What is Cambridge Science Park?
Bidwells explains what Cambridge Science Park, and discusses its economic role and future growth.
Cambridge Science Park is a science and technology research centre linked to the University of Cambridge. The Park is home to a high concentration of start-up businesses operating in the bio-medical and technology fields.
The Park is widely regarded as a landmark innovation, and a driving force behind the strong growth of Cambridge’s economy and reputation as a leading tech business hub.
Cambridge’s tech and venture capital cluster houses over 1,000 high-tech companies and typifies the city’s flourishing business culture.
UK Powerhouse Report, 2017
WHAT MAKES CAMBRIDGE SCIENCE PARK SO NOTABLE?
Cambridge Science Park was founded in 1970, which makes it the oldest science park in the UK. This innovative institute has played a crucial role in what’s known as the ‘Cambridge Phenomenon’, i.e. the town’s growth into one of the world’s leading tech hotspots.
Currently, the Park is home to 105 companies, 61% of which originated in Cambridge. These Cambridge Science Park companies employ talented graduates and entrepreneurs to work on cutting-edge technologies in the fields of science, medicine and artificial intelligence.
THE ROLE OF CAMBRIDGE SCIENCE PARK IN THE LOCAL ECONOMY
During the 1960s, the traditional low-development policy for Cambridge began to shift, with researchers in the University’s Physics, Engineering and Computing faculties calling for more industrial development in the town. Researchers saw this development as a means to improved collaboration and funding, as well as a way to increase the employability of their Cambridge students.
Once the Cambridge Science Park was founded by Trinity College, the Cambridge phenomenon began in earnest, and the area was dubbed ‘Silicon Fen’, being the closest thing in the UK to the USA’s Silicon Valley. Much of the area’s rapid growth during that time has been attributed to the foundation of the Science Park.
The businesses at Cambridge Science Park continue to attract international attention and investment, which brings significant growth to the town’s economy.
FUTURE GROWTH OF THE CAMBRIDGE ECONOMY
In 2017, the UK Powerhouse Report, conducted by the Centre for Economics and Business Research, together with the law firm Irwin Mitchell, found Cambridge to be Britain’s fastest-growing city economy. With a skilled workforce driving growth, and 80% of startups still in business after three years, the town is expected to be the UK’s fastest-growing city economy for the next decade.
The best performing cities have benefitted from a combination of cutting-edge, productive industries and high-skilled workforces.
Jack Coy, CEBR economist, 2017
NOTABLE COMPANIES AT CAMBRIDGE SCIENCE PARK
The Park is home to businesses like AstraZeneca, a biopharmaceutical company looking to deliver life-changing medicines; Nuclera, a next-generation DNA synthesis company; and Vectura, an emerging pharmaceutical company specialising in inhaled medicines.
As the #1 provider of specialised R&D property expertise to the science and technology sector in the UK, Bidwells is perfectly positioned to manage Science Park properties. Bidwells counts Trinity College (the owners of Cambridge Science Park) among their clients and manages a number of units at the Park. The Bidwells team currently advises on more science and technology-related real estate than any other firm.