Impact
Flexibility is key to the s u c c e s s o f any university linked workspace
is key to the success of any universitylinked workspace . Young science and technology companies typically require shorter term leases to allow for rapid expansion as they grow , while a lack of capital means they need a choice of tenancy arrangements to suit budgets .
We ’ ve found that a shared workspace model is a fantastic way to achieve this aim . At Central Working White City , members can opt for one of a range of tenancy options , choosing to use the facility as a drop-in space , or simply renting the number of desks they need , as well as being able to take a private permanent office for up to 100 people . Crucially , they can scale up or down with ease at a time that suits their business .
Building relationships It ’ s not just about the physical infrastructure . The development of high-growth science and technology firms often depends on forging business connections or partnerships . The beauty of university-linked workspaces is that they give young companies ready access to academic staff and research infrastructure , offering the potential to establish new research partnerships that benefit both parties . Yet rather than relying on serendipity , the best shared workspaces actively engineer these connections , introducing members to one another to source last-minute suppliers , potential business partners , or prospective clients .
The shared workspace at Imperial ’ s White City Campus is located alongside academic hubs focused on molecular sciences and biomedical engineering within the Translation & Innovation Hub ( I-HUB ) – a facility providing office and lab space for research and technology focused businesses . Growing businesses benefit from this close access to the expertise needed to develop their products and services , while for academics , this relationship helps to encourage the translation of their discoveries into positive social and economic outcomes for society .
One of the biggest challenges for young companies is finding a way to engage with larger firms . That ’ s why we have focused on developing a mix of start-ups alongside new initiatives from bigger corporates to encourage collaborations between organisations large and small .
A broader innovation ecosystem
At the White City Campus , the shared workspace is supplemented by extensions to Imperial ’ s Advanced Hackspace network at the Invention Rooms , and the College ’ s Molecular Sciences Research Hub . These spaces give university staff , students , and partners access to the latest manufacturing equipment and technology to develop breakthrough prototypes . These ideas become earlystage businesses that feed into the Imperial White City Incubator before taking space in Central Working White City or the wider I-HUB .
Members at White City benefit from this broader innovation network ,
Young companies need spaces where they can engage with larger firms
creating a thriving hub of creativity and enterprise that encourages exchange between researchers , entrepreneurs , and business leaders .
It ’ s a major commitment for universities to invest in models like this , and getting the right partners involved is key . But replicating this approach across the UK could bring significant dividends for our research institutions , for UK productivity , and for wider society . For more information visit : imperial . ac . uk / thinkspace and centralworking . com ■
60 | UKSPA breakthrough | summer 2017