In the latest episode of OxTalks series two – sponsored by leading national law firm, Mills & Reeve – we sat down with Andrea Stewart, Head of Marketing, Communications & PR at Oxford University Innovation (OUI), to discuss how a business makes the step from a brilliant idea to a fully-functioning company, and the potential hurdles that lie in the way.
Andrea has spent the entirety of her career in marketing and communications after completing her undergraduate studies in Politics, Economics and International Relations. Her early career saw her working internationally in humanitarian response, communications and advocacy programmes for CARE International and Oxfam.
Focusing her communications and outreach efforts on global health, tropical and infectious diseases, Andrea then spent seven years working in the Nuffield Department of Medicine at the University of Oxford. Her experience also led her to spend a busy year supporting Oxford’s external communication efforts with the media, NHS and government during the pandemic.
Before returning to Oxford University in her current role, Andrea stepped into the start-up ecosystem at Astrocale – an international space company on Harwell Campus.
In this podcast, Andrea and Richard Byard, Director of Business Development at OxLEP, discussed the support out there to champion and nurture entrepreneurs, to give them every chance of succeeding.
WATCH: OxTalks series two, episode six: 'Start-ups and spinouts: How to find the right business support'.
The birth of new companies in Oxfordshire
Oxford is famously known for its world-leading university. To support and nurture the talent that emerges from the university, OUI – a wholly owned subsidiary of the University of Oxford – works in partnership with researchers to bring new business ideas to life.
OUI contributes significantly to Oxfordshire’s innovation ecosystem through three key areas; preparing and submitting an effective business plan, identifying a person to lead the team during the spinout process, and raising investment to get the business opportunity off the ground. OUI’s Impact Report from 2023 detailed the birth of 20 new companies and a similar number of spinouts, generating £34 million worth of income and attracting nearly three-quarters of a billion pounds worth of investment.
The number of start-up businesses in Oxfordshire continues to rise in 2024, particularly in the therapeutic, digital health/technology and quantum computing sectors. To support this, organisations like OUI – and beyond the university, OxLEP – offer guidance to start-ups to help them to grow and scale up.
Resources available to start-ups and spinouts from Oxford University
Oxford University Innovation supports new business ventures of any shape and size, whether it be current students to an ex-academic or researcher on the verge of retirement. Alongside age, diversity isn’t seen a barrier when it comes to setting up a new business from the University, with some of the most exciting companies born out of students and staff from all types of nationality, cultural background and gender.
Multiple funds are offered to help businesses get off the ground too, with the University Challenge Seed Fund supporting the early phase ideas yet to go on the market by providing them with funding to create a license, which in turn helps to form a new company. The Equity Management Fund (SEM) also reinvests the wealth that OUI earns into the companies to allow them to grow depending on the stage of investment they are at.
In addition, Oxford Science Enterprises (OSE) is an independent fund that invests into many companies across Oxfordshire, working with external investors to ensure the county’s organisations have the best chance of growing in a quick timeframe.
Away from specific funds, OUI offers planned practical workshops that are sector and stakeholder focused, as well as hosting events working with external expertise and partners through the recently relaunched Oxford Innovation Society and providing guidance in areas such as legal and people support.
Supporting the growth of Oxfordshire’s businesses through collaboration
Working alongside organisations such as OUI and OSE, OxLEP’s commitment to helping new businesses continues to grow, with an increasing amount of support being offered in the county.
Remaining as the connective tissue across multiple stakeholders, OxLEP holds key relationships with many organisations, dispersing knowledge and expertise across the region and ensuring businesses grow and thrive in Oxfordshire. By championing this world-leading innovation ecosystem, OxLEP supports the University community to maximise societal and economic impact from the research conducted – ensuring the local community benefits from Oxford ideas.
OxLEP’s business support tool, available for businesses who are starting out, growing or taking on a new challenge, allows those with a new or small business to receive a bespoke action plan, detailing the next steps they need to reach their desired goal.
In the coming months, OxLEP will be delivering a number of new support projects to further support businesses looking to make their next step.
OxLEP recently announced a new business support programme on behalf of West Oxfordshire District Council, which offers grant support for businesses and residents in the district.
It is clear to see that collaboration is the key to bringing brilliant local ideas to life – through providing access to funding, business networks, and guidance, we can support our world-leading innovation ecosystem to attract more investment and opportunities for those in the community.
