Innovation partnership SETsquared’s £3.8bn boost to economy creates 9,000 jobs

December 4, 2014

Hi-tech start-ups incubated by SETsquared, the innovation hub backed by the University of Bristol, have created 9,000 jobs and contributed a staggering £3.8bn to the UK economy, research released today shows.

The figures, which emerge from a study commissioned from Warwick Economics & Development, are based on the 1,041 companies that have benefitted from SETsquared services 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.

The impressive figures are based on in these businesses’ formative years and exclude any further economic impact from future companies mentored by SETsquared.

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 award-winning innovation hub which this week celebrated its first birthday.

The findings of the economic impact study were released today as SETsquared takes another step in expanding the availability of its services with the launch of a hub in Basingstoke.

The hub will help hi-tech start-ups to raise investment expected to reach some £20m in a town which has been earmarked as a growth area.

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.


Comments are closed.


Reach tens of thousands of senior business people across Bristol for just £120 a month. Email for more information.