The University of Bristol-backed SETsquared Partnership, the world’s No 1 business incubator, is forecast to contribute nearly £27bn to the UK economy and create more than 22,000 jobs over the next 12 years.
According to independent research by Warwick Economics and Development (WECD), SETsquared has already boosted the economy by £5.8bn since its launch by a group of leading research-intensive universities in 2002.
Over that period it has also helped more than 3,600 businesses. The level of employment supported by these businesses is estimated at 10,900 jobs in 2017. This is projected to rise to 22,200 by 2030.
In the past two years alone it has supported 965 businesses, including a number based at its base in the Bristol’s Engine Shed innovation hub at Temple Meads. Last year businesses assisted by the partnership employed or supported nearly 11,000 people.
But WECD’s research shows SETsquared’s economic impact will increase significantly by 2030, with the number of companies it supports reaching 6,650 with a Gross Value Added (GVA) contribution of £12.4bn.
Adding an estimate of the impact of their combined supply chains, the total contribution rises to a total of £26.9bn.
SETsquared Bristol centre director Monika Radclyffe 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.”
Among SETsquared Bristol’s success stories is Ultrahaptics, a University of Bristol spin-out which was established in 2013 and has since raised £31m investment.
The company has developed exceptional haptic technology that uses ultrasound to enable people to ‘feel’ virtual objects in mid-air with their hands. It has grown rapidly – doubling in size over the past 12 months – and now operates in markets from automotive and VR with blue-chip clients such as BOSCH and Dell.
CEO Steve Cliffe said: “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.”
SETsquared has twice been named as the best business incubator in the world. The accolade, won in 2015 and this year, was awarded for its outstanding contribution to developing the next generation of UK tech entrepreneurs and was a result of the world’s most extensive benchmark study of university-linked business incubators and accelerators, conducted by UBI Global.
The Bristol SETsquared Centre offers entrepreneurs access to business coaching and mentoring, workshops, networking events and strong links to the university.
The SETsquared Partnership is also backed by the universities of Southampton, Bath, Exeter and Surrey.
Pictured: SETsquared staff celebrate being named world number one incubator in 2015
