While the industry has been making headway over the past few years across the UK, the speed at which Cambridge has grown is impressive. It ranks in the top 10 ahead of major city, Birmingham, according to the recent city index by TNT.
So, what is it about Cambridge that’s made it a hub for new technologies?
One of the main reasons for the success of the tech industry in Cambridge is that, like Oxford, which is also experiencing a surge in investment for new technologies, it is famed for its university.
The University of Cambridge is renowned for being an engineering and technology university, and the results from the TNT city index confirmed this. The stats here revealed that Cambridge ranked in the number one spot for engineering and technology courses in 2018, so it makes sense for there to be plenty of tech-related jobs in the city for graduates and academics.
In addition, both Oxford and Cambridge universities have a number of links to academic research into clinical medicine, and this is something that has seen the introduction of more tech start-ups in both cities than the national average.
According to the 2017 Tech Nation report, the digital tech business turnover in Cambridge was worth £2.4 billion. There were 30,219 people employed in tech jobs, plus an average of 353 start-ups were created between 2011 and 2015.
The Future of Tech
With such impressive numbers, it makes sense that the start-up rate of survival is also scoring highly, ranking in third place for these new companies making it to five years. There are plenty of technically-minded people already in the city who are able to set up these businesses and turn them into successful organisations.
On a larger scale, there have been some huge developments that are set to further enhance the city’s tech credentials. These include everything from the opening of the Bradfield Centre, the Cambridge Science Park-based centre that has formed a based for over 200 entrepreneurs, to the Maxwell Centre, which provides a link to the university for tech research.
With a constantly evolving technological landscape, it’s clear that the city of Cambridge is quickly becoming an impressive hub for innovators who want to further the tech industry in the region.