Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
The author is a parent scientist for innovation at Cambridge University
The Oxford-Can Bridge Ark Growth Corridor, which unlocks the UK economy over 78 billion pounds by 2035, is becoming a kind of anchor project for this growth-centric government. Ambition is extremely encouraging, but the real challenge lies in translating great words into delivery.
Prime Minister Rachel Reeves is appropriate to highlight Cambridge as a European science superpower and choose a way that could lead growth rates. However, if this benefit turns into a concrete outcome, the government will need to do more.
The truth is, while opportunities are enormous, global competition is enormous. Recent trips to campus in Harvard, MIT and other Cambridge Kendall Square innovation districts – Kendall Square in Massachusetts highlighted what the UK needs to do if they aren’t left behind in the international innovation race.
For the past decade, Cambridge MA has been introducing innovation hubs that have changed the city’s ability to launch and grow new businesses. This was not a coincidence. Strategic investments in infrastructure have created an ecosystem where academia can quickly transform into rapidly growing start-ups. The hub will then help you find spaces to expand from sites across the country, making profits beyond its direct regions.
For example, MIT’s engine offers 200,000 square feet of lab space, approximately $1 billion in investment capital, and targeted support to support the “tough technology” startup scale. Greentown Labs and LabCentral are similar hubs, bringing together startups, investors, corporate partners and talent in one high density space.
LabCentral alone has significantly secured 21% of total Series A funding for Biopharma in the US last year. Currently, there are no UK universities or accelerators offering this level of integration or scale.
Competition is global. The US has its aggressive funding and risk-resistant venture investors and set standards, while others have filed lawsuits. French Station F attracts $1 billion with an investment of $1 billion each year, indicating that the model could also work in Europe.
Lessons from other cities around the world are self-evident. Deliberate behavior promotes success. The role of world-class universities is also obvious. In Massachusetts, Harvard and MIT University provide district talent, research engines and long-term missions.
Frequent convening of entrepreneurs, accelerators and talent is also essential. So are physical colocations of research, capital and industry.
Boston’s transformation has been possible with over $1.6 billion in state government investments over 15 years, with the goal of making it the world’s number one life science ecosystem. While investments on that scale may not be matched, the UK must have a clear and sustainable commitment to innovation infrastructure to compete.
Cambridge has the world’s highest concentration of patents per capita and academic entrepreneurs, as well as an unparalleled record of transforming innovation into economic growth. It’s also organized and ready to move at a pace. What’s lacking is a central hub that connects and expands the innovation ecosystem.
Recent announcements by Reeves, supporting the Oxford-Cambridge Arc Corridor and Cambridge innovation hub, could be a game-changer if backed up with the long-term government, industry and university alignment seen in Boston. While the UK’s finances may be under pressure, the return on target investments in innovation is far outweighed costs.
This is not just about infrastructure, but also about ensuring the UK is a competitive force in the global economy. If we fail to act, we risk being left behind.
