L-R: Prof Michael Davies, Pro-Vice-Chancellor (Research); businesswoman and Sussex alumna Bianca Miller; Shadow Business Secretary, Chuka Umunna; Mike Herd, Executive Director of Sussex Innovation; and Sarah Jones, Labour candidate for Croydon Central.
The Shadow Business Secretary, Chuka Umunna, was in Croydon today to visit the site of the University of Sussex’s newest business incubator, Sussex Innovation - Croydon.
Due to open this summer, the latest venture by the University-owned business incubation network builds on the huge success of the existing Sussex Innovation Centre, based on Sussex’s campus. Since opening in 1996, 80% of start-ups at the Centre have gone on to become profitable businesses.
Now, Sussex Innovation – Croydon will provide a base for up to 30 high-growth potential companies with over 300 employees, and support more than 100 local businesses through its network. Over the next three years it is anticipated that the tenants will generate £6 million in turnover and raise £1 million in investment.
Mr Umunna spent the morning meeting some of the companies and their innovations, such as MakerClub, whose open-source construction kit enables users to build and programme a 3D-printed remote control car, operated using a smartphone.
He also learned how University research is being successfully commercialised, trying out a non-contact heart ECG device using remote-sensor technology patented by the University.
Mr Umunna said: “Sussex Innovation’s new Croydon Campus has an exciting future ahead, with huge new opportunities being created for the local area by helping spur the creation of hundreds of new jobs and assisting businesses in starting up, growing and innovating.
“This is crucial at a time when more and more people are considering starting out on their own and setting up a business, and when we want to make it easier for everyone to pursue this route, regardless of their background.
“It also provides a fantastic example of the way in which universities can provide huge benefits to the local communities in which they operate, supporting a thriving business and start-up community and driving growth.”
Mr Umunna is not the first politician to be impressed by the work of Sussex Innovation. Earlier this year, Ed Vaizey, Minister for Culture, Communications and Creative Industries, toured the campus-based Centre; and current Business Secretary Vince Cable praised the Centre during a visit in 2013.
Professor Michael Davies, Pro-Vice-Chancellor (Research) at the University, said:
“The University has world-leading research activity in a number of areas, such as biosciences and informatics.
“The creation of our first off-campus innovation centre will help us to share our knowledge and research expertise with businesses and entrepreneurs, and will attract the sorts of companies and investments to help Croydon and the entire M23 region go from strength to strength.”
Sussex Innovation – Croydon will be an incubation hub for entrepreneurs, start-ups, growing companies and corporate innovators, offering flexible, professional office space and in-house support services. In contrast to other incubators, which focus on short-term support to help start-ups and small businesses become sustainable, Sussex Innovation works with companies of all sizes to help them grow further.
Mike Herd, Executive Director of Sussex Innovation, said: “Timely access to support services like investment and expert advice can make or break the fortunes of start-ups. Providing all of the facilities at an affordable price means we can be a significant boost for these businesses, and provide another draw for them to be based in Croydon.”