Mills & Reeve and Richardsons Accountants have teamed up on a roundtable discussion and report exploring the fast growth secrets of technology businesses in Oxford and Cambridge.
Oxford and Cambridge bring together an almost unique combination of engaged local government, world-class academia and a vibrant advisory community, creating a “golden triangle” of support that nurtures technology entrepreneurs and the businesses they build. But comparing Oxford against Cambridge has long been “a favourite sport”.
The role the universities play, particularly in Oxford over the past 15 years, can’t be underestimated. They are more outward looking and that has made a substantial and positive impact. They are an “integral part of the ecosystem.
Cambridge, participants in our roundtable agreed, has a more mature ecosystem, benefitting from the early “recycling of capital”. “Early big wins in terms of spinouts” has seen money return to the city’s ecosystem which has further entrenched its standing in the UK and the world stage. It’s easy, one participant said, to forget “just how mature the Cambridge ecosystem is in recycling capital and expertise”. And that shows in the infrastructure available to early-stage businesses in the city.
Collaboration too has been part of its success, buoyed by the recent creation of Innovate Cambridge. “The direction and intention are there” with an engaged local authority working closely with academia. Business has responded with Apple, Microsoft and Amazon, among others, choosing sites in the city.
Oxford is fighting back, with early-stage biotech businesses moving towards the city tempted by high-quality lab space and the opportunity to work alongside like-minded businesses. The availability of good quality lab space remains an issue, despite significant investment on the city’s outskirts.
The role the universities play, particularly in Oxford over the past 15 years, can’t be underestimated. “They are more outward looking and that has made a substantial and positive impact.” They are, participants agreed, “important to innovation in science and technology” and are an “integral part of the ecosystem” – and that impacts entrepreneurialism and commercialisation.
Now, however, isn’t the time for complacency. There’s a need to “make sure that those coming through the universities continue to have that aspect.” It’s not automatically guaranteed.
