At its core, starting a business is much more of a creative, messy discipline – full of blurry edges and governed by hunches, experimentation, and instinct. That is according to Michael Hayman, co-founder of Seven Hills, who suggested that entrepreneurship has more in common with music than science.
“The Beatles teach entrepreneurship better than business schools,” he said after noting that AOL founder Steve Case, Apple co-founder Steve Wozniack and Microsoft co-founder Paul Allen were among many who have at one point had been performing musicians.
That might be true in the US, but in the UK business schools are about to become the new rock and roll, Lord Young argued. He suggested that business schools are a potentially phenomenal asset and that, historically, such institutions had been guilty of underselling expertise to the business community.
This was further highlighted by Ann Dowling’s review on business and university collaborations. As was cited in a recent Real Business article, business research and development is the foundation of productivity and growth – while university research collaborations have a vital role in providing business with new processes and technologies, highly skilled people and access to world-leading experts.
Responding to the review, the CEO of Innovate UK, Ruth McKernan suggested that despite Britain having world class universities, we needed to see that excellence turned into economic benefit.
With that in mind, we rounded-up some of the most entrepreneurial universities that the UK has to offer.
A Library House report has concluded that if the university did not exist, more than £50bn and over 150,000 jobs would be needed to replace its impact on the economy. It was also confirmed that Cambridge is a global leader ranked among the top three international research and teaching universities. Significantly, however, it achieves its world-leading position alongside Harvard, Stanford, Berkeley and MIT with much smaller financial resources.
Since 1960, it has played an increasing role in the development of the “Cambridge Cluster”, which now numbers around 1,000 technology and biotechnology companies – 1,400 when providers of services and support organisations are included. Up until 2006, 51 companies have spun-out directly from the university and a further 250 trace origins to the university. This number has undoubtedly increased.
Furthermore, Cambridge-associated researchers have received more Nobel Prizes than any other university, not to mention has constantly seen entrepreneurs in the region included among the “Sunday Times Rich List”.
Among its alumni are: Cobra Beer founder Karan Bilimoria; Tim Waterstone, founder of Waterstone’s; Martin Sorrell, founder of WPP, the world’s largest advertising group; Rod Smallwood and Andy Taylor, the managers of Iron Maiden and founders of Sanctuary Records; Charles Rolls, co-founder of Rolls-Royce; Michael Lynch, co-founder of Autonomy Corporation; Raspberry Pi’s Eben Upton.
Since its foundation in 1907, Imperial’s contributions to society have included the discovery of penicillin, the development of holography and the foundations of fibre optics. It has been ranked as one of the top five institutions to create wealthy graduates.
The science-based institution has the greatest concentration of high impact research of any major UK university, according to a Research Excellence Framework in 2014. Imperial suggested that it had transformed innovation processes in many UK-based organisations, such as Arup, IBM, Atkins, Laing O’Rourke and the Olympic Delivery Authority.
The college’s advise is regularly sought ought by the Department for Business, Innovation and Skills, as well as HM Treasury, and it also boasts the Entrepreneurs’ Programme. Being known for its flourishing spin-out culture, the college created the programme to develop entrepreneurial skills through seminars, workshops and master classes. You don’t even have to be a student there to attend.
Among its alumni are: Bebo founder Michael Birch; Keith Duckworth, founder of Cosworth Engineering; Thomas Arundel, who formed game developer Introversion Software; John Burland, a civil engineer who stabilised the Tower of Pisa; Michael Cowpland, founder of Corel; Queen guitarist Brian May.
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The university generates over £1bn in additional spending in the West Midlands on an annual basis, while at the same time contributing £530m to the region’s economy and supporting 11,830 jobs. This contribution was almost double that of the region’s eight largest football clubs.
Furthermore, Birmingham has a long history of research, with the most recent Research Assessment Exercise showing that 90 per cent of its research has global reach. It also noted that the university was awarded £145.5m in research funding. This is 87 per cent of the research income received by all Birmingham higher education institutions and equates to 12 per cent of the region’s total research R&D spend.
It has recorded that 57 new inventions and six patent applications were filed in the space of six months. In addition, the university’s existing portfolio of 19 spin-out companies is likely to increase over the coming years with six new spin-out opportunities currently under investigation.
Among its alumni are: Michael Acton Smith from Mind Candy; Chris Banks, managing director of Coca-Cola UK; George Davis, the fashion designer who founded Next, George at Asda and Per Una; Peter Walters, CEO and chairman of BP; Patrick Head, co-founder and engineering director of the Williams Formula One team; Manchester United CEO David Gill.
Read on to find out which university is spin-outs leader on AIM and which one outpaces the rest when it comes to biomedical innovation.By Shané Schutte
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