• Vibrant networks and https://newprosperitydevon.org building a stronger Devon for everyone
• Fostering Innovation and Entrepreneurship
• The Role of Digital Connectivity
• Developing a Skilled Workforce
• Investing in Future Skills
• Strengthening Rural Communities
• Promoting Sustainable Tourism
• Investing in Infrastructure
• Building a Resilient Future

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Vibrant networks and https://newprosperitydevon.org building a stronger Devon for everyone

Devon, a region renowned for its picturesque landscapes and strong sense of community, is undergoing significant efforts to bolster its economic resilience and improve opportunities for all its residents. At the heart of this transformation lies a commitment to collaborative networks and strategic initiatives, spearheaded by organisations like https://newprosperitydevon.org. These efforts aren't simply about economic growth; they are about creating a more inclusive and sustainable future for Devon, one where businesses thrive, communities flourish, and individuals have the chance to reach their full potential. The challenges facing rural economies are complex, ranging from limited infrastructure and access to finance to skills gaps and the impacts of climate change, but Devon is tackling these head-on with a proactive and innovative approach.

The success of Devon's economic future hinges on a partnership between local government, businesses, educational institutions, and community groups. This collaboration aims to unlock the region’s inherent strengths – its unique natural assets, its skilled workforce, and its vibrant cultural heritage. New Prosperity Devon plays a crucial role in fostering these connections, facilitating dialogue, and driving forward projects that address key economic priorities. By investing in infrastructure, supporting innovation, and promoting skills development, they are laying the groundwork for a more prosperous and equitable Devon for generations to come. The focus is firmly on building a resilient and adaptable economy that can withstand future challenges and capitalise on emerging opportunities.

Fostering Innovation and Entrepreneurship

A cornerstone of Devon’s economic strategy is the nurturing of innovation and entrepreneurship. Recognising that small and medium-sized enterprises (SMEs) are the lifeblood of the local economy, considerable resources are being directed towards supporting start-ups and helping established businesses to grow. This support takes many forms, including access to funding, mentorship programmes, and business development training. New Prosperity Devon actively works to connect entrepreneurs with investors and provides guidance on navigating the complexities of securing funding. The initiative also champions the development of innovation hubs and co-working spaces, fostering a collaborative environment where ideas can flourish and businesses can thrive. Devon's burgeoning tech sector is particularly benefitting from this focus, with several innovative companies emerging in areas such as renewable energy, digital technologies, and advanced manufacturing.

The Role of Digital Connectivity

Central to fostering innovation is improving digital connectivity across Devon. Rural areas often struggle with limited broadband access, hindering their ability to compete in the modern economy. Recognising this challenge, significant investments are being made in upgrading broadband infrastructure, with a particular focus on reaching remote communities. Better digital connectivity not only enables businesses to operate more efficiently but also facilitates remote working, attracting skilled workers to the region. It also opens up new opportunities for education and healthcare delivery, improving the quality of life for residents. The aim is to create a digitally inclusive Devon, where everyone has access to the tools and resources they need to succeed in the 21st century.

Key Economic Sectors in Devon
Contribution to GVA (Gross Value Added)

Agriculture, Forestry & Fishing	4.5%
Tourism	8.2%
Advanced Manufacturing	6.8%
Digital & Creative Industries	5.1%

The table above illustrates the diverse range of economic sectors that contribute to Devon’s prosperity. Investing in all of these sectors, and ensuring a skilled workforce is available to support them, is a key priority for New Prosperity Devon and its partners. Supporting diverse industries also builds resilience, lessening the impact of downturns in any single sector.

Developing a Skilled Workforce

Attracting and retaining a skilled workforce is paramount to Devon’s long-term economic success. Recognising the skills gaps that exist in certain sectors, targeted training programmes are being developed in collaboration with local colleges and universities. These programmes are designed to equip residents with the skills that employers need, ensuring that Devon has a pipeline of talent ready to meet the demands of the future economy. Furthermore, efforts are underway to promote apprenticeships and vocational training, providing young people with valuable hands-on experience and pathways to skilled employment. New Prosperity Devon plays a key role in coordinating these initiatives, ensuring that they are aligned with the needs of local businesses and are accessible to all residents.

Investing in Future Skills

The future of work demands a workforce that is adaptable, resilient, and equipped with a diverse range of skills. Devon is responding to this challenge by investing in education and training programmes that focus on emerging technologies, such as artificial intelligence, data analytics, and renewable energy. Emphasis is also being placed on developing soft skills, such as communication, problem-solving, and critical thinking, which are essential for success in any career. Furthermore, initiatives are underway to promote lifelong learning, enabling residents to upskill and reskill throughout their careers, ensuring they remain competitive in a rapidly changing job market. Providing opportunities for continual development is not only beneficial for individuals but also strengthens the overall Devon economy.

