SETsquared Partnership set to contribute £26.9 billion to UK economy and 22,000 jobs by 2030
The SETsquared Bristol incubator, along with it’s Partnership centres, will contribute £26.9 billion to the UK economy by 2030, according to an independent research report published this week by Warwick Economics & Development (WECD). The world’s top university business incubator, which is comprised of five research intensive universities: Bristol, Bath, Exeter, Southampton and Surrey, is also set to create over 22,000 jobs.
Key findings from the report:
- It is estimated that 965 businesses were supported by SETsquared between 2015 to 2017, with the partnership providing 3,645 business assists since 2002.
- SETsquared has directly contributed a total of £5.8 billion to the UK economy between 2002-17, indicated by the Gross Value Added contribution of supported businesses.
- The level of employment as a result of SETsquared supported businesses was estimated at 10,900 jobs in 2017. This is projected to rise to 22,200 by 2030.
- Between 2018-2030, SETsquared supported companies could rise to 6,650 and contribute a further £12.4 billion to the economy, assuming the level of support continues at the current rate.
- Including an estimate of supply chain impacts of the businesses, the cumulated direct and indirect impacts on the UK economy are estimated to be £8.6 billion by 2017 and a further £18.3 billion by 2030.
The Bristol SETsquared Centre offers a bespoke programme of business coaching and mentoring for technology start-ups, as well as workshops, networking investor events, with strong links to the University of Bristol. Based at Engine Shed, the incubator offers 115 desks across 16 offices, designed to support the needs of fast growing businesses, and currently has some available office space for tech start-ups looking for business support.
Monika Radclyffe, centre director at SETsquared Bristol, said:
“The findings from the report seals the important role we 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 services to those companies that are scaling up, and the significant growth we have seen in the number of start-ups we are supporting, we are confident that we will exceed the projections outlined by the WECD in its latest report.”
One of the incubator’s global success stories is Bristol-based Ultrahaptics, which was established in 2013 and has successfully raised £31M investment. The company has developed a truly exceptional haptic technology that uses ultrasound to enable people to feel virtual objects in mid-air with their hands. The business, which has seen phenomenal growth across markets from automotive and VR, has clients including BOSCH, Dell, HARMAN and IGT and has doubled in size over the past 12 months.
Speaking about SETsquared’s support, Steve Cliffe, CEO of Ultrahaptics, added:
“SETsquared has been our home since the early days of the business. Not only have they provided a literal home, in the form of our first office space, but they’ve also provided everything else we all need from a home: support, advice, connections, guidance, and training.”
To download a copy of the full WECD report, click here