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Hi-tech Bristol hub’s ?3.8bn boost to economy
Hi-tech start-ups incubated by SETsquared, the innovation hub backed by the University of Bristol and based at Temple Meads, have created 9,000 jobs and contributed £3.8billion to the UK economy, research released yesterday shows.
The figures from a study commissioned from Warwick Economics & Development, are based on the 1,041 companies that have worked with SETsquared since its launch in 2002.
By 2025 these businesses are estimated to contribute more than £11bn to the economy based on GVA (Gross Value Added) and created 14,200 jobs.
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As well as Bristol, the enterprise partnership brings together the universities of Bath, Exeter, Southampton and Surrey. The Bristol SETsquared is based in the Engine Shed, the hi-tech hub which this week celebrated its first birthday.
SETsquared innovation director Simon Bond said: “This economic impact study shows the profound effect that companies incubated by SETsquared have had on our region’s economy. However, our thoughts are now firmly focused on the future and we want to make sure that we have the resource and the opportunity to make an even bigger impact in the decade ahead.”
The announcement follows research earlier this month from UK fund management firm Octopus Investments showing that while high-growth small businesses account for just 1% of the business community, they generated 68% of new jobs in the UK between 2012 and 2013.
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