Figures from York Science Park, released to mark its 25th anniversary, show resident companies beating national growth and business survival odds.
The York Science Park Economic Impact Report, commissioned to identify the park’s economic impact on the local and regional economies as well as the growth and success of resident companies, shows Science Park residents almost doubling national business survival odds.
“For businesses based in ‘normal’ office space or working from home, national figures show that only 45% of businesses are likely to survive longer than five years,” says Science Park CEO Tracey Smith. “Among Science Park residents, that figure increases to 80%. The business growth figures are equally impressive; only 33% of UK SMEs reported growth in 2014-15 but that figure was 89% for businesses based at the Science Park.”
Tracey believes that “the value of being located at the Science Park cannot be measured on a purely financial basis, although we do save our residents a lot of their time and stress sorting out things like cleaning, reception, post services and facilities. My team work incredibly hard to provide our residents with the support they need, whether it’s connections via our extensive network, a place on one of our many business support events, or just a friendly face to welcome their visitors and meeting delegates in a professional yet personal manner.
“According to data from the British Insurance Brokers Association 2015 survey, the mixture of business support, facilities management and customer service we provide at the park saves businesses an average of 133 hours every year on admin tasks. For new businesses and SMEs, this represents a huge time saving, and makes a significant difference to their ability to concentrate on developing their own businesses, ultimately contributing to their success.”
The Science Park Company joint venture agreement was signed on 2 May 1991, and in August that year building work started on the park’s first building – a custom build for anchor tenant, Smith and Nephew. This set the Science Park on its journey to becoming the vibrant community of innovative businesses it is today.
The doors to the Innovation Centre – the first of the Science Park’s managed buildings - opened in 1995, and the park has undergone a massive expansion since. Over the past 25 years YSPL has provided a home to 424 businesses, working at the cutting edge of a diverse range of sectors, including biorenewables, gaming, design, media, geospatial data, IT infrastructure and medicine. The park currently supports 1,500 jobs, and resident companies are contributing an incredible £70m to York’s economy every year.
Tracey says she is incredibly proud of everything the park has achieved to date: “I am constantly in awe of the amazing work carried out by our residents, and how for a quarter of a century they have been changing the face of their sectors. Some of the work that has taken place on the Science Park has changed the way we live, and I look forward to seeing what our residents develop over the next 25 years!”
York Science Park is celebrating its 25th anniversary with a VIP celebration and residents’ summer party, alongside sponsorship of key regional business events and the publication of the anniversary Economic Impact Report.