Providing Student Entrepreneurs with the Resources to Thrive
At the University of Oxford, we know from our incoming student surveys that approximately 20% of our students are interested in entrepreneurship, but many more than that participate in entrepreneurial activities such as idea exploration, hackathons, pitching competitions, and skills building workshops.
Oxford does not have an institutional entrepreneurship unit, but instead, support is organised and delivered by a multitude of providers across the University, including faculties, departments, Oxford University Innovation, the Careers Service, the Saïd Business School, and student societies.
The huge array of events and activities tailored to emerging entrepreneurs is an encouraging step-change in the way that we support and educate outside of the lecture theatre, but in some senses, it is a significant challenge. A normal Michaelmas term (October-December) can see 40-60 entrepreneurship events per month available, which can be confusing to those students that are seeking consistent, focussed mentorship to get their ideas off the ground. This is in addition to all the other activities, and the normal course work as well. Finding these activities, and then finding time to attend or participate, can potentially be as much a barrier as a benefit to new entrepreneurs starting their journey.
Enterprising Oxford is a University of Oxford initiative that connects all these resources in one central place. We support entrepreneurs at every stage, from the development of skills, networks, and business ideas, to pitching, finding laboratory and creative spaces, and scaling up from initial foundations. This includes a signposting and concierge service to help users find the resources and opportunities they need to develop their entrepreneurial skills or ideas when they need them. The website collates entrepreneurship-related events and activities, and the weekly newsletter provides curated suggestions to subscribers. The calendar is regularly updated, providing a rich picture of opportunities for those interested in skill or idea development. The bonus is that many of the events and activities are open to staff and the wider Oxfordshire community as well.
According to GovGrant, an average of 15.8% of spinout companies produced by UK universities have their origins in the University of Oxford, more than any other university across the country. As well as access to novel research and world-class facilities, this rate of commercialisation has been made possible through the skills and development provided by the university’s entrepreneurial support. We encourage entrepreneurs to lay down their roots in the region and to consider their local environment to be an extension of their resource.
For the Oxford-Cambridge Arc, and to make the ‘triple helix’ model a long-term advantage to its growth and prosperity, keeping entrepreneurs in the region is critical. Oxford is a very global university, reflected in our students and staff, but also in outlook, and we cannot afford to miss the opportunities right in front of us. The number of companies spinning out from the University grows each year, as does the number of companies working in collaboration with us. We have a growing and thriving ecosystem in Oxfordshire, with a wide variety of sectors well represented, including medtech and health, biosciences, automotive, IT & digital, and creative industries to name but a few. All these innovations rely on the talent pool that the Arc continues to draw in.
Of course, there are even larger regional obstacles present in the ecosystem. House prices are high and space for development near the city is scarce. Travel within the county can be difficult due to infrastructure challenges and sheer volume of commuters. But one of the biggest hurdles to overcome is the perceived lack of opportunity – students often do not venture out to see the breadth of exciting companies on their doorstep, and many of these companies are not proactive enough in trying to attract these students. We are training our students to be entrepreneurial, and then waving as they head off to places they think have more opportunities, both in the UK and abroad.
The challenge across the Arc needs to be addressed in a similar way – how do we not only nurture this entrepreneurial interest and growth in our students, but also retain them as employees and founders in our entrepreneurial ecosystem? To that end, here are several suggestions:
- First, we must make the ecosystem attractive to be in. Innovation districts and live-work-play models offer a variety of opportunities for not only students to develop skills and ideas, but also for larger companies to engage with a more diverse workforce. Housing, transport, and social activities are just as important as breadth of companies, and these are issues that we hear from our student entrepreneurs as they consider where their careers will take them after university.
- Second, we must take diversity and inclusion seriously – if we do not create better opportunities for under-represented groups to participate more fully in entrepreneurial activities, we will not be able to reach our full potential as an ecosystem. It is not and cannot be viewed as a ”one size fits all” system – by encouraging and supporting those not currently engaged, we can increase our impact and output exponentially.
- Third, we need to encourage successful entrepreneurs that call the Arc home to engage with entrepreneurs inside the ecosystem and seeking assistance at the embryonic stages of their journey, to act as role models and support (“entrepreneurs for entrepreneurs”). This should involve the provision of temporary space, events, mentorship, which will give some flavour to fledgling entrepreneurs about the commercial opportunities and challenges as they grow and develop.
- Fourth, we must connect the ecosystem – provide clear pathways and options for those who may be interested in working for startups, as well as those who want to be founders and CEOs. This could include job opportunities and networking events, and ways to matchmake emerging talent with innovative companies through sponsorship and proactive networking.
- Finally, we must all consciously seek “planned serendipity” to allow for chance connections and meetings to occur within a set of spaces and activities.
By creating an environment where the smallest opportunities can make the greatest commercial headway, we can ensure a vibrant and scientifically dynamic Arc which brings out the best from the earliest stages in enterprise.
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