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Science Creates secures £ 8.5 million to build third deep tech incubator
UK university spin-outs have received another boost as Science Creates seals a £ 8.5 million deal to open its third state-of-the-art deep tech incubator in Bristol . The investment , backed by Research England , part of UKRI , and the University of Bristol , marks a significant stride in fostering innovation and supporting university spin-outs geared towards steering the fourth industrial revolution .
At the end of 2023 , the UK government published its review of spin-out companies , which also outlines its plans to create a leading innovation ecosystem it hopes will surpass the model of Silicon Valley .
Bristol ’ s growing status as a deep tech hub positions the city to rival well-established counterparts like the golden triangle and actively contribute to the government ’ s ambitious vision of establishing the UK as a science and technology powerhouse .
The new 30,000 sq ft building will provide capacity to incubate approximately 275 new companies from West of England universities and beyond .
Open ECX announces 30 % revenue lift and growing headcount
Nathan Ollier , CEO , Open ECX
Open ECX , a leading provider of Accounts Payable ( AP ) automation software , has reported a 30 % cumulative growth in 2023 compared to the previous year . The multi award-winning company , which works with major firms such as Grundfos , NG Bailey and Wolseley , has also grown its headcount by 41 % this year , including several key hires within the management team , with Nathan Ollier appointed CEO and Charles Robinson joining as Chief Commercial Officer .
Ollier said : “ We have big aspirations for Open ECX , as we look to build on our already strong heritage and reputation and enter new markets . Our commitment to investing in talent has seen our headcount grow over 40 %, ensuring we have the strongest team possible to deliver our ambitious growth plans in 2024 and beyond .
“ It also enables us to deliver a robust programme of innovation , identifying evolving market demands and trends and developing technologies that meet those needs .”
SMEs feeling the squeeze with rising costs the top concern
According to a new survey , 84.2 % of SMEs list rising costs as their top business concern .
Peninsula Group conducted a survey of 79,000 SMEs across five countries – Australia , Canada , Ireland , New Zealand and the UK – to see what the top priorities and concerns were for employers in 2024 .
The global survey revealed that growth is the main business goal for 44.7 % of SMEs ; a significant drop from 58.7 % this time last year , reflecting the tough economic environment faced by businesses around the world . Australia and New Zealand appear hardest hit , with 22.4 % and 26.6 % respectively listing survival as their main goal for the year .
Rising costs are the top concern for 84.2 % of all businesses , while staffing continues to be a big issue . Labour shortages came in second highest at 45.6 % with retention in third place at 41.5 %.
And 56.3 % of employers are offering financial remuneration to help retention .
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