The South East risks an exodus of some of its most promising science and technology businesses, according to a new research report. The findings also said companies are struggling to fill positions in the science sector as a direct consequence of government policy.
The report from Ridge and Partners suggests almost one in six respondents (16%) have firm plans to relocate overseas in the next three years, with all the companies studied in the South East stating they have considered it.
Building a Future for Science and Technology, by Ridge and Partners, the Reading-based,multi-discipline property and construction consultancy, blames government and their policies, which they suggest show a lack of understanding of the sectors needs.
The report points to the governments limit on employing overseas talent as a key example. Ridge and partners state the policy adversely affects 27% of the companies interviewed.
A total of 103 science and technology companies were studied for the Ridge report. They cited problems at a local level as well as at national. Local issues raised included opportunities for local authorities, city planners, and science parks in places such as Reading, other key findings of the report included:
These issues are impacting on recruitment and growth added Liz Sparrow,Partner, Science and Tech Lead at Ridge and Partners,she continued: "Over two-thirds (68 per cent) of firms in the South East are struggling to fill crucial support roles such as lab technicians and admin staff, who in places like Reading are massively affected by local housing costs.
"Two-thirds are also 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."
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Liz Sparrow added: Theres 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 to grow in this way that means places with the right infrastructure, transport links, housing, and premises to attract the partners, suppliers, and talent they need.
Ridges research also highlights how highly dependent small and large science and technology-based businesses are on each other. Thats 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.30% 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.
Liz Sparrow, again: Policy makers cannot afford to simply focus on the needs of big players. Diversity in science or tech community clusters - be this in terms of company size or typology is key if all are to thrive. Every company which exits these diverse eco-systems and relocates overseas, or simply fails to thrive, weakens things for everyone else. To protect one we must plan for all.
No single body can do this. Joined-up thinking is needed between the public and private sectors, between the UKs government, its cities, regions, and science parks. Collaboration is key if were to create and keep the UKs tech/science powerhouses.
TheBuilding a Future for Science and Technology Reportis free to download.
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