THE UNIVERSITY of Reading has joined a new initiative aimed at showcasing the role that the educational institutions in the UK’s economy.
The UoR has joined Universities UK’s new #UnisStartUptheUK initiative, showcasing the important role that universities play in supporting student and staff entrepreneurs and driving economic growth through business spin-outs and start-ups.
It comes as new analysis from Universities UK (UUK) reveals that by 2028, around 27,000 new start-ups could be established at higher education institutions across the UK, with a predicted turnover of approximately £10.8bn.
The University of Reading’s economic impact reaches approximately £1 billion in GVA (Gross Value Added) and supports over 12,300 jobs nationally.
As a hub for innovation and enterprise, the University of Reading makes a substantial contribution to both local and national economies, and ranked in top 20% of universities for ‘Working with businesses’ according to the Knowledge Exchange Framework.
The University’s Thames Valley Science Park, home to innovative companies including Shinfield Studios, directly employs 1,800 people and generates £210 million in direct GVA.
It also hosts a range of innovative businesses and organisations, including Agrimetrics, EIT Food, the Institute for Environmental Analytics, and its two most recent spin-outs Astratus and HaemAnalytica.
Around 86% of Reading graduates go into high-skilled occupations shortly after completing their studies, compared to 79% of all UK graduates.
Many enter sectors that are key to driving innovation and economic growth including professional, scientific and technical activities.
University leaders across the UK are warning the government that more firms established at their institutions are being tempted to take their talents and innovations to London or overseas due to a lack of funding available to scale up.
Some have described the UK as an ‘incubator economy’ where firms thrive only to be sold or relocated overseas.
Universities UK is calling on government to make a long-term commitment to the Higher Education Innovation Fund (HEIF), which provides foundational funding for knowledge exchange activities.It is also calling on the government to support the establishment of collaborative investment partnerships across the UK to help universities work with businesses and local leaders to drive growth and opportunity.
Guy Hembury, Director of Knowledge Exchange Commercialisation & Partnerships at the University of Reading, said: “The University of Reading has established itself as a driving force for entrepreneurship and innovation, with significant impact both regionally and nationally.
“Along with our talented students and staff, our commercial spaces, innovation centres, and enterprise education are nurturing the next generation of spin-outs and start-ups that will create jobs and power the UK economy.
“The #UnisStartUptheUK campaign highlights the crucial role universities play in supporting entrepreneurs and fostering economic growth.
“At Reading, with our partners, we’ve created an ecosystem where ideas can flourish, from our world-leading research that generates around £270 million in private sector spillovers to our enterprise education that equips students with the skills they need to succeed.”
