A new report from London Economics has found that universities in the West England contribute £3.8bn contribution to the region's economy.
Commissioned by Universities 海角视频 (U海角视频), the report found universities support 28,200 full time equivalent jobs across the South West including those employed by local businesses such as restaurants and retailers.
Dr Gavan Conlon, partner at London Economics, said: “There is no doubt about the contribution of the 海角视频 higher education sector to the West of England and the rest of the 海角视频’s economy. With approximately 2.9 million students and 385,000 staff across almost 300 higher education providers, the sector is instrumental in driving economic growth in both the short run and longer term."
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Furthermore, universities in the West of England are helping the local community by supporting and fostering innovation. For example, the University of Bristol has an established partnership with Science Creates, a deep ecosystem that offers high potential new businesses access to specialised incubator spaces, a dedicated Venture Capital fund, and a comprehensive network of strategic partners to nurture science and engineering start-ups and spin-outs.
Another example is the University of Bath which will officially launch its new Institute of Advanced Automotive Propulsion Systems (IAAPS) research centre at Bristol and Bath Science Park on September 28. The £70m facility focuses on studying advanced propulsion alongside industrial clients from the region and beyond.
Dr Harry Destecroix, founder of Science Creates, said: “The start-ups we bring into Science Creates need more than Wi-Fi - they need well-equipped lab space as well as sector-specific business support. We are start-up founders ourselves and understand the innovations we support.
“We believe Bristol has the economic potential to become a global deep tech hub. Member companies are currently supporting more than 370 jobs, not just in the West of England but across the 海角视频 as a whole.”
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It’s estimated that IAAPS will generate tens of millions of pounds in GVA for the 海角视频 economy between 2020 and 2025 and support hundreds of jobs.
Professor Chris Brace, IAAPS executive director, added: “IAAPS represents a strategic investment of over £70 million by the University of Bath and our funders, a testament to the profound importance of research and innovation as we move towards net zero transportation. But IAAPS isn’t just a facility, it is also a commitment to push technological boundaries, to develop cleaner, more efficient and safer vehicles, as well as nurture the next generation of engineers, researchers and innovators who will lead us into the future.”