SETSquared start-ups grow into successful businesses
Published on: 12 December 2014
The Innovation Centre is home to University of Exeter's SETSquared start-ups
High-tech start-ups incubated by SETsquared will have contributed an estimated £11 billion in GVA (Gross Value Added) to the UK economy by 2025.
New research released on 4 December indicates that companies that have benefited from incubation by SETsquared, the enterprise partnership of the universities of Bath, Bristol, Exeter, Southampton and Surrey, have already contributed some £3.8 billion in GVA over the last 12 years and are likely to contribute a further £7.3 billion in the decade to come. The study, commissioned from Warwick Economics and Development, is based on the 1,041 companies that have already benefitted from SETsquared services in their formative years and excludes any further economic impact from companies that SETsquared is set to incubate in the future.
Robin Jackson, Centre Director at SETsquared’s Innovation Centre at the University of Exeter, said: “This economic impact study shows the profound effect that companies incubated by SETsquared have had on the region’s economy. We’re looking towards the future now and are dedicated to providing the opportunities and resources to continue the growth for the next 10 years.”
The new study also showed that companies incubated by SETsquared have created 9,000 jobs since 2002 and that this number is estimated in increase to 14,200 by 2025.
The findings of the economic impact study were released as SETsquared takes an important step forward in expanding the availability of its services to more entrepreneurs and start-ups with the launch of a new business hub in Basingstoke. The hub will help hi-tech start-ups to raise investment expected to reach some £20 million in a town which has been earmarked as a growth area.
The announcement follows the news earlier this month from UK fund management firm Octopus Investments that ‘high-growth small businesses account for just one per cent of the business community, yet generated 68 per cent of new jobs in the UK between 2012 and 2013.