Programme outcomes and impacts

Job Outcomes

The following outcomes are for all projects approved up to July 2023.

2521Total jobs created / safeguarded
2450Total target for jobs created / safeguarded (based on awards)
103%Proportion of target achieved
8Average number of jobs created / safeguarded per project
£5224Cost per job outcome

These figures are likely to represent an underrepresentation of actual performance due to the following:

These factors will also mean the current cost per job figure is slightly higher than the reality.

Private Sector Funding Leveraged

At the time of writing the programme has defrayed £12.9m grants to businesses, which are additional to £125.6m private sector funding that also contributed to the projects. This demonstrates the significant financial leverage enabled by the Invest to Grow funding, whereby for every £1 contributed by the programme an additional £10 of private sector investment was leveraged.

Whilst several business beneficiaries stated their projects would not have proceeded at all without Invest to Grow funding, feedback identified the funding was particularly important regarding:

A key factor enabling leverage was the relatively competitive interest rates and limited security requirements offered by the programme, alongside the support and flexibility provided by Invest to Grow (e.g. ease of application, loan repayment flexibility etc).

£12.9mITG grants defrayed
£125mPrivate sector match
£138mTotal project spend
£9.7Private sector funding leveraged for every £1 awarded by ITG

Gross Value Added and Value for Money

Based on achieved job outcomes, it is estimated Invest to Grow has already provided a net Gross Value Added (GVA) contribution to the East Midlands economy of £63m. The programme demonstrates ‘high’ Value for Money (VfM) based on monetisation of its job outcomes, even when excluding persistence effects and other benefit types.

GVA contribution

Given that the primary outcome data collected by Invest to Grow is its job outcomes, this is the most appropriate outcome to use when estimating the programme’s economic impact.

This represents a significant level of impact, particularly when recognising it occurred during a time of unique and considerable external economic challenge.  It also demonstrates the significant role universities can play in terms of supporting the regional economy, with clear alignment to key performance indicators such as HE-BCI and KEF.

£121mEstimated gross GVA
£63mEstimated net GVA

VfM Analysis

A quantified estimate of VfM can be made for the programme to date by comparing its inputs with its monetised outcomes to date* in order to provide an estimated Benefit Cost Ratio (BCR).

The BCR shows the relationship between the relative costs and benefits of an intervention, expressed in monetary terms. Invest to Grow’s BCR is 3.53, whereby for every £1 spent, an estimated £3.53 benefit is generated. Government guidance indicates this represents ‘high’ VfM. When incorporating persistence effects, the programme’s BCR increases to 10.72.

Qualitative Outcomes and Impacts

Wide ranging research and consultation identified a series of direct benefits achieved by businesses emanating from their engagement with Invest to Grow, from immediate outcomes to transformative impacts. These all contribute towards business growth and broader economic impact.

  • Investment in machinery, technology and equipment
  • Investment in new or improved premises
  • Investment in new or improved products / processes / services


  • New skills & knowledge
  • Enhanced commercial offer
  • New commercial opportunities accessed
  • Improved productivity & innovation
  • Greater business resilience & confidence
  • Increased turnover
  • Increased profit
  • Jobs created / safeguarded
  • Investment in East Midlands & skills retention