Innovation centres guarantee longer life for start-ups
A study of UK start-ups has found that those using innovation centres have a higher survival rate than the UK average. The study was carried out by The Oxford Trust, a foundation promoting science and enterprise, and focuses on the progress of over 260 companies using 13 innovation centres in and around Oxfordshire in the UK. The companies span a wide range of technologies, including information technology, advanced engineering and biotechnology. The difference in survival rates between those companies using innovation centres and those that do not is significant. Some 90 per cent of the sample companies founded in 2000 are still going strong, whereas in the UK as a whole, only 33 per cent of new companies survive longer than five years. 'Early stage technology companies that use innovation centres are the engines of growth for the UK's knowledge-based economy,' said Rob Eyre, Research Manager at The Oxford Trust. '[...] the findings reveal that innovation centres play a crucial role in providing premises that are geared to meet the needs of the fledgling businesses, which are generally under three years old.' The survey also highlighted the difficulties faced by start-ups in obtaining investment. While 33 per cent of innovation centre clients received funding of up to 10,000 GBP (15,227 euro) in 2000, only four per cent managed this in 2002.
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