Impact case study database

CSV was founded in 2014 at the Cambridge Judge Business School (CJBS) at the University of Cambridge after securing government funding as part of a national initiative to improve the support available to UK SEs. CSV is the only university-based SE incubator and occupies an important role in the country’s entrepreneurial ecosystem.

Since 2014, and utilising the research presented in section 2, CSV has successfully nurtured over 170 SEs, which are tackling a range of social and environmental issues (including health, transport, housing, ageing, and education) through a tailored system of support. Together, these SEs have raised more than GBP31,000,000 funding, secured GBP3,700,000 in public sector contracts, and reached approximately 1,700,000 beneficiaries. The ventures range from local to global in scale and include technology start-ups, spinouts from universities and the public sector, and community-owned businesses [ S1].

CSV aims to propel SEs’ efforts to create real, scalable and lasting social change in two main ways:

Social Venture Weekends: Two-and-a-half days of intensive training for people with an ambition to set up or grow a business dedicated to making positive social impact. >900 SE participants.

CSV Incubator: Twelve-month programme of on-going business advice and coaching, introductions to networks, free workspace, and support to access debt and equity finance. >177 SE participants.

A 2018 independent survey of Social Venture Weekend programme showed that two years after participation, over 80% continued to lead their venture, and 90% continued to use their learning. Respondents reported an “improved understanding” of SE and highlighted that “explaining the concept to such a broad range of people really helped us make the links between our activities and social impact” [S2].

In these events, approximately 60% of participants are female or non-binary, 30% are from BAME communities, 7% are disabled, and 9% are educated below degree level. The ventures that are supported by the CSV Incubator reach over 1,700,000 beneficiaries in total. Although 90% are based in the UK, CSV supports local teams to create impact in Myanmar, South Africa, Gambia, Mexico, Romania, India, Indonesia, Tanzania and Kenya [S1].

The CSV programmes focus on three pillars to help SEs sustainability:

1. Alternative business models

CCSI research has revealed SEs’ unique challenges [ R1], which increase the risks of both mission drift and business failure [ R2]. To help SEs develop sustainable business models, CSV adapted established tools, for example, a redesigned ‘Theory of Change’ which helps SEs develop bespoke social impact measures, and an alternative ‘Business Model Canvas’ in which SEs are challenged to differentiate between beneficiaries and customers to ensure they serve both.

For example Univursa, a current CSV participant, creates analytic tools for rapidly detecting and diagnosing disease outbreaks. It aims to become a platform for translating academic epidemiological innovations into tools for health impact. As the technology could be highly profitable, the idea attracted significant interest from venture capital. However, these investors prioritised maximising returns rather than lives saved, which the founders believed was unacceptable:

*“Mission drift is an ongoing fight. Before we came to CSV, our only template for doing a tech start-up was a profit and scale-driven model of enterprise. While a lot of profit-focused investors saw the commercial potential, that did not sit right with us. It immediately detracted from our primary objective, which was stopping disease outbreaks. Through CSV, we have been able to create our own [non-profit] model focused on using analytic insights to fight disease.*” [ S3]

1. Sustainable growth

Applying conventional entrepreneurial growth logic to SEs exacerbates mission drift [ R1] [ R4]. Based on this insight, CSV has built an alternative growth logic focused on deep impact rather than traditional financial measures.

Bush Adventures UK is an outdoor adventure and learning SE that offers children with mental health issues the opportunity to engage in outdoor experiences. Initially, the venture struggled to increase revenues while staying on mission. CSV helped Bush Adventures to create a business model that balanced social and commercial goals.

“The team of mentors helped me to create a sustainable business model – one designed to maximise social impact while at the same time generating the revenue needed to sustain my business. I also learned how to put the social mission at the core of all my activities, and to make it the reference point for all my decisions.” [ S4]

Many of the SEs the CSV has supported have achieved scale over time. Several have also achieved high-profile recognition, including:

• Harry Specters, hand-crafted chocolate business employing people with autism (Social Enterprise of the Year, 2018 Citi Micro-Entrepreneurship Awards). At the time of the award, the business had already provided training and work experience to 183 autistic people and had grown to employ four full-time and five part-time employees (six of them on the autistic spectrum). [ S5]

• BIOS Health, AI-enabled healthcare treatments on organs and nerve systems (accepted to Y Combinator, a leading global accelerator). [ S6]

• Goshawk Communications, mobile-phone communications for hearing impaired people (Most Innovative Mobile Network Virtual Operator Award, 2019 World Congress). [ S7]

1. Inclusivity

Given that those most affected by social problems are often best placed to find solutions [ R3], CSV has built an inclusive programme for people with diverse backgrounds, including those with disabilities, caring responsibilities, and low incomes. Many of the ventures focus on inclusion.

