COMMENT A few months ago, I took up the position of chair of the UK Innovation Corridor, a 12-year-old partnership of more than 15 local authorities, six universities and dozens – possibly hundreds – of life sciences companies, all working in an ecosystem of economic activity, spanning London and Cambridge and all points in between.
It’s the ultimate symbiosis. But it’s sure been a steep learning curve for this old girl. The placemaking, property development and inward investment elements of this job play to any strengths and experience I might have. What is new for me is the potential of the life sciences sector. It has been an absolute eye-opener. The potential would blow you away.
Needless to say, I am a passionate convert. Total road to Damascus. It is a gross understatement to say there’s a rich seam to be mined where property meets science.
And the future of our country – and this new government – will depend entirely on us getting this right. Sir Keir Starmer talks (rightly) of wealth creation. He pins all his tax and spending plans on faster economic growth. And then he says he will make Britain the fastest-growing economy in the G7. But – and I’ve learnt this the hard way – there isn’t the faintest chance of achieving any of these objectives without putting science at the heart of the government’s growth strategy in a way that encourages our universities, entrepreneurs and corporations to scale up all their great ideas.
Gobsmacking potential
I was recently invited as the guest of the Massachusetts Institute of Technology to speak at the World Real Estate Forum (quite a trip), where I shared a platform with James von Klemperer of Kohn Pedersen Fox, who is engaged in masterminding the super-imaginative repurposing of key buildings at Canary Wharf. During my visit to (their) Cambridge – rather different from our own – I was able to see first-hand the power of universities – Harvard as well as MIT – working in concert with their spin-out entrepreneurs, in places such as Kendall Square, and over the river in the city of Boston. It was gobsmacking. And we need to learn.
The government must put science growth at the heart of the industrial strategy of this nation. Starting with making some structural changes in the funding regimes. The ability for science entrepreneurs to scale up in the US knows nearly no bounds. Beneficent US funders are circling and waiting to pounce on anyone coming out of MIT with half an idea. In stark comparison, our own poor science entrepreneurs are left on their own to scrabble about looking for backing. What scant support or assistance that is on offer is overly complex and bureaucratic – never the long suit of innovative peeps. We do still seem to have something of an advantage here in Blighty, as it seems to be universally acknowledged that “British science is better”. But that slim competitive edge is already being squandered. We must quickly create better conditions for funding of our life sciences companies to underpin our economic growth. This is big stuff. And the government needs to listen.
The property industry needs to listen too. We need a much clearer focus on science occupiers. But a word of warning (again, hard learnt over my past six months): it is simply not good enough to take your redundant office stock and just rebrand it as life sciences real estate, hoping for the best. You need to actively listen – and acutely understand – what science entrepreneurs can tell us about how they use space. They are nothing like office tenants.
The journey begins
We in the UK Innovation Corridor are doing our bit. With some most welcome pro bono support from the sympathetic team at Arcadis, we have begun to develop an investment platform which we are looking to launch in the run-up to MIPIM 2025, and then take on to a global stage. This capital investment programme will take us on a multi-year journey, building on the solid body of work that’s been developed over many years by our partnership. Our members have their hands on the levers that can tackle all barriers to growth, be it skills shortages or localised objections to development. And we intend to leverage all our assets – including the powerhouse of Cambridge, the King’s Cross Knowledge Quarter and our “airport economic zone” potential – with Stansted at the heart of our geography – as well as Luton, and the soon-to-be-expanded London City Airport all playing in.
With a modicum of support, the science sector could create transformative economic growth for the country. The UK has a magic opportunity to tap into our own heritage. Once again, we could lead the world in a new industrial revolution if we create enough science infrastructure. Where real estate meets science – well, that’s exactly where we can get our economy motoring.
Jackie Sadek is chair of the UK Innovation Corridor. She is also chair of the EG public sector forum
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