The Goldman Sachs 10,000 Small Businesses #GenerationGrowth campaign landed in the East of England last week to discuss opportunities for growth in the region. It was an exceptional discussion in Cambridge, bringing together 10KSBUK alumni from the city and wider East of England alongside key industry stakeholders. This roundtable event also gave opportunity for those in Suffolk and Norfolk to share views on what could be key to unlocking the economic potential for this part of the country.
Cambridge: A Powerhouse of Innovation
- Cambridge stands out as a crucial component of the UK’s ‘Golden Triangle’:
- The ‘Silicon Fen’ tech cluster generates £18 billion in annual revenue, representing nearly 20% of the UK’s tech sector value
- With 65% of its working population holding degrees, Cambridge boasts the highest share of graduates in the UK, surpassing even London’s 56%
- Cambridge ranks among the UK’s most productive cities, alongside London, Edinburgh, and Bristol.
But despite these inherent strengths, our small business ecosystem are faces a similar challenge to those across the country.
Driving Growth
Our discussion explored the reasons why and views on how to drive growth:
- Infrastructure: With many travelling into Cambridge from various locations across the East of England, it became very apparent the problems surrounding the current infrastructure. From tedious train journeys to tackling the A12/A11 congestion. Not to add how many had to tactically co-ordinate switching parking spaces to avoid the 2 hour limit. With a growing entrepreneurial community, there is a pressing need to invest in improving transport links to bring the East together. To connect key areas such as the Cambridge Norwich Tech Corridor, Adastral Park Innovation Campus (which is only accessible via car or bus) and the Port of Felixstowe (UK’s largest container port).
- Regional Identity: Concerns were raised about the lack of a cohesive regional identity beyond Cambridge; some feeling they don’t fit the ‘Cambridge Ideal’. Perhaps a strategic rebrand for the East of England is required to bring this region to life and avoid being left behind? Can we create a unified voice for the region that will drive collaboration and attract investment.
- Success Stories: Should there be new incentives for local Councils, Majors and Universities to engage with the small businesses that are driving this ecosystem. By increasing opportunity for funding, access to grants and loans will promote support to small businesses wanting to scale. There is a call for procurement teams to connect with local businesses to drive opportunity and unlock the potential of small businesses in the region.
Talent in the East of England
The East of England has significant potential to attract and retain top talent:
- World-class institutions: The presence of renowned universities like Cambridge and UEA provides a steady stream of highly skilled graduates
- Diverse opportunities: From tech startups to established research hubs, the region offers varied career paths
- Quality of life: The East of England boasts a blend of vibrant cities and picturesque countryside, appealing to professionals seeking work-life balance
- Growing sectors: Emerging industries such as clean energy and life sciences offer exciting prospects for skilled workers
The East of England, with Cambridge at its core, possesses remarkable potential for economic growth. To fully leverage this potential, the region must address the challenges identified, particularly in infrastructure and regional branding.
By doing so, the East of England can create an environment that not only nurtures local talent but also attracts professionals from across the UK and beyond; unlocking new opportunities and solidify its position as a leading hub for innovation and entrepreneurship.
