Formally launched on 8 April 2009, Prospect Leicestershire is a new economic development company (EDC). Prospect Leicestershire was set up by the Leicester City Council and Leicestershire County Council to simplify the current economic development arrangements and to drive forward economic growth across the urban area of Leicester and its surrounding county. The new governance arrangements are underpinned by a GBP 1.36 million revenue budget with GBP 250 000 contributions each from the Homes and Communities Agency (HCA), the City and County Councils, GBP 125 000 from the districts and GBP 485 000 from East Midlands Development Agency (EMDA) (I&DeA, 2009). The organisation will primarily be focused on delivering regeneration, economic development and inward investment initiatives, as well as having steering functions. Prospect Leicestershire takes over the responsibilities of the Leicester Regeneration Company (LRC) and the inward investment arm of Leicester Shire Promotions. The majority of board members are from the private sector and legally the EDC is a company limited by guarantee whose founding members are the City Council and County Councils (Economic Development Company for Leicester and Leicestershire, 2008).