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A report recently published by PrimeFind Office Space highlights the success of Cambridge’s push towards business diversification, and reveals the reasons it is expected to continue to enhance its reputation as one of Britain’s most popular start-up friendly cities.
According to the British Chamber of Commerce, the UK economy is set to accelerate during 2015, reaching record-high levels of growth in a variety of industry sectors. The positive economic outlook is particularly beneficial to entrepreneurs and job seekers in Cambridge, one of the country’s most business-friendly cities.
“For several years, Cambridge has invested in creating a diverse and modern economic base, and the efforts are visibly paying off,” said PrimeFind spokesperson Clare Jones. “The 2015 Centre for Cities report looked at the performance of the city’s economy over the past 10 years, highlighting the key developments that have taken place in Cambridge in areas like business innovation, employment, skills, and business infrastructure. For example, between February and October 2014 alone, more than 3,000 new businesses were registered with Companies House. Cambridge is now home to over 27,000 businesses, a figure that demonstrates the impressive growth levels recently experienced in the city.”
While the city was once reliant on the education sector and tourist industries, one of the keys to Cambridge’s success has been a push towards diversification. Over the past decade, high value and knowledge intensive industry sectors have boomed in Cambridge, which is now renowned at the international level for being a hub for leading high-tech businesses. The most thriving industry sectors include biotech, information technology, software development, pharmaceutical research, nanotechnology, life sciences, and health care. The energy sector is also booming in Cambridge, along with companies involved in the telecommunications and engineering industries. The Cambridge Cluster Map has shown that the top 1,500 companies in the city generate annual revenues in excess of £13 billion and provide employment to more than 57,000 people.
The city of Cambridge has invested heavily in developing a network of modern business infrastructure that suits the needs of its thriving community. The Cambridge Science Park has been recently expanded to provide first class office and business facilities, and is currently home to cutting edge research and development centres and to leading firms like Astra Zeneca, Bayer, Toshiba, Oakland Innovation, Napp Pharmaceuticals, Grant Thornton, Philips, and Jagex. Other key infrastructure developments include the establishment of the Centre for Smart Infrastructure and Construction based at Cambridge University, and the Growth Hub that is set to serve businesses and individuals in Cambridge and beyond. In addition, the British government has agreed to support future infrastructure developments in Cambridge through the City Deal. Through this deal, one billion pounds will be invested in the city between 2015 and 2015.
“The economic climate in Cambridge is highly favourable to startups and to small and medium-sized companies,” continued Clare Jones. “New entrepreneurs are attracted to the city due to its excellent combination of outstanding infrastructure and reputation for academic leadership. Cambridge University has played a crucial role in this respect, as this institution continues to provide expert support to startups with its range of business incubators and dedicated entrepreneurial learning programmes. Some new and successful business ventures that can attest to Cambridge’s dedication to business innovation include Aqdot, Crowdsurfer, Cambridge Communication Systems, Azuri Technologies, Mission Therapeutics, IntelliSense, and Neul. Another fact that points at Cambridge as a hub for business innovation is the number of patents granted, which is the second highest in the UK and is only surpassed by London.”
It is clear that Cambridge’s dynamic business environment has been highly beneficial to employers, residents, and workers alike. More importantly, and according to the Centre for Cities report, the future continues to look bright in terms of local employment levels and business growth in Cambridge.
Read the full Cambridge report here.
Release ID: 77848