NORTH Hampshire is to have a new Enterprise Hub, to be launched at this year's Farnborough International Air Show.

Enterprise Hubs are a key component of the South East England Development Agency's strategy to increase the survival rate of young companies and the Farnborough move is aimed at keeping the UK in its world-leading position for defence and aerospace technology.

The Government's Defence Diversification Agency in partnership with SEEDA, the Farnborough Aerospace Consortium, leading companies and other private and public sector organisations in the South of England, will deliver the new initiative.

It aims to help traditional defence businesses to continue to thrive and grow through innovation and enter new markets.

The hub will be an incubator for high-growth technology companies which will be helped to develop sustainable growth.

Leading technology-based solutions will be provided by QinetiQ, Europe's largest science and technology organisation.

Private sector companies at the forefront of leading edge technology, such as Sun Microsystems and BAE Systems, which have their UK headquarters in Farnborough, will also help with the hub's support and development.

Sir Donald Spiers, chairman and business champion of the new hub, said: "Farnborough Enterprise Hub aims to be the focus for bringing aerospace-related business into the South East of England. It is a natural progression of business development in this part of the world."

He added: "Britain has the opportunity to be a leader in providing technology solutions for customers around the world who need high-quality work from specialised firms.

"We expect there to be considerable demand from firms in the USA for the solutions our companies will be able to provide. So much of the world's defence and aerospace knowledge is still only available in England."

Although the hub will focus on aerospace-related technology businesses, it is keen to attract entrepreneurs from all sectors of British business.

Based in Cody Technology Park in Farnborough, it will house a 1,500sqft "hatchery" for new businesses and is planned to have 50,000sqft of incubator space. It will join the existing virtual network of 17 other hubs managed by SEEDA across the region.

Other hub partners are Rushmoor council, the University of Surrey, Computer Services Corporation, Business Link Wessex, North Hampshire Chamber of Commerce and Industry and the Hampshire and Surrey Economic Partnerships.

Lord Bach, Minister for Defence Procurement, said: "I am delighted that the MoD, through the DDA, is playing a key role in the creation of Farnborough Enterprise Hub and that this initiative brings together major global private sector players with public sector defence and aerospace technology experts."