CEO steps down after acquisition
REGIONAL business support organisation Innovation SuperNetwork has been acquired by North East contemporary UMi Holdings.
The not-for-profit, which specialises in connecting innovating firms with support and finance, has become part of the Durhambased business support firm but will continue to operate as a standalone organisation. The move coincides with CEO Estelle Banks stepping down and UMi’s CEO Nicki Clark taking the helm. Since its creation eight years ago, Innovation SuperNetwork has helped more than 1,700 business access finance and support in order to innovate. It runs the recently relaunched Northern Investor Hub, an investor network of more than 200 angels and funds which has leveraged more than £40m of investment for businesses since 2019. It is also the organiser of the VentureFest series of conferences.
Nicki Clark said: “Both organisations have very clear and aligned purposes – to help SMEs do more and go further by taking the hard work out of accessing and using expertise and finance. It is a perfect example of something I believe passionately in, which is that we can achieve more by working together as individuals and enterprises than we can apart.”
Estelle Blanks, who has been CEO at Innovation SuperNetwork since 2021, took the decision in January to step down. She said: “It has been an incredible privilege to play a leading role in establishing and growing the Innovation SuperNetwork, alongside a talented team of innovation specialists.
“I decided to take up an exciting new career opportunity at the beginning of the year. The decision to go ahead with an acquisition plan was a timely opportunity to align with UMi. It recognises the strengths of both organisations”