There are a great many things which can affect the viability
of any given location for businesses both established and newly-launched. From
transport links to local amenities to talent pools, there are countless factors
to consider. Playing into the latter to some extent is the presence of higher
learning institutions, which given their very nature you would expect to have a
hand to play in cultivating entrepreneurship and general business savvy among
the local population.
Such was the subject of a new report from Localis, published in partnership with University
College London (UCL) and the University of Huddersfield (UoH), which aimed to
explore what more can be done to encourage university entrepreneurial activity
and its role in local economies.
The report asserts that while universities do indeed
contribute to one in every hundred new business births in the UK, 35% of
universities failed to contribute to the production of a single graduate
start-up last year. This seemingly indicates that although there are isolated
areas of success in regards to universities and their role in entrepreneurship,
far too many institutions are lacking in their efforts.
Liam Booth-Smith, co-author of the report and chief
executive of Localis, said concerning the report, “The unfortunate truth is
that too many UK universities simply do not act in this space. With the risks,
challenges and opportunities that Brexit presents, promoting enterprise and
entrepreneurship in our universities should be an important part of the government’s
national policy agenda and central to the development of local industrial
strategy.”
Report author, Localis visiting fellow, David Godfrey, also
commented, “Our comparison between universities in London and Yorkshire
reinforces this disparity in external investment, with start-ups at London
institutions attracting £35.5m in 2015/16 against just £1.3m for start-ups at
Yorkshire universities, or a factor of almost eight times as much on average
per institution. Through local industrial strategies, there is a major
opportunity to bring good ideas together with London investment by successfully
packaging spin-out schemes to investors, as Manchester has successfully done.”
Not simply a vessel to voice criticism however, the report
goes on to make a series of recommendations relating to how the issue may
potentially be resolved. Specific recommendations made within the report read
as follows:
Make Enterprise & Entrepreneurship a Strategic Priority
Recommendation One: Every student should have the
opportunity to develop enterprise and entrepreneurship skills and learning,
both within the university curriculum and outside it. Universities must find
ways to identify and nurture entrepreneurs across all disciplines and at all
stages.
Recommendation Two: Enterprise and entrepreneurship must
have a mandate. Through strong corporate leadership within universities, the
university offer to student and graduate entrepreneurs must be strategic and
co-ordinated.
Recommendation Three: Universities should review their ‘cut
off points’ for enterprise and entrepreneurship support in order to play a more
active role in scaling up of businesses not just the pre start-up and start-up
phase.
Recommendation Four: Incubation units and workspace should
be opened up to local entrepreneurs. This will support local SMEs, potentially
increase revenue for enterprise units, encourage throughput and provide student
entrepreneurs with an immediate and potentially valuable peer network.
Influence the Local Economy
Recommendation Five: Universities’ position as anchors in
their local economies should be explicitly recognised in the Government’s
Common Framework for devolution and a clear link made to university enterprise
and entrepreneurship in the Government’s Review of LEPs. It should be promoted
in local economic strategies.
Recommendation Six: Universities should provide a “swing
door into the local economy” with clear account management of services across
the university and alignment with external enterprise and entrepreneurship
support through their local Growth Hubs.
Recommendation Seven: Government should create conditions
that diversify the current capital model to increase independent investment
outside of London, retaining existing tax reliefs but incentivising regional
and scale-up investment and promoting alumni funding. Vice Chancellors should
work with their LEPs, City and County Councils and Mayors to package regional
opportunities to pitch to investors.
Recommendation Eight: New financial support and incentives
should be developed to replace funding for enterprise and entrepreneurship
currently available through Local Growth Fund and European funding streams.
Measure & Reward Impact
Recommendation Nine: Local economic impact should be
assessed and rewarded through the new Knowledge Exchange Framework and in the
allocation of HEIF or related Government growth funding. Universities should
first be required to provide commentary illustrating programme impact, with
specific impact metrics agreed and introduced to an agreed timetable. National
data should be robust and consistent
Recommendation Ten: Universities should be incentivised to
produce “impact start-ups” and entrepreneurs, demonstrating they are growing
local and national economies, with funding increasingly reflecting their
success in delivering local economic growth. New longitudinal measures should
be developed to measure longer-term impact and encourage the retention of links
with student and graduate start-ups to support their ongoing development.
Sam Bonson
Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
Post A Comment:
0 comments so far,add yours