March 25, 2021 | News
Businesses at Surrey Research Park are twice as productive in terms of economic output per employee as their local and national counterparts, according to a report by BIGGAR Economics, a leading independent economic consultancy.
The report analysed the extent Surrey Research Park’s added value services enabled highly skilled companies to grow, collaborate and innovate and ultimately thrive with tenants’ economic output surpassing all average comparable figures. It reveals that the average Gross Value Added (GVA) per job created by the 170 businesses on the Park is £102,000, which is close to twice the national average of £56,400 and the Guildford average of £53,800.
The report also analysed the extent tenants’ economic output is supported by Surrey Research Park’s business ecosystem. It reveals that 50% of tenants have benefited from partnerships with the University of Surrey via collaborative or directly funded research projects. Tenants are also given a competitive advantage through risk sharing and access to technology, research and talent.
Malcolm Parry, CEO, Surrey Research Park, comments, “We are immensely proud of our tenants and their outstanding productivity and economic impact to Guildford and the surrounding area. Their success is testament to not only our ecosystem that fosters collaboration and maximises the opportunity for high value R&D but the aptitude of our tenants. . Throughout the years, we have enjoyed supporting entrepreneurs and thriving companies that have demonstrated unrivalled expertise in their sector.”
In addition, many start-up companies at Surrey Research Park’s SETsquared Surrey, the world’s most successful university led incubator, have subsequently been supported by the management team at Surrey Research Park, to quickly and easily scale up to larger premises on the Park.
The report reveals that Surrey Research Park supports 4,500 direct jobs and accounts for 13% of all the professional, scientific and technical services employment in Guildford, with almost a third of all employment in the information and communication services.
Further strengthening the University of Surrey’s economic importance to Guildford and the region, the report identified that Surrey Research Park contributes £620m GVA to the UK economy and generates over a third of all the economic impact associated with the University of Surrey.
Surrey Research Park was founded in 1985 and since then it has grown to cover 70 acres with 170 companies in 31 buildings. With a turnover of £11 million, the Report reveals that Surrey Research Park is twice as large as the average Russell Group Science Park.
BiGGAR Economics is a leading independent economic consultancy which provides economic analysis and advice for central and local government, economic development and other government agencies, universities, colleges, social economy organisations and private sector firms across Europe.