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Oxfordshire - A region of excellence for innovative start-ups
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Oxfordshire can be described as a largely rural county in South East England with an exceptionally high concentration of Universities, Research Institutes and new technology based firms. The overall population amounts to 606,300 and the largest city is Oxford with a population of 141,000, which includes its transient student population. |
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Technological innovation in Oxfordshire:
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Oxfordshire is renowned for its well-established Networks. These networks are part of the "soft infrastructure" of the region and are essential for economic prosperity, especially for small innovative firms, whose products may have a narrow (yet international) market niche. Since the creation of fast-growing, world-class, technology rich firms relies on a series of both "hard" networks - that is visible and definable institutions - and "soft" networks, regional organisations have focused on improving these features. Most firms in Oxfordshire succeed because they are able to access critical skills, technology, and finance at reasonable cost. Innovation, despite the advent of advanced communications, is still very geographically dependent. Individuals active in the most vigorous innovation regions talk about these "soft" networks as the most essential components of regional growth. These regions (Silicon Valley is the prime example outside Europe, while the Thames Valley (which includes London and Oxfordshire are good examples in Europe) have a large number of highly skilled and flexible workers, loosely organised labour and financial markets with relatively little government involvement in economic development.
"Hard" infrastructure is also important. There is greater chance of bringing innovative technology to a market if regional universities and research institutes have effective technology transfer offices and other support systems in place. Developing and maintaining local as well as European networks (such as KREO) of individuals and organisations, who have particular, specialist regional roles in mechanisms to facilitate and set-up innovative firms and will lead to significant improvements in the economies. |
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Attributes of the Oxfordshire region:
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Educational base
In Oxfordshire,€12,000 of the total costs or 85% are met by the government. Because of the traditional, educational base of Oxfordshire, it has exceptionally high concentrations of publicly funded research and development. There are three universities: The University of Oxford, Oxfordshire Brookes University and Cranfield University (Shrivenham campus). There are nine independent, mostly government-funded institutes, several private R & D facilities, two science parks and many business parks. There are four incubator buildings with 5000m2 usable space and this space is set to double within two years.
Enterprises
Oxfordshire has a great record for creating innovative enterprises, at least 12 small to medium sized enterprises have been created since January. At least 22,080 workers in 1997 were employed by R&D the intensive industry sectors. A European network of technology and incubation expert regions (such as KREO) has added great value to the success of innovative companies, first in the participating regions of the network and second, throughout Europe. The net result will be to increase the number of innovative start-up companies in Europe and to increase the rate of development of innovative firms.
Oxfordshire, as part of the South East of England (SE) economic zone, has particular thematic priorities relevant to the innovation culture. The SE has a newly emerging regional government structure and a newly-formed SE England Regional Development Agency (SEEDA). SEEDA's draft economic development strategy envisages "Enterprise Hubs". At present the concept is loosely defined, but a key part of an Enterprise Hub will be schemes to facilitate the setting-up and development of innovative (ambitious) firms. SEEDA believes that Oxfordshire's participation in larger networking initiatives can help develop the concept of Enterprise Hubs that are central to the economic development strategy of the SE.
Innovation-encouraging Public Policy
More than ten established venture capital firms (mostly based in London and the US) have made investments in Oxfordshire based companies in the last five years. Approximately 800 new ventures initiated in the last ten years including a FTSE 100 company have been created. Two, established, "business angels’ networks have been put in place, one focussed specifically on Oxfordshire high growth start-ups. There is public provision of venture capital, which grows largely through a Seed Fund grant to the University of Oxford.
Legal and Administrative policy
There are further education centres throughout the country, the curricula of which are developed to meet the needs of local innovative business at the Further Education and University Level (e.g. motor sport and biotechnology degree courses). There are also Continuing Education Departments at Oxfordshire and Oxfordshire Brookes Universities. There are also University / Industry research clubs like the Oxfordshire Innovation Society and several government-funded programmes.
Mobility
Mobility is high, Oxfordshire has many European and US researchers. Several EU and locally funded programmes are in place to encourage mobility, secondment and visiting researchships. |
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Contact details
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George Blumberg
Oxfordshire Innovation Ltd
Oxfordshire Centre for Innovation,
Mill Street, Oxfordshire, OX2 0JX
Tel. : +44 (0)1865 811 127
Fax. : +44 (0)1865 209 044
Mobile : +44 0468 376 472
E-mail : g.blumberg@oxin.co.uk |
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