{"id":988,"date":"2023-03-20T14:56:28","date_gmt":"2023-03-20T14:56:28","guid":{"rendered":"https:\/\/www.cic.vc\/cambridges-blueprint-points-the-way-for-uk-investment-zones\/"},"modified":"2024-04-16T12:15:15","modified_gmt":"2024-04-16T12:15:15","slug":"cambridges-blueprint-points-the-way-for-uk-investment-zones","status":"publish","type":"post","link":"https:\/\/www.cic.vc\/cambridges-blueprint-points-the-way-for-uk-investment-zones\/","title":{"rendered":"Cambridge\u2019s blueprint points the way for UK investment zones"},"content":{"rendered":"<p><span class=\"text-small\">By Anthony Freeling, Acting Vice-Chancellor of the University of Cambridge<\/span><\/p>\n<p><span class=\"text-small\">In last week\u2019s UK budget, the chancellor, Jeremy Hunt, announced the 12 English regions with the potential to host an \u201cinvestment zone\u201d. Areas that can \u201cidentify a location where they can offer a bold and imaginative partnership between local government and a university or research institute in a way that catalyses new innovation clusters\u201d will have \u201caccess to \u00a380 million of support for a range of interventions including skills, infrastructure, tax reliefs and business rates retention\u201d.<\/span><\/p>\n<p><span class=\"text-small\">The ability of universities to create local value is beyond question, and, as confirmed by a report by London Economics published today, the University of Cambridge is the UK\u2019s primary example.<\/span><\/p>\n<p><span class=\"text-small\">It\u2019s hard for the human mind to conceptualise large sums of money, so comparisons are useful to give a sense of scale. As such, the report suggests that the University of Cambridge\u2019s economic contribution to the UK, a staggering \u00a330 billion, appears to be almost four times that of the globally followed English Premier League.<\/span><\/p>\n<p><span class=\"text-small\">The comparison doesn\u2019t end there. Just as every Saturday afternoon football matches kick off all over the country, supporting local jobs and encouraging spending in local economies, the analysis demonstrates how Cambridge supports the economy in every region of the UK, generating more than 86,000 jobs nationwide.<\/span><\/p>\n<p><span class=\"text-small\">Nearly four-fifths \u2013 78 per cent \u2013 of that economic contribution is generated by companies associated with the university. For every \u00a31 we spend on research and innovation, we create \u00a311.70 of economic impact, the highest figure of any UK university.<\/span><\/p>\n<p><span class=\"text-small\">This success is not down to chance. It is the result of long-term strategic decision-making that has established the university at the heart of one of the world\u2019s most successful research and technology clusters.<\/span><\/p>\n<p><span class=\"text-small\">It is the result of a culture of excellence, underpinned by a depth and breadth of teaching, research and innovation, that connects the discovery of new knowledge with the expertise to turn these ideas into companies and organisations that change people\u2019s lives.<\/span><\/p>\n<p><span class=\"text-small\">It is the result of years of harnessing a winning combination of venture capital, government support and infrastructure funding through a very deliberate strategy of investing in innovation and commercialisation. This includes an enlightened intellectual property (IP) policy that encourages further investment; a culture that encourages innovation and entrepreneurship; and the establishment of both a knowledge-transfer arm, Cambridge Enterprise, and investor arm, Cambridge Innovation Capital, which make capital available at all stages of the investment journey from pre-seed to early scaling.<\/span><\/p>\n<p><span class=\"text-small\">The prime minister and the chancellor have often said that they would like the UK to be the next Silicon Valley. We think the success of Cambridge and the \u201cSilicon Fen\u201d demonstrates that this is already in motion. But we are not resting on our laurels. This is why we\u2019ve used the convening power of the university, alongside Cambridge Enterprise and Cambridge Innovation Capital, to bring together 100 partners, including AstraZeneca, Microsoft and Arm, to establish a new strategy body called Innovate Cambridge. The goal will be to accomplish the same impact the university has had over the past 25 years in the next 10.<\/span><\/p>\n<p><span class=\"text-small\">We\u2019ve already begun the challenge of identifying what we need in order to achieve this. First, better infrastructure, not only in Cambridge itself but across the region, including the Oxford-Cambridge Arc. We need more laboratory space, affordable housing and better transport \u2013 mirroring the ingredients that drive success in competitor cities such as Boston in the US.<\/span><\/p>\n<p><span class=\"text-small\">Second, we need an enhanced ability to attract talented, highly skilled individuals from across the world, via flexible low-cost visa routes focused on expanding the R&amp;D sector.<\/span><\/p>\n<p><span class=\"text-small\">Third, we need better investment and access to capital funding. We need to make the most of upcoming pension reforms that will allow funds to invest in more risky projects, such as R&amp;D. And we need a commitment from government to ensure that R&amp;D spending remains a priority.<\/span><\/p>\n<p><span class=\"text-small\">Nor are these only priorities for Cambridge. All 12 English investment zones (plus those planned for elsewhere in the UK) will almost benefit hugely if our partners across the UK, including national and local government, work with us to implement this blueprint for future economic growth.<\/span><\/p>\n<p><span class=\"text-small\">The UK is lucky to be home to the world\u2019s biggest and best professional football competition, but it also has an enormous advantage as host to some of the most dynamic and productive universities on the face of the planet. Policies and funding that support rapid commercialisation of innovative R&amp;D are the best way to shoot the UK to the top of the premier league of economic success.<\/span><\/p>\n<p><span class=\"text-small\">Anthony Freeling is acting vice-chancellor of the University of Cambridge.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Anthony Freeling, Acting Vice-Chancellor of the University of Cambridge In last week\u2019s UK budget, the chancellor, Jeremy Hunt, announced the 12 English regions with the potential to host an \u201cinvestment zone\u201d. Areas that can \u201cidentify a location where they can offer a bold and imaginative partnership between local government and a university or research [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[5,29],"tags":[50],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cambridge\u2019s blueprint points the way for UK investment zones - Cambridge Innovation Capital<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cic.vc\/cambridges-blueprint-points-the-way-for-uk-investment-zones\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cambridge\u2019s blueprint points the way for UK investment zones - Cambridge Innovation Capital\" \/>\n<meta property=\"og:description\" content=\"By Anthony Freeling, Acting Vice-Chancellor of the University of Cambridge In last week\u2019s UK budget, the chancellor, Jeremy Hunt, announced the 12 English regions with the potential to host an \u201cinvestment zone\u201d. 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