Paving the way to become the technology centre of the United Kingdom
When people hear the name Cambridge, they picture the magnificent spires of the University of Cambridge, the bustling city centre filled with students on their scholarly pursuits, the Cambridge University Press, unique coffee shops, and cherry blossoms in the spring. The other less-known side of Cambridge, is that it has long been a centre of innovation and research, particularly in the fields of science and technology.
Image credit: Photo of King's College by Chris Boland (Website)
In recent years, the city has emerged as a vibrant and growing technology and start-up hub, attracting a range of companies, entrepreneurs, and investors.
One of the key factors driving Cambridge's growth as a tech-hub is the city's strong focus on innovation. Cambridge has a long history of cutting-edge research and development, with world-renowned institutions like the University of Cambridge and the Cambridge Science Park leading the way. This culture of innovation has created a supportive environment for tech-startups and scaleups, as well as attracting established companies such as Microsoft, Amazon, and Apple.
Cambridge is also home to a thriving network of tech companies, with over 1,500 businesses operating in the city. These companies range from large multinationals to small startups and cover a wide range of sectors, from software and hardware development to biotechnology and life sciences. This diversity of expertise has created a dynamic ecosystem that fosters collaboration and cross-pollination of ideas, helping to drive innovation and growth.
Another factor contributing to Cambridge's success as a tech hub is access to funding. The city has a range of funding options available for startups and scaleups, including venture capital firms, angel investors, and government funding programs. The Cambridge Cluster, a network of technology companies and investors, provides access to funding and support for entrepreneurs and startups in the region.
Alongside this, there are hundreds, if not thousands of graduates from the city's universities and colleges providing a steady stream of talented workers for the industry. The city has a range of education and training programs, including apprenticeships and industry-led training schemes, helping to ensure a steady supply of skilled workers for the growing tech industry.
With the establishment of Cambridge Science Park by Trinity College in 1970, the cluster began to grow rapidly. 39 new companies were formed between 1960 and 1969. In the 1970s, 137 were formed. By 1990, company formations had reached an average of two per week.
The Cambridge Cluster currently comprises more than 5,300 knowledge-intensive companies operating in a diverse range of industries, from Life Sciences to Advanced Manufacturing, to the Internet of Things. These companies are supported by a vibrant service ecosystem, comprising 800 companies. These companies, unsurprisingly obtain a turnover in excess of £18 billion annually, and employ more than 67,000 individuals. Not only this, but the Cambridge Cluster's capacity to innovate and collaborate with the range of industries has resulted in £23 billion-dollar businesses being based in the city.
Cambridge has a supportive ecosystem for startups and scaleups, with a range of resources and support available. These support networks include co-working spaces, mentorship programs, and networking events. The city also has a range of accelerators and incubators, such as ideaSpace and Accelerate Cambridge, which provide support and resources for startups and scaleups.
We aren't trying to sell the idea of moving to Cambridge and beginning your own tech startup, but it's probably not a bad idea. The city is thriving with a supportive ecosystem, access to funding, a highly skilled workforce, and a culture of innovation. With these factors in place, the city is well positioned to continue to attract tech companies and entrepreneurs, driving growth and innovation in the years to come.
