Formation Zone is to be replicated in London and Bhubaneswar, India, after two new partners sign licensing agreements.
Formation Zone is to be replicated in London and Bhubaneswar, India, after two new partners sign licensing agreements. GSM London and Xavier Institute of Management will now set up incubators based on our award-winning model.
Formation Zones are unique in the level of support that we offer to our clients, and the fact that we work with pre-start ups, encouraging businesses to move on after two years. Our open plan spaces are designed to actively encourage collaboration and peer support and our facilities help our clients to add an extra layer of professionalism to what they do.
The new spaces will use the Formation Zone branding and will replicate our tried and tested model. Formation Zone staff from Plymouth University will train staff in India and London, as well as offering long-term support to the centre managers. We are also aiming to establish links between businesses in the Plymouth University’s four Formation Zones in Plymouth and Cornwall and the new centres.
Xavier Institute of Management, which is based in Bhubaneswar, the capital of the state of Odisha, will set up a virtual Formation Zone in 2016, funded through the British Council’s Social Enterprise Education Program. GSM London aims to launch its Formation Zone in February at its two campuses in Greenford, West London, and Greenwich, South East London.
Professor Simon Payne, Interim Deputy Vice-Chancellor, said:
“From its inception in 2007, Formation Zone has been a huge success, providing a pathway for many graduates and budding entrepreneurs to launch their own businesses, and a nurturing environment to support their development into viable and successful commercial enterprises. It’s a model that is ripe for expansion, and I’m delighted that we are rolling this out in London at GSM, one of our academic partners, and in India through the respected Xavier Institute of Management.”
Plymouth University runs four Formation Zones in the South West: on its Plymouth campus and in the innovation centres in Pool, Treliske and Tremough. In Plymouth, Formation Zone has so far supported over 178 businesses to develop and has helped to create 70 jobs.
Formation Zone Programme Manager at Plymouth University Eleanor Browne, said:
“We know that our approach works: 80 per cent of businesses that started out with Formation Zone continue to thrive, against a national average of 25 per cent. Because of this, we recognised the potential to license the Formation Zone model to other institutions in the UK and overseas. After putting in a lot of hard work, we are delighted that our two first licensed partners have now signed up. This is the start of a bigger and more diverse global Formation Zone community.”