• Promote STEM education in schools to encourage more students to pursue careers in science, technology, engineering, and mathematics.
• Develop targeted training programmes to address skills gaps in key sectors, such as healthcare and digital technologies.
• Expand apprenticeship opportunities to provide young people with practical experience and pathways to skilled employment.
• Support lifelong learning initiatives to enable residents to upskill and reskill throughout their careers.
• Foster collaboration between educational institutions and businesses to ensure that training programmes are aligned with industry needs.

These points represent a multifaceted approach to workforce development, ensuring Devon has the talent it needs to thrive. Central to this strategy is a collaborative partnership between educational institutions, businesses, and local government, all working together to build a skilled and adaptable workforce.

Strengthening Rural Communities

Devon’s rural communities face unique economic challenges, including limited access to services, issues with transport connectivity, and a declining population in some areas. Addressing these challenges requires a tailored approach that recognises the specific needs of each community. New Prosperity Devon is working with local councils and community groups to develop and implement strategies that support rural businesses, improve access to essential services, and enhance the quality of life for residents. This includes investing in rural broadband infrastructure, supporting local shops and pubs, and promoting sustainable tourism. Furthermore, efforts are being made to encourage younger people to stay in or return to rural areas, ensuring that these communities remain vibrant and viable for future generations. Supporting local farmers and promoting sustainable agriculture are also key components of this strategy.

Promoting Sustainable Tourism

Tourism is a significant contributor to Devon’s economy, but it is important to ensure that it is managed in a sustainable way. Over-tourism can put a strain on local infrastructure and damage the environment, while under-tourism can lead to economic decline. New Prosperity Devon is working with tourism operators to promote responsible tourism practices that minimize environmental impact and maximize benefits for local communities. This includes encouraging visitors to explore less well-known areas of Devon, supporting local businesses, and promoting sustainable transport options. The goal is to create a tourism industry that is both economically viable and environmentally responsible. Sustainable tourism means preserving the natural beauty of Devon for future generations while supporting a thriving local economy.

1. Invest in rural broadband infrastructure to improve digital connectivity.
2. Support local businesses through grants and mentorship programmes.
3. Promote sustainable tourism practices that minimize environmental impact.
4. Enhance transport connectivity to improve access to services.
5. Encourage younger people to stay in or return to rural areas.

These steps are all integral to bolstering rural communities and ensuring they remain at the heart of Devon's economic prosperity. By investing in these areas, Devon can ensure a more balanced and sustainable future for all its residents.

Investing in Infrastructure

Reliable and efficient infrastructure is crucial for economic growth. Devon is actively investing in improving its transport network, including roads, railways, and public transport. These improvements aim to reduce congestion, enhance connectivity, and facilitate the movement of goods and people. Investment is also being directed towards upgrading water and energy infrastructure, ensuring that Devon has the capacity to support future economic development. Furthermore, consideration is being given to the development of green infrastructure, such as cycle paths and green spaces, to improve the quality of life for residents and promote sustainable transport. New Prosperity Devon champions these infrastructure projects, providing support and advocating for investment from both public and private sources.

Building a Resilient Future

Devon, like all regions, faces the challenge of adapting to a changing climate and building a more resilient economy. This requires a proactive approach that incorporates environmental sustainability into all aspects of economic development. Investing in renewable energy sources, such as solar and wind power, is a key priority, reducing Devon’s reliance on fossil fuels and creating new green jobs. Promoting energy efficiency in buildings and transportation is also essential. Furthermore, efforts are underway to protect and restore natural habitats, enhancing biodiversity and providing ecosystem services. By embracing a sustainable approach to economic development, Devon can build a more resilient and prosperous future for all its residents. The focus is on creating an economy that is not only environmentally responsible but also socially equitable and economically viable.

Looking ahead, the emphasis will be on deepening collaboration, fostering innovation, and building on the strong foundations already in place. A particular focus will be on supporting the development of a circular economy, where resources are used more efficiently and waste is minimized. Furthermore, exploring opportunities for attracting foreign investment and promoting Devon as a desirable place to live, work and invest will become increasingly important. The success of these endeavors will depend on a continued commitment to partnership, a willingness to embrace new ideas, and a shared vision for a more prosperous and sustainable Devon for everyone.