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The LDA’s London Innovation Strategy and Action Plan underlined the need for seed capital funding to help turn new ideas into viable ventures, and the LDA is currently developing this capability. During 2002-2003 the Agency funded a pilot project, the PARK Seed Fund. As a result of a £250,000 LDA investment. Brunel University was able to leverage a further £750,000 from the private sector, and the fund has already supported four business start-ups. click here for details : Bethesda Drum Horses – EnactConveyancingSydney

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The creative industries are crucial to London’s economy and international image. London hosts 85% of the UK’s fashion businesses, and the creative industries in total are responsible for one in five of all new jobs created in London. In December 2002, the LDA launched the Creative Industries Commission to identify what was needed to provide people in the industry with sound business skills. It completed its work in May 2003 with a set of recommendations. The main outcome will be the creation of a new strategic body for the creative industries, Creative London.

The year also marked a turning point in public awareness of issues relating to agriculture and food, following a series of major shocks in the farming industry. The Curry Report into the future of food and farming and subsequent work by a neighbouring development agency SEEDA, in London and the south east. provided an important context to the role of the regional development agencies. As a foundation for future work, the LDA funded research into London’s local food economy which highlighted the cross-linkages between. food and a wide range of policy issues, from tourism and employment to diversity and food poverty.

The LDA’s performance is assessed by the Mayor and Government against a framework of targets, summarised opposite. The framework was introduced in April 2002. This section of the annual report sets out the LDA’s achievement against the Tier 3 output targets agreed with the Mayor and Government for 2002-2003. The LDA was very pleased to exceed its targets for learning opportunities, business performance and brownfield land, and to achieve a very strong performance for employment opportunities. These results are a tribute to the Agency’s staff and all its delivery partners and the LDA would like to thank them all for their continued commitment and contributions. Agency’s staff and all its delivery partners and the LDA would like to thank them all for their continued commitment and contributions.