Liverpool City Region celebrates LYVA Labs’ third anniversary with significant investment milestones.
- Over £30m invested, with £10.5m from the Liverpool City Region Combined Authority, drives regional innovation.
- LYVA Labs has supported 18 start-ups, creating jobs and fostering innovation in health, life sciences, and deep tech.
- The organization emphasizes diversity, investing in companies led by under-represented groups and women.
- CEO Lorna Green highlights the ongoing challenges and potential for future growth in innovation.
In celebration of LYVA Labs’ third anniversary, the Liverpool City Region has highlighted the remarkable achievements made since its inception in December 2021. LYVA Labs was established as an instrumental force toward enhancing local innovation and business growth.
The Liverpool City Region Combined Authority’s contribution of £10.5m is part of a broader £30m investment strategy aimed at fostering innovation and high-quality job creation. This aligns with Mayor Steve Rotheram’s vision to boost regional research and development spending to 5% of the local GVA by 2030, nearly doubling the national target set by the government.
As an innovation consultancy, LYVA Labs has successfully invested in 18 start-ups, supporting sectors like health and life sciences, and deep tech. This has resulted in the creation of 47 local jobs, with an additional 15 employed directly by the organization. Moreover, LYVA Labs has worked with over 100 SMEs to develop and commercialize new technologies, contributing to the advancement of various growth sectors, including advanced manufacturing.
Steve Rotheram commended LYVA Labs, describing it as a “success story” for effectively using targeted investments to drive regional economic transformation. He further mentioned that the impact extends beyond fostering start-ups; it’s reshaping the local economy by attracting investments and nurturing talent. “This is just the beginning,” Rotheram stated, expressing pride in the contributions of LYVA Labs’ team under Lorna Green’s leadership.
Through its strategic initiatives, LYVA Labs has effectively channeled £28m of its total funding into the local economy. This includes securing £16.5m in grant funding for LCR SMEs and facilitating £6.7m in private investments for early-stage companies. Lorna Green, CEO of LYVA Labs, reiterated the organization’s commitment to increasing innovation investment, addressing the lack of funding and support for innovative founders.
Green has emphasized the importance of leveraging the region’s research and innovation assets much more strategically through collaborations and partnerships. The firm’s focus on diversity is evident as ten out of the supported start-ups have founders from under-represented groups, reflecting over 80% of LYVA Labs’ investments. This commitment addresses a significant gap in venture capital funding for women-led and minority-group-led businesses.
Furthermore, LYVA Labs’ early successes have enabled local businesses to secure crucial contracts, including those with Innovate UK, enhancing their capacity to explore new R&D avenues. Established companies in the region have also been able to secure grants, matched by their contributions, to commercialize innovations.
LYVA Labs continues to drive transformative growth in Liverpool City Region, signaling a promising future for innovation.
