Cambridge University Startups Contribute £30bn to UK Economy
The Deputy Vice-Chancellor, Dr Anthony Freeling, declared that the university had plans to expand the well-known cutting-edge Cambridge cluster.
A recent report suggested that Cambridge University, an esteemed research facility, contributes an annual £30bn to the UK economy.
According to London Economics' investigation, by 2021 a total of £23bn was generated from university-spawned businesses such as spinouts and startups. The research evaluated the influence of universities from 2020-2021.
Dr Anthony Freeling, the acting vice-chancellor, declared that a "strategy of investing in innovation" will yield jobs.
The study underlined the link between the university and high-achieving businesses such as ARM and Abcam. It was emphasized in the report that the university had connections to these successful companies.
Examining the report's findings, the impact of Cambridge University has been demonstrated to a considerable degree.
The strategy of innovation and commercialisation employed a blend of technology transfer, venture capital, aid from the government and infrastructure investment to create 178 spinouts and 213 start-ups.
According to Dr Freeling, the purpose of the university's Innovate Cambridge plan is to expand the Cambridge cluster through accelerating its successful model. He further noted that their ambition is to speed up development.
In order to achieve this goal, four aspects of policy must be addressed: providing better infrastructure such as affordable housing, transportation, and laboratory facilities in the city and surrounding region; improving access to highly qualified individuals from around the world; stabilizing research funding; and increasing access to capital, particularly during the scale-up stage.
The college has a population of 24,450 students, of which are more than 9,000 from abroad, representing 147 countries.
Established in 1209, the university is composed of 31 self-governing colleges and 150 separate departments, faculties and institutions.
The groundbreaking work conducted by this organization has spanned from theories of gravity and evolution to splitting the atom and discovering the secrets of DNA, resulting in over 120 Nobel prizes.
Dr Freeling made an appeal to the British government to pledge to participate in Horizon Europe, the European Union's research finance platform, which allocates billions in funds to researchers on the continent.
He emphasized that it is essential to make an early pledge to Horizon Europe since it will provide not only the financial stability to devise long-term research initiatives, but also the opportunity to build connections with essential international networks and collaborate with them.