ISSUES
: Business and Trade
Chapter 1: Business today
7
Why universities are the best places to
start a business
An article from
The Conversation
.
By Steven West, Vice-Chancellor, University of the West of England
C
reative ideas and how we
turn them into successful
business ventures and social
enterprises are vital to the UK’s
global competitiveness. But how do
we best support this?
Of course there are many different
ways to start a business. But I strongly
challenge those who say point blank
that a university experience is a waste
of time for future entrepreneurs, or
that a degree is just a piece of paper.
Yes, it is true that students only grow
into ‘experts’ when they also learn in
a practical environment, but the idea
that they don’t do this at university is
not one I recognise. Students don’t
simply learn from a textbook within
the walls of the classroom.
Modern ways of learning
Programmes are often co-designed
with employers, and students
can engage in exciting real world
projects, such as the Bloodhound
SSC collaboration project to break
the land speed record.
Students also learn from simulation
activities, which have real-time
employer engagement and live
projects on site such as the
development of buildings or ground-
breaking research projects. They also
have opportunities for placements
and internships with industry leaders
and innovative small businesses or
workshops with practitioners at the
cutting edge of their industry sectors.
Universities are now a hotbed for
successful enterprise. The facts
speak for themselves. In the 2012–13
academicyear, universitiesandhigher
education institutions supported the
creation of more than 3,500 start-
ups by their recent graduates. This
brought the total of active graduate
companies created in the last 13
years to 8,127, employing 15,588
staff, receiving investments totalling
£28.5 million and having a combined
turnover in 2012–13 of £376 million.
Bricks and ideas
In my view there are three elements
that make many of our universities
the best place to start a business.
First are the connections and
networks they provide. Universities
are often at the heart of local
economies. They are often uniquely
placed to bring together users and
experts to identify issues, generate
solutions, and bring new services
to market. They often act as the
anchor that pulls people together –
providing a focal point for interaction
– as highlighted in the recent
Witty report on encouraging
a British invention revolution.
Universities
often
run
innovation networks, work
closely with Local Enterprise
Partnerships in support
of local economic growth,
and provide a link for small
businesses to other business
support networks, such as
the Growth Accelerator, UK
Trade and Investment and
the Manufacturing Advisory
Service.
Second, universities also
offer access to the facilities
and expertise students need
to fully develop and test their ideas –
such as with robotic technologies or
laser printing. We know this is also
highly valued by business, for example
through working closely with funding
bodies such as the Technology
Strategy Board to help small
businesses access funding through
Knowledge Transfer Partnerships,
which allow start-up, micro, small
and medium-sized businesses to
buy in expertise from universities,
colleges and public sector research
establishments.
Third, universities are leading a variety
of high-impact enterprise initiatives for
students, as showcased last year by
the University Alliance, of which I am
chair, and the National Association of
College and University Entrepreneurs.
We know universities need to be
creative, with student competitions
and funding, as well as enterprise
internships.
We have taken this one step
further with a BA Business (Team
Entrepreneurship) at UWE Bristol
– where students work in a high-
tech hub rather than a classroom.
They have coaching sessions and
workshops rather than compulsory
lectures – and it is running a real
business that drives the students’
learning.
Importantly, individuals are also
encouraged to reflect on their
experiences. We know business
failure is much less likely to be
seen as a learning opportunity by
UK entrepreneurs: 13% thought so
compared to the G20 average of
23%.
With reports of more than a fifth of
new businesses failing within the first
12 months, it is critical that we see
failure as a learning opportunity – in
order to prevent it becoming a barrier.
Room for improvement
There are of course a number of
issues to address as we work to
