A BUSINESS incubator partly run by the University of Southampton will have contributed more than £25 billion to the UK economy by 2030.

The SETsquared Partnership, ranked as the world’s top business incubation and start-up network, will generate £26.9 billion, according to independent research undertaken by Warwick Economics & Development (WECD) has found.

It is estimated that 965 businesses were supported by SETsquared between 2015 to 2017, with the partnership providing 3,645 business assists since 2002.

The Gross Value Added contribution of supported businesses each year indicates that they contributed £5.8 billion to the UK economy between 2002-17.

These businesses are estimated estimated to have supported 10,900 jobs in 2017. This figure is projected to rise to 22,200 by 2030.

Assuming the level of support continues at the current rate, supported companies could rise to 6,650 and contribute a further £12.4 billion to the economy between 2018-2030.

Including an estimate of supply chain impacts of the businesses, the cumulated direct and indirect impacts on the UK economy are estimated to be £8.6 billion by 2017 and a further £18.3 billion by 2030.

SETsquared operates five incubators on, or near, each the campus of each partner university – Southampton, Bath, Bristol, Exeter and Surrey. SETsquared centre, which is located at the University of Southampton Science Park, provides business coaches and mentors, access to support from professional services firms, access to investors and seminars and workshops on a range of business topics.

David Bream, programme director at SETsquared Southampton, said:

With the expansion of SETsquared’s support to scale-up companies, and the significant growth we have seen in the number of start-ups we are supporting, we hope to exceed the projections outlined by the WECD in its latest report.”

One of the incubator’s local success stories is Southampton-based Symetrica, which produces radiation detection and identification devices.

Heddwyn Davies, CEO of Symetrica, said: “SETsquared provides a supportive but challenging environment to somebody starting a small business. It makes the management of the company think carefully about what they’re going to do and how they’re going to do it, and enables them to have that critiqued by experienced mentors.

“Through involvement in

SETsquared’s showcase events, Symetrica was able to attract investors who have continued to support the business through its growth.”