Background
Start/End Dates
SETsquared originally set up a centre on the Highfield Campus at the University of Southampton in June 2003.
Southampton SETsquared moved from its home within Research & Innovation Services to its current location of the University of Southampton Science Park, Chilworth, Southampton, in June 2010. The Science Park has seen some major development on a phased basis since The Science Park Company was formed in 1983. The latest new development was completed in 2009.
Case Study tags: learning spaces, university of southampton, business start-up, south-east england, business and community engagement (bce), refurbishment, higher education
Type of Project
At the time of the visit by JISC infoNet in early 2010 the Business Acceleration Centre was situated within Research & Innovation Services in an existing building on the University's Highfield Campus. The space was not built for purpose but was well geared up for the activities that went on within it with meeting rooms, reception facility, kitchen, broadband, wireless data and telecoms. The space was also in a good location for access to Southampton's City Centre and transport links.
SETsquared is now located in the University of Southampton Science Park. The Science Park is a 45 acre development with close links to main transport routes.
Context
SETsquared partnership
The Southampton centre is one of four centres run by the four partners in SETsquared - the Universities of Bath, Bristol, Southampton and Surrey. There is a standard overall SETsquared ethos but each SETsquared space is unique in its own way.
The SETsquared model provides flexible office space to both university spin-outs and external start-ups. It then supports the enterprises by offering opportunities to access university resources, and develop knowledge in the writing of business plans, conducting market research and pitching to investors.
In an interview in The Daily Telegraph in February 2010 David Bream, Director of SETsquared Southampton, explained that the initiative could be run, '...on a very, very low cost model because the output is very high quality. That quality attracts the technology mentors and the professional service advisers who offer their help for free'. (Source: Telegraph.co.uk)
What is it?
It is a SETsquared Business Acceleration Centre based at the University of Southampton. The space works to the standard SETsquared Business Acceleration model for virtual, pre-incubation and incubation stage companies.
SETsquared offers affordable and flexible work space and additional support (including proactive business development advice).
Entrepreneurs who sign up to SETsquared are provided with business mentoring; funding routes and advice; access to industry specialists and business mentors as well advice and guidance from local professional service firms as well as the opportunity to tap into 'academic expertise, specialist facilities, first class graduates and internship schemes'.
The Centre provides meeting rooms; broadband; wireless data and telecoms.
The Centre is located at 2 Venture Road, University of Southampton Science Park, Chilworth, Southampton, which is home to many large, successful university spin-out companies such as Ilika Technologies Ltd and Karus Therapeutics Ltd and also the Chilworth Business Incubator.
There is a two-tiered fee structure offered:
There are different classifications of membership; members can be (prices accurate as at 2010):
- Centre Members (For £150 per month per desk, eligible companies can access all of the services and also have a desk within the modern office accommodation in the Innovation Centre. They also have access to break-out rooms and internet facilities)
or
- Virtual Members (For £100 per month, eligible companies can benefit from being part of the entrepreneurial community and have access to SETsquared services)
Some of the companies originate from the local community but university spinouts are involved too, some have labs on campus - in what was previously the Chemistry Building.
The enterprise ventures supported by the Centre are largely technology related; software, telecoms and data security are featured quite heavily in the activity within the Centre at Southampton.
The Centre accepts very small companies (of up to 3 people).
What happens in the space?
SETsquared Southampton offers space and facilities for business incubation.
Meeting rooms; broadband wireless data and telecoms are all offered as part of the package as well as support from experts and mentors who are internal and external to the University. Sixteen mentors were attached to the Centre at the time of JISC infoNet's visit in early 2010.
Standard SETsquared Business Acceleration Model for virtual, pre-incubation and incubation stage companies.
A wide variety of events, workshops and seminars (on subjects such as company law and recruitment and selection) as well as investment readiness programmes and introductions across multiple networks are organised for members.
SETsquared caters for members who are located in the physical space as well as those in virtual spaces, working remotely and using technology to connect.
Additional space
SETsquared, is a campus partner, alongside Southampton Council, University of Southampton and others, in Millbrook Technology Campus.
The Millbrook Technology Campus has technology clusters and is geared up for higher end technology activity. The SETsquared business acceleration space tends to offer more traditional office space. Some companies choose to move from SETsquared to Millbrook as their requirements develop. The facilities on the main campus continue to be available to them so, for instance, a company based at Millbrook could book the SETsquared boardroom for meetings, etc.
Finance
Funding Sources
The space has been supported by Higher Education Innovation Funding. The Engineering & Physical Sciences Research Council (EPSRC) has also provided support.
Fees
From £100 month.
Additional project funding
In 2007 the SETsquared partnership was awarded a £1.5 million Science Bridge grant from the UK's Department of
Trade and Industry to 'create and develop valuable relationships with the high technology research and development regions in southern England and in Southern California'.
The Science Bridge is a collaborative project involving the SETsquared Partners and the University of California, San Diego and the University of California, Irvine.
