Innovation centre for Silverstone Technology Park

The new facility is a joint venture between the track owner and , which is investing £1.8m into the project. In addition, the paid for the design feasibility study that ultimately led to the centre being located at Silverstone.

Its aim, states emda, is to reinforce the UK's burgeoning motorsport industry, which is said to involve 2200 businesses with a combined annual turnover of £4.6bn. The sector's rapid growth can be demonstrated by the 500 percent surge in turnover experienced by the country's top 50 motorsport engineering firms between 1989 and 2000, with jobs in these companies doubling over the same period.

emda chairman Derek Mapp said: "This major initiative for the circuit aims to build on the sector's global reputation for innovation excellence and knowledge generation. It also aims to stem the industry's creeping loss of technology leadership from this country."

The centre will include 16 'incubator' units which will be let on flexible terms with start-up companies receiving a time-limited package of support. There will also be 27 suites for growing companies rentable for periods of three to five years, and tenant firms will be encouraged to get involved with other activities designed to boost their competitiveness.