The Enterprising Britain competition, run by the Department for Business, Innovation and Skills, was looking for a place that could best demonstrate a positive impact of enterprise on the community over the past two years.
Northamptonshire was chosen for its county council's commitment to reinvigorating its local economy as well as supporting a renewed focus on generating exports.
The motorsport industry and high performance technologies sector were particularly praised by business minister Michael Fallon, who said: "The (latter) sector is the base for a number of highly skilled successful companies, employing a large workforce that significantly contributes to the local economy. I would like to congratulate them on their fantastic achievements.”
Councillor Jim Harker, leader of Northamptonshire County Council, said in a statement that Silverstone and the British Grand Prix had given Northamptonshire an international profile, making it essential for the council to step in to help where it could.
"The most fantastic place to do business"
Alan Price, Managing Director at Northamptonshire insolvency practitioner, Marshman Price, stated that whilst the number of corporate insolvencies was dropping across the country, in Northamptonshire it had seen the highest reduction in companies going bust in the east Midlands.
"I think Northamptonshire is the most fantastic place to do business," he said. "The atmosphere is vibrant and we're all very confident that the county will continue to prosper."
Price talked about the virtues of Northamptonshire Enterprise Partnership (NEP) and its ambassador's scheme as key reasons why businesses are thriving in the county.
"NEP is really important," he said. "And there's going to be a mentoring programme rolled out over the next year which will see local businessmen helping start ups and young businesses seeking help to grow."
Elsewhere Northampton University has developed and implemented a social enterprise strategy covering a range of activities including providing students with start up funding and in May the Northamptonshire Enterprise Hub was launched, providing advice and support for anyone thinking of starting their own business and ultimately help to create new businesses in the county.
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