Cambridge will strive to double the number “unicorns”, or privately-held start-ups valued at over $1 billion, based in the City by 2035. This is according to a new partnership between local universities, the government, and industry.
Innovate Cambridge will announce a blueprint on Wednesday that outlines proposals to increase growth and double the number multinational businesses in the region to 40.
Cambridge is central to the government’s ambition to drive investments in science and technology cluster with Oxford, London and make Cambridge ” the science capital of Europe”.
Michael Gove, the housing secretary, announced earlier this year that the city’s development was being held back by the lack of space. He also announced the “Cambridge 2040 Plan” which is backed up by £5mn.
This plan was undermined, however, by the local opposition against housebuilding as well as by the lack of water and transport infrastructure.
disputes could delay the development of almost 1mn sqm of lab and offices that Innovate Cambridge has identified for development in the next decade.
Lord David Willetts is the former Education Minister who chairs the Innovate Cambridge Partnership. He said that Cambridge needs to prepare for its high-tech growth.
He said, “The good thing is that the system is already set up.” The bad news is that it is difficult to get all of this done with so many issues.
He said that it is important that the residents of Cambridge feel that their growth is in their best interest, and that they have opportunities to work locally in jobs such as technicians.
Willetts stated that the savings made by scrapping the northern leg HS2 rail lines should be used to build the Oxford – Cambridge Arc between the two universities cities.
As part of the “leveling up” agenda, the government has given priority to increasing economic development outside of South-East.
Diarmuid o’Brien is the chief executive officer of Cambridge Enterprise which founded Innovate Cambridge. He said that the UK could make investments in the region and improve the prospects for other parts of the country.
Innovate Cambridge announced that it has partnered with Manchester to increase innovation investment in the two cities. The partnership will create new “hubs” in each city to improve the relationship between entrepreneurs and researchers.
Andy Neely is the senior pro-vice-chancellor at Cambridge University. He said that on a global basis, Cambridge has more publications, patents and research income per capita than any other city. He added that it was only a 10th the size of Silicon Valley or the greater Boston area.
There is no way Cambridge could grow 10 times bigger. He said, “I don’t believe people want Cambridge to grow 10 times bigger.”
The UK can compete globally by thinking about larger innovation ecosystems and geographic areas.
Cambridge is home to 5,500 companies that are involved in research, innovation or development. These businesses generate more than £20bn a year.