Between them, the five universities employ more than 34,000 people and contribute £2.2 billion annually to the North East economy. The report ‘Innovating Together – Universities in the North East’ illustrates how the universities contribute to the innovation and business growth agenda in the area, and their potential role in offering contributions to the Government’s Levelling Up Agenda.
Some notable statistics from the report include the 708 trading graduate start-ups that the universities collectively supported in 2020/21. These generated a £296 million turnover, £96 million of external investment, and 4,037 Full Time Equivalent (FTE) jobs.
708 trading graduate start-ups that the universities supported in 2020/21
The report also covers collaborations between the five universities on innovation and business growth projects, for example Creative Fuse. This is a “unique partnership…which has supported small businesses, helped boost innovation, create jobs”. Additionally, there is the collaboration with Insights North East, a “partnership between the NHS, North of Tyne Combined Authority, Newcastle City Council, and the Universities of Newcastle and Northumbria, which aims to improve the links between research and policy”.
Out of the nine outlined projects in the report, eight of them are forecast to contribute £33.3 million and support 1,524 SMEs (any organisation that has fewer than 250 employees and a turnover of less than €50 million or a balance sheet total less than €43 million.). The projects should also generate an increase in employment of 662 FTE jobs, and help SMEs bring 768 new products/processes to either the market or the firm.
Professor Jane Robinson, Newcastle University’s Pro-Vice-Chancellor Engagement and Place, said “The North East’s five universities have a long history of generating economic, social and cultural benefits for their local areas… Together with our partners in the public and private sectors, working with local communities, we are adding real value, positioning us to help deliver on the promises of the Levelling Up agenda and build a more resilient society and economy in the North East.”