A new independent report which has been published today by Warwick Economics and Development estimates that companies supported by the SETsquared Partnership ecosystem have contributed £15.7bn to the UK economy over the last 20 years.
The enterprise partnership of six research-intensive universities – Bath, Bristol, Cardiff, Exeter, Southampton, and Surrey – provides a range of support programmes which help student and researcher enterprises, start-ups, spin-outs and scale-ups to develop, grow and attract investment and funding.
Key findings of the report:
- It estimates that, between 2002 and 2022, the total GVA contribution of businesses supported by SETsquared is £15.7bn.
- The level of employment generated by the supported businesses will be 15,600 full-time equivalent jobs by the end of 2022.
- It estimates that in 2022 there are 1,417 operational businesses that have been supported by the SETsquared, an increase of almost 50% over the last 5 years.
- Businesses that are members of SETsquared have raised £3.9bn of private and public investment over the last 20 years, with 70% of this investment being in the last 5 years.
The report is published as SETsquared celebrates its 20th anniversary with a special edition of its annual investment showcase in Westminster, featuring the latest top entrepreneurial and tech talent from across SETsquared, all seeking investments to take their innovations to the next level.
Karen Brooks, Head of Scale-Up, SETsquared, says, “It’s really important, particularly in the current economic climate, that we continue to support these high-growth potential businesses. As this Impact Report demonstrates, they go on to create high-value jobs and bring economic impact to our regions in South of England and Wales, and increasingly across the UK. In addition, these companies are developing solutions to the major global challenges we face – from tackling chronic diseases to achieving net zero – they will transform the way we live, learn, travel, work, and access healthcare in the future.
The high level of the economic contribution of these SETsquared-backed companies shows the clear, direct value of the support they have received from SETsquared partner universities and the value that academic collaboration can bring to businesses research and development and subsequent growth.”
Over and above the economic impact, the report demonstrates the environmental and social impact SETsquared-supported companies have. The report highlights this through some case study companies – showing how they will help reduce carbon emissions, lower the use of diesel, improve the lives of people with chronic conditions such as motor neurone disease and Alzheimer’s, save valuable time for healthcare services, protect us from sophisticated cyber-attacks and improve the electric vehicle charging infrastructure.
