As a University, a city and as a wider region we can create our own opportunities for economic development and success.
One of the ways we can do this is by harnessing the talent we find in our students and graduates and matching it with what we have – and what we need – in the city.
Here at Northumbria University, we have innovation and entrepreneurism in our DNA. This is evident in the huge number of business success stories that come from this university alone. Thanks to the success of our support for entrepreneurialism, we are rated by HEBCIS as the number one university for business start-ups in the UK, based on turnover. For more than a decade we have been helping our students and graduates to create their own businesses. We have assisted them in the formation of their ideas through to the provision of support, mentoring, advice and office space and we continue to support them as their businesses grow and develop.
Today, graduate start-ups from Northumbria University collectively have an annual turnover of £81 million. 97% of these businesses operate here in the North East and they have created over 1,000 jobs in the region. We have ambitious targets to significantly improve these figures in the next few years. From self-employment and initial business startup to supporting businesses with the potential for significant growth, Northumbria University is a home for entrepreneurism and enterprise, and we try to engender this spirit in all of our students, whether they seek to create their own businesses or not.
We attract a special breed of undergraduate to study here. Generations Y and Z are looking for different career options, with far more considering freelancing, self-employment or business start-ups.
With Northumbria’s well-established reputation for equipping students with real skills, knowledge and expertise, it is not surprising that we have spawned a whole host of new business start-ups.
In addition to a great academic launch pad for new entrepreneurs and graduate start-ups, the city, its geography and its business community all combine to encourage graduates to stay in the region to build and grow their businesses here.
We have a goal to maintain, and indeed, improve our position as the UK’s leading university for graduate start-ups. Importantly, our aim is not to create lots of new businesses for the sake of it. We want to ensure that we support sustainable business ideas that will survive and thrive into the future.
We currently average between 30-35 new business start-ups each year and many more graduates move into self-employment. We want to double – or even triple – this and with 30,000 students across three campuses in Newcastle, London and Amsterdam, we know we have this potential within our community.
While we work to raise greater awareness amongst our student body about the help and support we can provide, we’re also looking to better engage and support employers through degree apprenticeships, internships, placements and close working relationships with businesses through live projects and consultancy.
One example of this is our Business Clinic on New Bridge Street which connects our students and graduates, with live briefs from real clients.
The resounding success of the Clinic has led to us taking the strategic decision to extend and deepen this offer through our new Incubator space, also on New Bridge Street, which is due to open in Autumn of this year.
The Incubator fits perfectly with our vision to deliver a step change in the support we offer and the impact we make. Our aim is for the Incubator to offer the perfect environment to help the next generation of student and graduate entrepreneurs. It will provide purpose-built workspace with hi-tech connectivity, access to a range of business support and mentoring services all from its prime location in the centre of Newcastle.
The great business support networks here in the city and across the North East offer a strong and supportive business community for Northumbria’s fledgling companies. NE1 Ltd, the Business Improvement District Company for the city centre, local enterprise partnerships and the Council all contribute to creating the right environment for new businesses.
When you combine this support with the fact that the city is small and easily navigable, with excellent digital connectivity and costs far less than those in London now, there is no need for businesses to be based in the south.
The new Incubator has already been extremely well received by the North East business community. We have had huge interest from organisations and individuals keen to work with us in all sorts of ways, from mentoring students through to offers of financial support.
With the new Incubator space providing our students with a facility that taps into the region’s business community and forges strong links with organisations across the North East, this is an obvious win/win. Not only for students, but also for the wider business community and the local economy. We’re excited about the future.
