SETsquared, the enterprise collaboration between the universities of Bath, Bristol, Exeter, Southampton and Surrey that has offices in Bristol’s Engine Shed and the Bath’s Innovation Centre, is doing incredibly well: it was recently ranked number one as the best university business incubator and last week announced that its member companies raised over £90m of investment in a year.

setsquared-global-no1-university-business-incubator It’s great to witness SETsquared going from strength to strength, providing much needed mentoring and access to investors and corporate innovators to a wide range of industry experts through its network and training programmes.

Since its inception 13 years ago, SETsquared has supported over 1,000 high-tech startups to develop and raise more than £1bn of investment, as well as contributing over £3.8bn to the UK economy with a further £15bn contribution estimated over the next 10 years. The partnership currently supports 265 companies across its centres and has created over 9,000 new jobs.

The future’s bright for UK innovation

SETsquared announced the record investment news on 4 February at a reception at the House of Commons, attended by the Minister of State for Universities and Science, Jo Johnson MP, Lords and MPs.

“Business incubators, such as this, play a crucial role in helping startups innovate, compete and grow and I remain committed to backing entrepreneurs across the country”

 

Secretary of State for Business, Innovation and Skills, the Rt Hon Sajid Javid MP said: “It’s great to hear of SETsquared’s vital work and the record level of investment raised by the businesses they support. Business incubators, such as this, play a crucial role in helping startups innovate, compete and grow and I remain committed to backing entrepreneurs across the country.”

The investment raised by the startup companies translates into economic growth, and independent research commissioned by SETsquared shows that its companies have created over £3.8bn of value (GVA) in the South of England’s economy since 2004. It’s SETsquared’s plans for continued growth will see the economic contribution created by its companies rise to £8.6bn over the next 10 years.

Green Running, a startup based at SETsquared’s centre in Bath, exhibited at the House of Commons reception.

Energy_Monitoring_The_Benefits_of_Second_by_Second_Data_Green_Running-485x205 Green Running has created a technology called the eGenius™ that uses artificial intelligence to help homes monitor, analyse and manage their energy consumption. It has the ability to provide real-time bill breakdown and usage information to an individual appliance level via a smartphone or tablet device.

Already well established in the commercial market, Green Running has provided its energy monitoring system to the likes of the Crowne Plaza Group, Jaguar Land Rover and Scottish Power Energy Networks. Investors include Ignite, the social investment arm of Centrica and owners of British Gas.

“It’s an excellent opportunity to show the great technology and economic impact coming from Bath”

 

Jon Hunt, director of the University of Bath’s Research and Innovation Services, said: “We were delighted to celebrate SETsquared’s ranking as the world’s number one university business incubator at the House of Commons today. The event highlighted the profound effect that SETsquared’s ambitious, innovative, ventures have on our economy and entrepreneurial culture.”

“It’s important for SETsquared, as the world’s leading university business incubator, to show the vital work that’s going on to help place the UK at the forefront of innovation and entrepreneurship.

“It’s also an excellent opportunity to show the great technology and economic impact coming from Bath.”

And, since we’re talking of driving innovation in the Bath and Bristol region, if you are a startup looking to get some more exposure for your innovative business idea or meet other like-minded entrepreneurs, don’t miss our very own event next week where we’ll be celebrating the best in tech in the West: Check out
The SPARKies awards
.