What is the Cornwall Development Company?
Cornwall Development Company (CDC) is the arms length economic development company of Cornwall Council (CC). It was set up in 2009 with a Board of Directors, led by the private sector, specifically to be business facing and to be both proactive with and responsive to the needs of the business community (see Appendix 1).
Cornwall Council’s Economy White Paper and the Economic Growth Strategy for Cornwall and the Isles of Scilly, prepared by the Cornwall & Isles of Scilly Local Enterprise Partnership (LEP), together set the strategic context under which CDC operates and both CC and the LEP commission activity from the Company.
Mission Statement
Cornwall Development Company is the arms-length economic development arm of Cornwall Council.
On behalf of a range of stakeholders, we deliver a bespoke, business facing service and deliver the economic vision and strategy for Cornwall.
We achieve this through the expertise and professional commitment of our staff who, together, have a wide range of economic development know-how. We bring together the right team, with the right skills, on the right project at the right time, turning this knowledge into added value for the economy of Cornwall.
Our most precious resource is our people and we aim to maintain an environment where they, and their knowledge, skills and expertise, are nurtured and they are able to be the best that they can be.
We deliver value for money for our shareholder and other stakeholders, a responsive service to business and, ultimately, jobs and prosperity and a low carbon future for Cornwall.
Business transformation
- Inward investment from the UK, European and International markets through InvestinCornwall
- Business development & growth
- Management of investment funds to support productivity, job creation and growth – European Regional Development Fund (ERDF), Regional Growth Fund (RGF), Growing Places Fund (GPF) through Business Boost.
- Assisting rural business to access Rural Development Programme for England (RDPE) funding
- Employment & Skills – working with strategic sectors, companies and projects to help articulate demand for skills and, in turn, stimulating demand led vocational FE & HE provision
- Promoting Cornwall as a year-round visitor destination to support and develop the visit economy through Visit Cornwall
- Specialist project development and managements services for priority and transformational projects
- Managing the programme to deliver Superfast Broadband to Cornwall and the Isles of Scilly through Superfast Cornwall.
- Promoting and developing business investment in:
- Aerohub @ Newquay Cornwall Airport (Enterprise Zone)
- Port of Falmouth
- Facilitating private sector investment for growth in key towns through Convergence Priority 4
- Regeneration and development projects across Cornwall, including driving forward major projects and supporting the rural economy
- Promoting resource efficiency within businesses and using low carbon as a driver of economic development, through projects such as Clear About Carbon, Green Deal and Smart Grid
Facts & Figures
- The 134 staff working for CDC are brigaded under four directorates (see Appendix 2).
- Approximately 65% of staff are funded through projects and 35% through the CC contract.
- The Company’s income is approximately 28% funded by Cornwall Council, although funding for 2012-13 varies across a number of sources (see Appendix 3).
- CDC levers an additional 12.5m of income funding from the £3.6m CC investment.
CDC has an annual Business Plan that is set within a three year funding context. The current approved programme of activity begins to reduce in year three. Historically the trailing off of specific funds has been replaced by income from new contracts won or activity secured. There will be possibilities to bid for funds from the new EU programme but the reducing funding profile has been identified as a risk.
How is CDC held to account?
As a limited company and a publicly funded body, the Company is currently accountable to the Board of Directors and CC as shareholder, to the business community and ultimately to all the residents of Cornwall. The governance of CDC is formally set out in the Memorandum and Articles agreed with the Council at the inception of the Company.
While CDC is accountable to the Council for its strategic direction and overall performance at project level the Company is accountable to a range of funders for the contracts it delivers. The Company is presently subject to scrutiny by:
- Department of Business, Innovation and skills (BIS)
- Department of Communities and Local Government (DCLG)
- Department for the Environment, Food and Rural Affairs (DEFRA)
- Department of Work and Pensions (DWP) and European Social Fund (ESF)
- Cornwall Council
- Cornwall & Isles of Scilly Local Enterprise Partnership
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