The York Science Park Economic Impact Report, carried out to identify the park’s economic impact on the local and regional economies, shows that the Science Park’s residents are almost doubling national business survival odds.
Science Park CEO, Tracey Smith said: “For businesses based in ‘normal’ office space or working from home, national figures show that only 45% of businesses are likely to survive longer than five years.
“Among Science Park residents, that figure increases to 80%. The business growth figures are equally impressive; only 33% of UK SMEs reported growth in 2014-15 but that figure was 89% for businesses based at the Science Park.
“The value of being located at the Science Park cannot be measured on a purely financial basis, although we do save our residents a lot of their time and stress sorting out things like cleaning, reception, post services and facilities.
“The mixture of business support, facilities management and customer service we provide at the park saves businesses an average of 133 hours every year on admin tasks. For new businesses and SMEs, this represents a huge time saving, and makes a significant difference to their ability to concentrate on developing their own businesses, ultimately contributing to their success.”
Over the past 25 years YSPL has provided a home to 424 businesses, working at the cutting edge of a diverse range of sectors, including biorenewables, gaming, design, media, geospatial data, IT infrastructure and medicine. The park currently supports 1,500 jobs, and resident companies are contributing £70m to York’s economy every year.
Tracey said: “I am constantly in awe of the amazing work carried out by our residents, and how for a quarter of a century they have been changing the face of their sectors. Some of the work that has taken place on the Science Park has changed the way we live, and I look forward to seeing what our residents develop over the next 25 years!”
York Science Park is celebrating its 25th anniversary with a VIP celebration and residents’ summer party, alongside sponsorship of key regional business events and the publication of the anniversary Economic Impact Report. Click below for daily business updates from your region
Click below for daily business updates from your region