SETsquared companies in Bristol raise £23m in current economic climate

SETsquared companies in Bristol raise £23m in current economic climate

[Posted on 17 November 2008]

Twelve of the companies in the University of Bristol's SETsquared Business Incubator have between them raised over £23m in what has been the Centre's busiest year since its inception 6 years ago. The Centre's 37 early-stage, high-tech, high-growth businesses have together increased turn over by 20% to over £6m and increased headcount by 66% to 175 people.

The SETsquared Centre in Bristol is one of 4 Centres in Southern England, set up to accelerate new technology businesses. The Centre uses in-house expertise and utilise a wide network of seasoned entrepreneurs, investment advisors, professional services firms and academics to provide the breadth and depth of support that emerging technology companies of the future require. The key to the activity is accelerating growth and using lessons learned from other businesses to pre-empt the common pitfalls of technology businesses.

Nick Sturge, Bristol Centre Director said: "The massive growth and success in funding of these companies across such a variety of sectors, proves that the current financial and business environment is still supportive of young, innovative technology businesses."

He continued: "We actively support these companies from inside and outside the University, from the embryonic business idea through to the invested, growing start up. While the environment is clearly tougher than it has been, with our proven supportive environment and exceptional growing network, we provide the conditions for companies to achieve great successes."

At a time where business confidence appears to be sliding, the Centre is confident that its technology companies will see a further £9m invested within the next quarter.

For further information please contact:

Sadia Rooney
Research and Enterprise Development, University of Bristol
Tel: +44 (0)117 928 8676, Email:sadia.rooney@bristol.ac.uk
www.bristol.ac.uk/research