called Launchpad, is the brainchild of Professor Anne Carlisle, vice-chancellor and chief executive of Falmouth University and director of the Falmouth Business School.

The two-year scheme is all set to receive a £12 million investment from the European Regional Development Fund and other local partners.

It is designed to foster the creation of start-up businesses in Cornwall, creating high-value jobs, attracting investment and growing the digital and technology sector in the county.

The UK Government has given the go ahead to the project and has committed to funding for it even after Britain leaves the EU.

Professor Carlisle told the Packet that there were lots of graduate business failures because they had not achieved the high growth they needed. This programme would help them become a high growth business while still a student. The only condition of the start-up is that it remains in Cornwall

Launchpad works by reversing the traditional model of start-up business support; instead of starting with an entrepreneur and their idea, Launchpad begins with market gaps identified by industry. During the pilot phase, industry partners including Sony and Amazon worked with Launchpad graduates to set up high-growth start-ups built to market opportunities.

Professor Carlisle is a firm believer that one of the best ways to grow Cornwall is to help retain talent in Cornwall.

She said: “Launchpad has the potential to transform the economy of Cornwall. Creating jobs and businesses in high-growth sectors will provide a pipeline of talent, helping the county become a hub of creativity and innovation.”

George Eustice MP, whose constituency includes the Penryn campus, said: “I am delighted that Falmouth University’s bid has been successful. The Launchpad programme will deliver 128 new high value jobs and 32 new to market businesses in Smart Specialisation areas. This is wonderful news for Cornwall."

Nearly £10m is coming from the ERDF, Cornwall Council has provided £2 million of the total investment to help the county achieve its economic growth targets and Falmouth University is also contributing £500,000.

Cornwall Council portfolio holder for economy and culture, Julian German said: “Cornwall’s technology infrastructure, creative capital and pool of talent means that we are in the right place to capitalize on the digital economy - a sector that’s worth £118bn to the UK economy, and a sector that’s growing. Launchpad will be a key element in our efforts to grow the digital industry in Cornwall.