Three spin-out companies from Southampton have already benefited from the programme; one of the companies involved suggested that if they had tried to make the same contacts themselves it would have taken two years and cost over £2 million.
Corporate Finance Community
SETsquared has links with other supportive bodies in the region, including;
- SEEDA, (South East England Development Agency), which is responsible for managing two national Business Support products within the South East, Selective Finance for Investment in England (SFIE) and Grant for Research & Development (G4R&D)
- Finance South East (FSE) is a not-for-profit funding company which has helped companies in the region raise in excess of £20million
- Angels for Growth
Technology
What technology is being used and how is it being used?
Broadband wireless enabled and cabled.
How does the technology add value?
Technology helps flexibility - users of the Centre do not need to be rooted to the one space, they can work virtually and across spaces.
Success Factors
What makes the space successful?
The users at SETsquared Southampton would say that the staff help to make the space successful, offering approachable, friendly and enthusiastic personal service.
David Bream, the Centre Director has a wide and varied background in computing and related technologies running his own company. He and his colleague, Liz Roe find that the companies within the Centre are quite independent but they know that they can call on additional help if needed. David has regular catch ups with companies after they've moved on, so there is still a connection there.
The Centre holds a number of social (beer and pizza events are particularly popular) as well as enterprise related events to encourage networking within the client companies.
Much of the promotion of the space is done by word of mouth.
So much so that whilst SETsquared Southampton is a mentoring incubation company, with a focus on very hi-tech, high growth start ups; it also generates enquiries from start-up companies who do not have a high-tech focus. Callers from other fields are generally spoken to and given informal alternative advice and guidance on spaces that may well actually be able to offer them the space they need.
Profile Raising
SETsquared Southampton and the SETsquared Partnership have established a reasonably high profile in the Enterprise field.
Millbrook Technology Park won the South Coast Prize in the Enterprising Britain Competition in 2008. This competition was championed by Peter Jones (One of the Dragons' Den Dragons). The enterprise activity at Southampton featured in some reasonably high profile press coverage as a result.
SETsquared has an annual Innovation event held at One Great George Street, Westminster. Around 150 high net worth individuals from the business world attend. There are opportunities for SETsquared based companies to secure funding for further development, etc as a result of being featured at the event. Investor readiness seminars are held prior to the annual event and companies are given the opportunity to pitch their ideas and promote their business. Dr Tony Raven, Head of Innovation is on the panel.
Mentors and expert support
There are 16 Mentors attached to the Centre. Clients used to have one mentor each but they have moved on to stages where generally they don't need to have such close contact. A number of mentors have gone on to be Chief Executive Officers of some of the incubator companies. There is some mentor support from within the University as well as external to it.
Members of professional services - patent lawyers etc help to support companies within the Centre including on issues such as Intellectual Property.
Company makes presentation on targets, Intellectual Property, etc for feedback. Often use graduating Chief Executive Officers (CEOs) on the panels - a lot of mentors have gone on to be CEOs.
SETsquared encourages peer networks, interaction and the forging of informal links between clients within the Centre.
The staff at the Centre see themselves as working in partnership with the companies rather than taking an overarching role.
A wide variety of events, workshops and seminars are organised for members as well as investment readiness programmes and introductions across a variety of relevant networks.
The close co-location to the Chilworth Business Incubator and successful University spin-outs enables opportunities for useful and interesting conversations and informal exposure to expertise.
There have been some University of Southampton student placements, for example from the School of Mathematics intern programme, supporting companies within the Centre.
What principles were behind the design?
The principles are based around the work of the SETsquared Partnership and the SETsquared Business Acceleration model for virtual, pre-incubation and incubation stage companies.
Top Tips
Make sure that there are opportunities for social as well as purely business interaction. It's a social networking space as well as a more formal business space. It is important to include social aspects in networking activities. Beer and Pizza nights are a regular feature of this sort of social activity and has proved to be an excellent way to get people together.
Lessons Learned
What changes have you made as a result of receiving feedback?
More desks per company have been a recent (2011) addition.
Also, since JISC infoNet's visit the Centre has moved to new premises. This move is of benefit to the client businesses as the Science Park, to which the Centre has moved, also houses the Chilworth Business Incubator, which offers similar services but to companies from all sectors - not just to high-tech companies like SETsquared does.
The Science Park is felt therefore to be a better environment for start-ups as they are surrounded by more of their peers.
An additional bonus of the new move is the availability of free parking - something that was not available when the Centre was based on campus.
Further details
Email David Bream, Centre Director, Telephone +44 (0)7545 423694
Email Liz Roe - Liz spends 50% of her time working for SETsquared and 50% working with the R&IS Marketing Team.
Address: SETsquared Southampton, 2 Venture Road, University of Southampton Science Park, Chilworth, Southampton, SO16 7NP
Website: www.setsquared.co.uk
Case study written March 2010.
