BLOG: Oxfordshire – ‘The UK’s Innovation Engine’ (Venturefest Oxford 2019)

As well as having one of the strongest economies in the UK Oxfordshire has world-class potential across many sectors – with digital health space-led data applications autonomous vehicles and technologies underpinning quantum computing forming four key ‘transformative technologies’.

These technologies have the potential if fully-utilisedto add £180bn GVA growth to the UK economy by 2030 (Oxfordshire Transformative Technologies Alliance’s 2017 ‘Science and Innovation Audit’).

Also – the average five-year survival rate for a UK business born in 2011 was 44.1%Oxfordshire averaged 49.3% during this time (ONS statistics 2018).

It is perhaps of no surprise thenthat the newly launched Oxfordshire Local Industrial Strategy states that the county is home to 1500 high tech firmswith Oxford University creating more technology spin-outs than any other UK university.

Today (Wednesday 11 September) sees this year’s Venturefest Oxford returnwith the event – which explores innovation at its finest – celebrating its 21st year with seminars speakers and a vast business showcase.

Bringing together Oxfordshire businesses large and small entrepreneurs innovators investors support services students and many more this year’s event focuses on ‘Inward Investment Global Growth’ with other sessions exploring key topical areas requiring innovation such as the exploration of themes of the Industrial Strategy’s ‘Grand Challenges’.

Last yearwe announced that the number of foreign direct investment ‘projects’ in Oxfordshire rose by a staggering 181% in comparison to the previous financial yearaccording to Department for International Trade statistics.

Across the whole of England in 2016/2017Oxfordshire was also responsible for around 9% of all foreign direct investment.

With such a staggering and sought-after research and development base within the county the newly launched Oxfordshire Local Industrial Strategy positions the county as a pioneer for the UK and our emerging transformative technologies and sectorswith a vision to become one of the top three global innovation ecosystems by 2040.

Just last weekwe launched the strategy at our Annual Review Event 2018/19 which saw business leaders from across the county come together to find out more about vision for the county and the essential role businesses play.

The strategy is underpinned by the Five Foundations of Productivity: People Places Business Environment Infrastructure- and Ideas.

The ‘Ideas’ aspect of this focuses on positioning Oxfordshire as a ‘globally connected innovation economy’ with an underpinning focus on driving up R&D and investment in the county in order to boost productivity and earning power for all.

A key part of this is establishing a ‘Connecting Globally’ platform and progressing the Oxfordshire Internationalisation Planfurther highlighting the importance of collaboration with other global innovation ecosystems.

Pictured above: OxLEP representatives at this year’s Venturefest Oxford event at Oxford Brookes University.