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SETsquared Centre Director advises Chancellor

[Posted on 12 December 2008]

The University of Bristol's SETsquared centre director, Nick Sturge, was among delegates invited to a No 11 Downing Street summit on the role of business incubation in stimulating economic growth.

The summit, hosted by Chancellor of the Exchequer Alastair Darling, sought views on ways in which the Government could support early-stage technology businesses throughout the recession.

Nick Sturge, SETsquared centre director, said:

"Early-stage companies are the lifeblood of the UK economy.  We need to ensure that we are supporting today companies that could be the FTSE 100 or NASDAQ companies in ten or fifteen years time.  This is no time for Government to be pulling back on investment in this area.  It was pleasing to see that the Chancellor is taking this message so seriously.

"Nationally business incubation is very strong, and Universities are increasingly seeing the value to their core business of research and teaching in having their city's most promising start-up companies resident on campus."

Over the past twelve months the University of Bristol's SETsquared centre has bucked the downturn in the investment market.  Resident businesses, which include University spin-out companies as well as 'spin-in' companies from across Bristol, have raised nearly £25 million.  Last month the centre won the prestigous 'Business Incubator of the Year' award.

Also attending the event, was Matt Hatch, Founder and Vice President of Gnodal Limited, one of the Bristol SETsquared companies that has raised £1.35m this year from investors and the South West RDA.