Hertfordshire Futures has announced a £4 million investment to accelerate business growth in Watford, backing two complementary projects designed to give small and growing businesses the space, support, and opportunities they need to thrive.

The funding will support the fit out of the new Watford Innovation and Incubation Hub, led by Watford Borough Council, and unlock Phase 1 of The DomeWorks development, a new flagship business campus from not-for-profit social enterprise, Wenta. Together, the schemes will provide high quality workspace, create and safeguard local jobs, and strengthen Watford as a hub for innovation and enterprise.

Adrian Hawkins OBE, Chair, Hertfordshire Futures, said: “Watford has vibrant businesses but needs the right innovation infrastructure to attract funding, retain emerging talent, and help companies scale. Our investment is about giving local enterprises the space and support to grow – backing projects that align with our mission to catalyse sustainable economic growth, strengthen high potential places, and create high quality jobs for residents.”

Independent assessments confirm strong demand for both innovation space and flexible industrial workspace in Watford. The loss of circa 15,000 sq. m. of industrial space from the town in recent years creates a risk of Watford businesses seeking premises elsewhere, including in Bedfordshire and London.

The projects at a glance

Watford Innovation and Incubation Hub (Watford Borough Council)

• £2 million Hertfordshire Futures investment
• 1,642 sqm of commercial and R&D floorspace
• To be designed and managed by Co-Space – an operator that specialises in creating high-quality, design-led environments that help businesses grow, connect, and thrive locally
• Ideal location within the Watford Town Hall Quarter, part of the town’s wider regeneration programme
• Provides access to business mentoring, training, funding advice, and networking opportunities
• Focused on Watford’s growing creative and technology sectors, alongside other key sectors

Elected Mayor of Watford, Peter Taylor, said: “Watford is a thriving place, and the Innovation Hub will help us deliver our ambitions to ensure our town continues to grow and prosper. This dedicated space will help support local and regional businesses, unlocking economic growth and attracting further investment into Watford. This will create new jobs, open up more opportunities for local residents, and reinforce Watford’s position as a hub of enterprise and creativity.”

The DomeWorks (Wenta)

• £2 million Hertfordshire Futures investment
• 2,262 sqm of modern light industrial and grow-on space, including micro-factories
• Addresses long term shortages of local industrial floorspace
• Specialist business support for pre-start, start-ups, and growing businesses, including through the Get Enterprising programme
• Flexible, interchangeable spaces and amenities based on business age, growth ambitions, and maturity
• Delivered by Wenta – now one of the largest enterprise agencies in England – which reinvests its surplus into business support, and has provided 71,970 hours of support over the past year nationally
• Complements Wenta’s existing Hertfordshire business centres, which is currently the physical and virtual home of almost 1,000 businesses

Ed Jordan, Chief Executive of Wenta, said: “The DomeWorks project is designed to meet a very real need: local businesses are growing, but the space simply hasn’t existed to support them. We’re delighted to kickstart the first phase of a long-term plan to provide modern, flexible workspace and the support services that entrepreneurs and SMEs rely on. This will help safeguard existing jobs, create new ones, and ensure more businesses can stay and grow in Watford.

“The launch of The DomeWorks marks a transformative milestone for Watford and the broader Hertfordshire landscape. By providing a state-of-the-art flagship campus, Wenta is instigating a new era of local community-focused, innovation and economic resilience. This development is designed to be the heartbeat of local enterprise, ensuring our community has the world-class resources needed to thrive in a modern economy.”