Intuit invests in North East SMBs and boosts local economy with launch of first Prosperity Hub in Europe
Based in Newcastle, new ‘Prosperity Hub’ will equip small businesses with new skills to help operate and succeed following a challenging 2020
Launch is part of a £93m (US$123m) global investment in communities in need across Canada, US and UK
Every £1 invested in new Hub could result in £1.83 in local economic growth
London, UK - 20 October 2020
Today Intuit, in partnership with Concentrix, launches its first Prosperity Hub in Europe as part of a global £93m (US$123m) investment in communities in need. The Hub will support job opportunities and growth by equipping entrepreneurs with the skills needed to start and build successful small businesses (SMBs).
Newcastle was selected as the home of Intuit’s first UK-based Prosperity Hub because it has the highest unemployment rate in the UK at 6.6%[1] (compared to 4.5% in the rest of the country) and has the lowest number of SMBs[2]. The North East has also been one of the hardest hit regions for job losses due to COVID-19, with the employment rate dropping by 2.1%[3] in the June-August period compared to March-May.
Intuit’s existing Newcastle-based Customer Success centre in Concentrix – the global business services company – currently employs more than 120 staff, driving £5.3m growth in the area between August 2019 and July 2020.
The Prosperity Hub will now see the creation of the following:
Small Business Success Centre: providing skills training to SMBs in areas such as cash flow management; moving a business online and design thinking (an approach to innovation used by high-growth companies in Silicon Valley). Upskilling across these key areas can help businesses succeed in the digital economy – a necessary transformation embraced by many since the pandemic. A virtual small business success platform is currently in development, bringing these resources and more to all Prosperity Hub Communities in 2021.
Job Readiness programme: to teach personal finance and entrepreneurship to students, preparing them to enter the job market and the real world.
Sustainability programme: helping businesses save money on utilities while reducing their carbon footprint.
The North East becomes the home of the eighth Prosperity Hub launched by Intuit across the globe. The programme launched in the United States in 2016, and currently has six centres in the US and one in Canada. Intuit is the parent company of QuickBooks, a financial management platform backing small businesses to take ownership over their finances.
In communities that are part of the Prosperity Hub Programme in the US, over the past year, there has been up to an 83% return on Intuit’s investment through local economic growth. If those figures translated to Newcastle, that could mean £1.83 in economic growth for the North East for every £1 invested by Intuit.
Chris Evans, Vice President and UK Country Manager, Intuit said:
“2020 has been a complicated year for everyone and many SMBs have been the hardest hit. We are currently seeing the North East of England facing the challenge of greater lockdown measures, leading to further economic and societal issues as we move into winter.
I am thrilled to be able to launch the UK’s first Prosperity Hub in Newcastle. We hope that dedicated regional investment and training will be a vital lifeline for businesses in the North East.”
Concentrix, said: "The Prosperity Hub will transform Intuit’s existing Customer Success centre into a place that would help SMBs of all kinds thrive. Concentrix’s Newcastle office will also sit within the Hub, further supporting and protecting the existing jobs that reside in the area today."
Sources
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About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooksand Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
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