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A leading science park in the Midlands is enjoying a double birthday party after a report highlighted its significant contribution to the region’s economy by reaching a major milestone.
The positive effect of the University of Warwick Science Park on the regional economy was revealed in its recently-published impact report for 2022/23, which highlights the Science Park’s role in supporting businesses with targeted help and the tenants it looks after across its sites.
The publication of the report comes at the start of the 40th anniversary of the Science Park, whose original site, located in the Venture Centre near Sir William Lyons Road, was opened by former Prime Minister Margaret Thatcher in 1984.
Since that time, 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, chief operating officer of the University of Warwick Science Park, said: “It is amazing to see how the Science Park has evolved since it opened 40 years ago.
“We now work in five locations out of one and have 142 companies as tenants, many of which are modern.
“The impact report shows the influence we have on the fortunes of companies and highlights some of the main successes of the current financial year. “
The report shows that the Science Park’s occupancy rate has risen to 10 per cent, with 22 new tenants moving into the sites of the University of Warwick Science Park, Warwick Innovation Centre, Binley Business Innovation Centre and Blythe Valley Innovation Centre near Solihull.
Of these, thirteen belong to the Science Park’s ‘Ignite’ incubator programme, designed to provide start-ups with a flexible and affordable area so they can seamlessly use more area as they grow.
Its diversity of business services, including mentoring, recommendations and workshops, reached 739 companies, creating 128 jobs.
The Ignite program has also helped 99 startups gain similar access to help them start and grow.
The report also shows that the companies earned a total of £6. 99 million raised with the help of the Science Park through grants, debt financing and equity investments through its Minerva Business Angels network.
Finally, the Science Park held 100 events across the financial year, attracting more than 2,200 attendees.
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 making plans for a mix of events and activities to mark the occasion, and we will reveal more highlights soon. “
Corin Crane, Chief Executive of the Coventry and Warwickshire Chamber of Commerce, added: “It’s incredible to see just how far the Science Park has come in 40 years, and that it continues to have such a positive impact on hundreds of businesses.
“We look forward to the Science Park enjoying its 40th anniversary celebrations and continuing its fantastic work to help cutting-edge companies grow. “
Craig Humphrey, chief executive of the Coventry and Warwickshire Growth Hub, said: “40 years ago, the aim of the science park was to provide an area for innovation and turn concepts into advertising reality, thanks to its close links with the university.
“Celebrating a key anniversary, this purpose remains the same and the science park remains a great asset to the regional economy. “
Cllr Martin Watson, Portfolio Director for Economics at Warwickshire County Council, said: “On behalf of all members of Warwickshire County Council, I would like to congratulate the University of Warwick Science Park on its 40th anniversary of operation and the huge contribution it is making to the local and regional economy through its paintings on purpose-driven businesses and Array
Cllr Jim O’Boyle, a member of Coventry City Council’s Employment, Regeneration and Climate Change Cabinet, said: “Over the past 40 years, the Science Park has helped to foster and harness genuine innovation in our city and the wider region. A must-have for many of the leading corporations and all the other people they employ.
“I would like to warmly congratulate everyone involved. He is an invaluable asset and I hope he can continue his paintings for years to come. “