For example, Turtle Dove helps vulnerable young women transition into employment and full adulthood. Until 2020, Turtle Dove has engaged 84 young women to help them on their way into employment. The founder realised that many young women, particularly those who have been in the care system, struggle to make this transition. The founder believed that an SE providing employment in a supportive environment could make a significant impact on their lives. However, she had been unable to find the support she needed to start the venture before encountering CSV:

“I believe that Cambridge Social Ventures sets itself apart as an incubator by providing an individually tailored programme of support that takes into consideration not just the specific needs of the business, but also the needs of the entrepreneur as an individual.” [ S8]

CSV recognizes “some of the best social entrepreneurs are those with personal experience of the issues they are trying to solve” (CSV, 2019). To promote inclusivity and support leaders, CSV and Trinity Hall College co-created the Cambridge Prize for Social Innovation in 2019. Four leaders receive GBP10,000 each for their business development. Since 2019 there have been 8 winners ranging from helping frontline workers connect vulnerable patients to community services, giving ex-offenders work experience and employability training, a platform connecting joggers with volunteering tasks, a community-owned bakery, feminist fashion, affordable housing, co-operative farming, and fostering independence in people with learning disabilities [ S9].

Other impact indicators

In 2017, Dr Belinda Bell, CSV Director, was recognised in the WISE100 index of inspiring and influential women in SE, and highly commended in the SEE Change Social Entrepreneurship Champion of the Year Award [ S10]. She supported the creation of a social incubator at VIT Chennai, India in 2016 and visited several other Indian universities to help them set up social incubators [ S11]. In 2018, supported by the British Council, she undertook a lecture tour in Vietnam, advised Vietnamese universities on SE education, and ran seminars for Vietnamese SEs [ S12].

Cambridge’s Centre for Risk Studies (CCRS) has established expertise in developing scenarios and applying and disseminating research into systemic and emerging risks. CCRS has been influential in helping companies in various sectors, notably insurance, to manage new or newly recognised risks. It has done so by engaging directly with organisations to produce research outputs which are immediately applicable to those sectors engaged in assessing and managing cyber risks. Throughout its ten-year history the centre has prioritised the rigour of its research as the basis for engaging with industry and policy makers internationally and nationally through a variety of formats (interviews, invitational and public events, sponsored research projects, research papers, and blogs) in order to continually ensure that its agenda and outputs have meaning in the business community. Many research projects are collaborations with corporate partners. The centre’s annual Risk Summits [ S5] are aimed at challenging and being challenged by corporate managers, with strong academic and practitioner inputs, rather than simply dissemination events for research. Cyber risk featured in CCRS’s first annual meeting with respect to control of electricity and telecommunications. It has been a key threat type since the creation of the centre’s first risk taxonomy [ S6]. Impact is presented in three main areas; cyber insurance risk modelling with RMS, cyber terrorism risk assessment with Pool Re, and cyber risk scenarios for insurance companies with Lloyd’s of London.

An important CCRS contribution to managing risks to cyber insurance companies began in a 2014 collaboration with a risk modelling company, RMS. RMS’s clients are insurance companies who need to understand the financial risk exposure that comes with selling policies. RMS’s commercial success in selling models for the new area of cyber insurance relied on implementing the Cyber Insurance Exposure Data Schema [ R2] to identify impactful cyber scenarios and then quantify their business impacts [ R3, R5], by accounting for the types and volumes of different policies sold.

This new cyber risk model was first launched in 2016 as RMS Cyber Accumulation Management System (CAMS), effectively licensing the CCRS cyber risk modelling framework for insurance analysis and accumulation control. The RMS cyber risk model is now one of the leading insurance and reinsurance models. RMS states that insurance companies responsible for 60% of affirmative cyber insurance licence their model, and this has resulted in USD3,000,000,000 gross written premium value. CCRS has partnered with RMS to produce annual updates to their model and regularly contributes speakers to RMS’s client-facing seminars.

The RMS Chief Risk Modelling officer attributes much of these developments to CCRS:

‘The CCRS is a leading centre of original research and creative thinking…it is no exaggeration to say that CCRS has played an important role in helping the insurance industry develop the cyber insurance market…The technical breadth and depth of the CCRS is truly impressive’ [ S2 RMS].

The global defence and security firm Lockheed Martin has collaborated with CCRS on research into cyber risks including Cyber Resiliency [ S9] and Sybil Logic Bomb [ S7]. The latter introduced systemically important technology enterprises (SITEs) to describe companies whose products are so interlinked with commerce and society in general that their failure would cause problems on a very large scale [ S8 FT 2014]. Lockheed Martin’s Director of Enterprise Risk & Sustainability states:

‘CCRS has been a valued research partner for Lockheed Martin in exploring cyber security threats...The Sybil Logic Bomb Cyber Catastrophe was one of the first to set out the potential for systemic impacts from a cyber-security incident and established the concept of systemically important technology enterprises (SITEs)… This research provided critical insights into the relationship between connectivity and cyber-security events. It also complemented customer relationship efforts and risk evaluation practices with suppliers’ [ S4 Lockheed Martin]

