A major science hub is set for large-scale expansion with the creation of more than 10,000 jobs.
Business Durham is spearheading a project with the Centre for Process Innovation (CPI), Durham University and Durham County Council to bring more than 200 companies to Sedgefield-based Netpark by 2025.
Bossess behind the scheme said it would create around 3,500 jobs on the site and a further 7,000-plus jobs in the local supply chain.
If it comes to fruition, the scheme would kick-start exponential growth at Netpark, which currently hosts 23 companies employing almost 400 people.
Dr Simon Goon, managing director of Business Durham, said: “This is a big, bold, ambitious plan to build on the work of Netpark over the last 10 years. We’ve gone from nothing to nearly 400 employees in that time, which is a four hundred-fold increase.
“Now we’re looking at a ten-fold increase in the next 10 years.
“The aim is to accelerate the growth of the companies that are already on the site, as well as bringing in new companies with potential for growth.
“We are hoping to make Netpark a global hub for materials integration.”
The new jobs will include high-value technical, science and engineering roles, supported by operational, administration and finance positions. Research and development specialists will also be recruited to explore the commercial potential of new ideas and innovations.
Project bosses are currently exploring a range of funding options to fast-track the development of their plans.
They are also looking at the viability of setting up a university technical college on the site to train the next generation of technicians.
Dr Goon said: “Clearly, funding is going to be a challenge in this age of austerity but we’re looking at several sources including Europe, the Regional Growth Fund, Local Growth Fund and other innovation funds.
“On the skills side, we’re looking to engage and connect local schools and businesses. It’s difficult to say which skills we’ll need in 10 years’ time because technologies that will be around then don’t exist now. The iPad didn’t exist 10 years ago and look how popular that has become.”
Officially launched 10 years ago by former Prime Minister Tony Blair, Netpark is already home to businesses that have developed breakthrough innovations - such as a mask that can cure diabetic blindness and security scanners which protect ports and airports.
It is also home to the CPI’s National Centre for Printable Electronics, which explores the potential of exciting new products from bendable sheet lighting to wafer-thin portable TV screens. The CPI, which employs 60 people at Netpark, hopes to double that figure with the launch of its Graphene Applications Innovation Centre (GAIC) and Formulations Innovation Centre (FIC) - both due to open by 2016.
The £14.4m FIC will explore the commercial potential of complex formulated products used in household goods, while the GAIC will help firms fast-track graphene-based applications to the marketplace.
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