Cambridge University seeking £15m from Chancellor for new science innovation hub

The University of Cambridge is seeking £15m from the Chancellor of the Exchequer to kick-start a new science innovation hub, one which will rival similar schemes in France and the United States.

The university wants to secure the “cornerstone” funding in Chancellor Rachel Reeves’ upcoming Budget on October 30. It comes after warnings from senior science industry figures that the UK is in danger of failing to capitalise sufficiently on its scientific prowess.

Diarmuid O’Brien, pro-vice-chancellor for innovation at the University of Cambridge, said the innovation hub would be designed to match the success of similar internationally renowned science centres, such as STATION F in Paris and the Kendall Square ecosystem in Cambridge, Massachusetts.

“At the moment we’re asking universities to deliver spinouts, but the question is how do we move the needle in a way to significantly amplify that? Business as usual won’t get you there. This kind of hub is critical to that, and that penny needs to drop here,” O’Brien told the Financial Times.

Having once again been named the most intensive science and technological cluster in the world, Cambridge is in a fantastic position to further spearhead UK innovation in this area. O’Brien argued that an innovation hub that rivals STATION F and Kendall Square would act as a game-changing “concentrator” of innovation activity in Cambridge.

Should the University of Cambridge secure the £15m funding, the resulting science innovation hub would combine lab space for early-stage companies with access to investors and managerial talent needed to scale up businesses.

“We need that cornerstone commitment from the government to sell it both to the market and philanthropic foundations. If we can unlock that funding we can accelerate it at pace. We’re not looking for a grant, it’s a partnership,” O’Brien added.

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