Impact Report reveals Science Park's growth and influence
“It’s amazing to see how far the Science Park has come since it first opened 40 years ago."
The University of Warwick Science Park is enjoying a double celebration after a report highlighted its significant contribution to the region’s economy as it reaches a major milestone.
The positive effect of the Science Park on the regional economy was revealed in its recently-published impact report for 2022/23, which highlights its role in supporting businesses with targeted help and the tenants it looks after across its sites.
The report’s publication comes at the start of Science Park’s 40th anniversary, with its original site at the Venture Centre off Sir William Lyons Road having been opened by former Prime Minister Margaret Thatcher in 1984. Since then, it has offered a mix of office, workshop and lab space to appeal to hi-tech companies and University of Warwick spin-outs, and also works with various organisations to offer a range of business support.
Mark Tock, COO of the University of Warwick Science Park, said: “It’s amazing to see how far the Science Park has come since it first opened 40 years ago. We now operate across five sites instead of just one, and count 142 companies, many of which are at the cutting-edge of technology, as tenants. The impact report shows just how much influence we are having on businesses’ fortunes, and highlights some major success stories in the past financial year.”
The report revealed occupancy at the Science Park rose by 10 per cent, with 22 new tenants moving into the Science Park’s sites at the University of Warwick, the Warwick Innovation Centre, the Business Innovation Centre in Binley, and Blythe Valley Innovation Centre near Solihull. Of these, 13 came through the Science Park’s ‘Ignite’ incubator programme designed to give start-ups flexible and affordable office space so they can easily take extra space as they grow.
Its range of business support services, including the Business Ready Programme, delivered in partnership with Warwickshire County Council, reached 739 businesses which went on to create 128 jobs as a result. The Ignite programme also helped 99 start-ups access similar support to help them get started and grow.
The report also revealed that businesses received a total of £6.99m raised with the Science Park’s help through access to grants, debt funding and equity investment through its Minerva Business Angels network.
Mark added: “The Science Park is only going from strength to strength, and we are looking forward to welcoming even more businesses and providing further support as we enjoy our 40th anniversary. We will be planning a mix of events and activities to mark the occasion, and will be revealing more details soon.”
Cllr Martin Watson, Warwickshire County Council's Portfolio Holder for Economy, said: “On behalf of everyone at Warwickshire County Council, I would like to congratulate the University of Warwick Science Park on their 40th anniversary of operations and the huge contribution that they make to the local and regional economy through their work supporting businesses with targeted help and support.”
Cllr Jim O’Boyle, Coventry City Council cabinet member for jobs, regeneration and climate change said: “For the last 40 years, the Science Park has helped nurture and harness real innovation in our city and across the wider region. Their support has been essential for a huge number of cutting-edge businesses and for all the people that they employ. I’d like to say a huge congratulations to everyone involved - it’s an invaluable asset and I hope it is able to continue it’s incredible work for years to come.”
UWSP is now delivering a high-growth programme, Business Ready, on behalf of Warwickshire County Council and the District and Borough Councils.