Facing a science and tech drain
The UK risks an exodus of some of its most promising science and technology businesses, according to a new research report.
Almost one in six have firm plans to relocate overseas over the next three years and 90% of the companies in London have considered it.
Building a Future for Science and Technology, by Ridge and Partners, the multi-discipline property and construction consultancy, suggests a key driver of this discontent is the Government’s lack of understanding of the sectors’ needs.
The Government’s limit on employing overseas talent is a key example of this, with the policy adversely affecting a quarter of the companies interviewed in London.
The 103 science and technology companies across the UK studied for the Ridge report also cite problems at a local level, raising issues for local authorities, city planners, and science parks.
A fifth overall complain their current premises are not accessible by public transport.
A further 16% say wider transport links aren’t good enough to attract the talent they need.
A lack of affordable local housing is a problem for over one in five while 50 per cent are not sure their current premises will meet their future needs A fifth feel their premises are not attractive or environmentally sustainable enough.
These issues are impacting on recruitment and therefore growth. Over a third in London are struggling to fill crucial support roles such as lab technicians and admin staff, who are massively affected by local housing costs.
Meanwhile, 46% are having difficulty filling more senior roles.
These issues have become so pronounced that 33% report they need to be nearer a larger pool of talent. For many, that may involve moving overseas.
Liz Sparrow, partner, science and tech lead at Ridge and Partners, said: “There’s no lack of ambition or opportunity for growth within the science and tech communities.
“Indeed, the companies we studied expect to grow by 52% over the next three years. But they need to be in the right environments – that means places with the right infrastructure, transport links, housing, and premises to attract the partners, suppliers, and talent they need.”
Ridge’s research also highlights how highly dependent small and large science and technology-based businesses are on each other.
That’s why 31% want to be located nearer to other science/tech businesses and almost one in four (24%) want to be closer to major academic institutions.
A third feel their growth plans are being limited by their lack of available suppliers.
Operating in almost a science or tech eco-system makes collaboration and innovation easier and creates a greater magnet for the specialist talent and suppliers the sectors collectively need.
Ms Sparrow said: “No single body can do this. Joined-up thinking is needed between the public and private sectors, between the UK’s Government, its cities, regions, and science parks.”
Pictures: Ridge & Partners