New funding has been allocated to help business insurance holders in Sunderland's software sector, it has been revealed.
Regional development agency One North East has awarded the University of Sunderland £2.9 million, which will be put towards the Sunderland Software City programme.
Through the initiative, around 120 business insurance customers will be helped to grow and attract inward investment, while the scheme will support the establishment of 40 new enterprises.
John MacIntyre, dean of applied sciences at the University of Sunderland, explained: "A cornerstone of our project is to stimulate graduate enterprise by creating a 'Software Hatchery' to provide a dedicated support environment for small businesses to develop ideas."
He added that the main aim of the programme is to help the region's business insurance holders turn ideas into real commercial opportunities.
Recently, Newcastle Science City unveiled its innovation machine scheme, which is designed to create marketable products from new ideas found in the north-west's science sector.
