BNU student start-up features in ‘Universities start up the UK’ campaign
A BNU student founded start-up has been shortlisted in Universities UK 'Universities start up the UK' campaign, which celebrates the role and impact of university start-ups.
Third year Accounting and Finance student Peter Ashiagbor founded , an organisation which works to build a platform and community to create value from research and ideas within educational institutions through spinouts.
Peter said: ‘Young people are really interested in taking their ideas and building ventures out of them, which is why we founded the Management Fest.
‘By working with students, we aim to support them with knowledge transfer through conferences and workshops. We want to take them through their idea, walk them through the ideation process and iteration, down to building the venture and actually implementing their idea.
‘We want to support them through business support with our partners and spin outs of Management Fest, so looking into industries like marketing and media and focusing on how various industries are shifting quickly.’
Universities underpin economic growth, attracting billions in investment and support the creation and success of new businesses through providing graduates with funding, guidance, counsel and the latest research. One key part of this is university start-ups, which analysis shows have been hugely successful at powering local, regional and national growth.
Around 38,750 companies have emerged with the support of universities since 2014-15, and with an average of over 4,300 firms being registered each year, the number of active firms has been steadily rising, and saw a 70% increase from 2014-15 to 2022–23.
Student start-up turnover across the whole sector has increased 757% from 2014-15 to 2022-23, with external investment into student start-ups increasing 346% across the sector between 2014-15 and 2022-23.
In the academic year 2022-23, 64,384 people were employed by start-ups that had emerged from universities, growing by nearly 177% in the last 9 years.
Figures from Higher Education Statistics Agency (HESA) show there has been an explosion in the last decade of start-ups supported by universities up and down the country, as more institutions have set up business incubators and begun teaching students enterprise skills.
Universities UK’s analysis suggests that, if current positive trends continue, over the next three years around 27,000 new start-ups are estimated to be established at UK universities.
Addressing the initiative, Vivienne Stern MBE, Chief Executive of Universities UK said: ‘The growth in university supported start-ups over the last decade has been a staggering success. We can do more – both to encourage and support new businesses born in our universities, and to ensure that they can remain in the UK and grow here. This is just one of the ways that our universities can put their shoulders to the wheel with government to achieve stronger growth.
‘Universities provide a foundation for economic growth through the knowledge exchange they conduct, and the graduates they educate. Few people know that they also work closely with businesses to help them grow too. Using their kit and equipment, and their expertise, they support start-ups, generate their own spin out companies, and work with businesses from the wider economy to provide practical assistance to help them grow.’