In our first article showcasing those universities shortlisted for the THE Awards Outstanding Entrepreneurial University 2021, John Lonsdale, Head of Enterprise Services, Edinburgh Innovations talks about how entrepreneurship sits at the heart of the University’s mission to address world challenges.
What makes you an Entrepreneurial University?
Entrepreneurship is the heart of the University of Edinburgh mission to address the world’s greatest challenges now and in the future. It contributes to an enriched student experience and a clear pathway from research to impact. Which is why our University Strategy 2030 commits to being the “catalyst for … businesses that deliver benefit to societies around the world.”
The Edinburgh approach provides integrated support for students and staff, from initial ideas, through team building, funding and investment, launch and company growth.
Our commitment has resulted in the continual growth of Edinburgh Innovations, the University’s commercialisation service, the creation of our 15 year Data Driven Innovation (DDI) programme and the development of innovation and technology commercialisation groups across the university.
Edinburgh Innovations introduced account teams that engage academics and connect them with the right expertise. As a result, over the last three years, collaborative and translation income, (funding used to support early stage development), has increased from £37m to £54m, startups and spinouts have increased from 48 to 82, and investment in those companies has increased from £11m to £32m in 2019-20.
Additionally, the DDI programme is committed to creating more than 400 new startup data-driven companies. It also links our five innovation hubs, which integrate professional services with academic colleagues and brings together skills, research and entrepreneurship programmes.
In the College of Medicine and Veterinary Medicine, academic engagement and company creation has been transformed by the establishment of an academic led Technology and Commercialisation board.
And on the student side, we engaged with more than 1800 students who attended workshops, masterclasses, accelerators, and enterprise foundation programmes. We activated and expanded our student ambassador programme, employing enterprising student’s part time to support programmes and events, raise awareness and mobilise the student base. We created a Student Enterprise Hub for student entrepreneurs to work and collaborate, staffed by student ambassadors.
And this approach has worked. In fact, 2019-20 was a landmark year for Student Enterprise with activity doubling across the board from previous years. As a result, start-up numbers are up 60% since 2018.
COVID-19 was an enormous challenge but we transitioned seamlessly to 100% online support, and were able to secure a marked increase in engagement levels, receiving a record number of applications to all our programmes. Not content with business as usual, we also launched a new online community platform for student entrepreneurs to connect, find co-founders, funding and resources.
On the staff enterprise side, the University is also a leader in staff start-ups (number 1 in The Higher Education Business & Community Interaction (HE-BCI) Survey tables over latest 5 year period). Colleagues either self-present or are identified through campus specific translational funding programmes and then are provided with a bespoke development package, suited to their project and what is needed to develop the commercial opportunity.
Founders are supported through programmes including INNOVATE UK ICURe and RSE/RAEngineering Enterprise Fellowships, with input from mentors and commercial champions. Our in-house VC fund, Old College Capital, co-invests in promising companies and has been instrumental in drawing in other investors, with a record £32m invested into our client businesses in 2019/20.
What really makes the University of Edinburgh an entrepreneurial university is that all of these achievements still aren’t enough. 2021 has already surpassed previous years – in addition to our extensive entrepreneurial ecosystem we have also created a new Data Driven Entrepreneurship programme and our students managed to create 102 start-ups, a phenomenal achievement in a pandemic. Our ambition and commitment is limitless.
What would winning Outstanding Entrepreneurial University mean to you?
The University of Edinburgh is where stories begin, where extraordinary transformations take place. Winning this award would recognise the efforts made by academic staff, students and support services across the university, who have been working tirelessly to enable those transformations.
In supporting an entrepreneurial approach we foster and encourage entrepreneurs through a range of support. This accolade would recognise this wider team approach and enable us to celebrate the collaborative effort across the University, as well as inspiring the next generations of entrepreneurs.
Our success would provide an excellent opportunity to further promote the accessibility and diversity or our programmes, highlighting the range of programmes we offer. It would further encourage parts of the University where entrepreneurship is perhaps less well embedded to engage with our support mechanisms, broadening activity even further.