A new £300m science park in South Gloucestershire could be fully developed in 10 years.
The science park will be run with university help
The South West Regional Development Agency (RDA) has bought 12 hectares of land for £30m at Emersons Green near the M4, for the first phase of a park.
It claims the new development will rival the size and scope of similar centres in Warwick, Cambridge, Oxford and Manchester.
The RDA says the development will bring in 6,000 new jobs to the region.
A spokesman for the RDA said: "Acting as a hub for science and technology, demand for the park will come from the established key sectors in the West; aerospace and defence, digital technologies and biotechnology."
The site will be run in co-operation with the universities of Bristol and Bath, plus the University of the West of England.
South West RDA chairman, Juliet Williams, added: "There have been discussions about building a science park at Emersons Green for 20 years, but nothing has happened due to the high costs of developing the land.
"One of our roles is to secure appropriate sites and premises for business needs and by committing to this project we can work with partners to acquire the land and develop the park."
The first phase of the park's development plans includes an extra 13 hectares of land.
This is owned by development company, Howsmoor, which has signed a joint venture plan with the RDA.
The second phase of the science park, which could extend along the edge of the M4, is on land owned by developers Gallagher Estates