The SETsquared Partnership, the global business incubation and start-up growth acceleration network, comprising five universities - Bath, Bristol, Exeter, Southampton and Surrey - will contribute £26.9 billion to the UK economy by 2030, independent research undertaken by Warwick Economics and Development (WECD) has found.
Key findings from the report:
SETsquared operates five incubators on, or near, each partner university’s campus. The aims of the partnership are to accelerate the growth of high-tech start-up companies, develop the entrepreneurial talents of the students at the universities and to help academic researchers realise the commercial impact of their work.
Building on its success in supporting entrepreneurs and start-ups, SETsquared recently launched a £5m scale-up programme to help power high-growth UK companies. Supporting them to accelerate their growth through access to investment, university research and potential customers, the programme will further increase SETsquared’s economic impact on the UK.
The release of the WECD findings follows separate analysis by accounting firm RSM, which suggested that there are now more new technology companies than ever before. Its study of Companies House data suggests a total of 10,016 software development and programming businesses were incorporated in the UK for the first time during 2017; a 59% increase on the 6,300 companies created in 2016.
Karen Brooks, programme director at SETsquared, said: “The findings from the report show the important role incubators, such as SETsquared, play in nurturing new businesses, entrepreneurship and innovation in the UK, as well as the positive impact this has on the UK economy through job creation and GVA contribution. With the expansion of SETsquared’s support to scale-up companies, and the significant growth we have seen in the number of start-ups we are supporting, we hope to exceed the projections outlined by the WECD in its latest report.”