Cyber security is also a driver behind CCRS’ relationship with the UK’s terrorism insurer Pool Re, beginning in 2015 when the insurer identified cyber-terrorism as a key issue. The Chief Underwriting Officer at Pool Re highlighted both the value of collaboration with CCRS,

‘We quickly recognised CCRS as one of the leading thinkers in the emerging threat area of cyber and since then, we have worked together in understanding, quantifying and scoping the threat of cyber-terrorism’, [ S1 Pool Re]

and, in particular, the impact of CCRS’ leading research in [ R4]:

‘Your report has proved particularly important in helping us to convince scheme UK stakeholders, including HM Treasury and other government offices, that our coverage should be extended. This puts Pool Re’s over £6 billion funds under investment at the disposal of our UK policy holders in the event of terrorism event.’ [ S1 Pool Re]

A similar model of direct engagement and collaboration with Lloyd’s of London has provided direct benefits, including prescribing CCRS’s scenarios as part of risk management reporting, attributing new insurance business being written in the Lloyd’s market as a consequence, and ensuring consistency of data for cyber underwriting and aggregation management [ S3 Lloyd’s]. Lloyd’s Head of innovation remarked:

‘CCRS has distinguished itself in its originality of research and its effectiveness in engaging with the insurance community. The exploration of systemic and emerging risks through developing and publishing scenarios has been highly influential in the insurance industry, which is increasingly dealing with new risks and business model challenges.’ [ S3 Lloyd’s]

On behalf of Lloyd’s of London, the CCRS developed the 2015 Business Blackout report [ R5] to address the prospect of a cyber-attack leading to large-scale power blackout. It has subsequently been adopted as a stress test scenario that all Lloyd’s syndicate members must report on annually. Lloyd’s Head of Innovation explains:

‘Lloyd’s Business Blackout… This report has been extremely well received globally – we present material from it on a regular basis and the Lloyd’s market uses the Scenarios as part of their Cyber Aggregation management process’ [ S3 Lloyd’s].

Lloyd’s was also both a driver and collaborator in developing the cyber risk data schema [ R2] and it has become central in developing underwriting standards:

‘*Cyber insurance exposure data schema… CCRS were very supportive of the Lloyd’s Core data requirements and these have helped to encourage consistency of data for Cyber underwriting and aggregation management.*’ [ S3 Lloyd’s].

Lloyd’s also provided funding for CCRS to develop a global City Risk Index, released in 2015, and update it in 2018 [ S10 City Risk Index] due to its commercial impact:

‘Lloyd’s City Risk Index 2015-2025… The City Risk Index has raised the profile of multiple risk types globally and has led to new insurance business being written in the Lloyd’s market as a consequence‘ [ S3 Lloyd’s].

The City Risk Index ranks cyber attacks 7^th highest of all threats to global GDP [ S10 City Risk Index].

This research, on why and how shared platforms can make digital transformations in government efficient and citizen-led, has contributed to more efficient and equitable digital public services in the UK and Australia. Building from a public-facing manifesto, Thompson led on efforts to bring the research to policy, playing a pivotal role in engaging local, devolved and national government in order to facilitate uptake of the research in strategy and implementation.

Integration of platform approach in the UK and Scottish Government’s Digital Strategy

The research on the value of shared platforms and a supportive culture for the effective transformation of public services were integrated into UK government digital strategy, which gives direction for digital transformation in government across the UK.

Uptake of the research was possible through Thompson’s close working with senior government officials. Thompson served on the National Audit Office Digital Advisory Panel from 2014 to 2016, and provided ad hoc advice to CEX Civil Service John Manzoni, and three cabinet ministers (F. Maude, D. Gauke, B. Gummer). He also provided expert advice to the 2014 Labour Digital Review on platforms. Thompson then contributed directly to the drafting of the UK Government’s Digital Strategy in 2017, which recommends strategically sharing components across government, incorporating findings in [R2].

The former Deputy Director, Government Digital Service, led on the Government Transformation Strategy and attributes this to Thompson’s research:

“Mark's impact is most evident from the high-level structure of the document [Digital Strategy] , where we have placed a significant focus on the need for government to move towards shared platforms, components and reusable business capabilities. This has taken significant inspiration from Mark’s research – particularly the book Digitizing Government. Mark's advocacy of the spend controls, value chain / Wardley mapping, and ‘minimum viable business capability’, have helped us to create a common narrative for transformation across government” [S1].

Also, Thompson worked with the Department for Culture, Media and Sport (DCMS) by helping to design an education programme for Permanent Secretaries and Director Generals around digital transformation to learn about potential efficiencies in government and for users through a platform approach. This directly reflected their findings in [R2]. The research is core to the training, which has become central in their efforts to build senior civil servants’ digital literacy. HM Government National Technology adviser explains:

“ Mark’s research on applying digital business models to redesign and transform public services – most recently the publication on government platforms in Government Information Quarterly – underpins a significant part of the content for the programme … Mark’s thinking has changed the way we teach our senior policymakers to conceptualise, design, and deliver digitally-enabled public services” [S2].

The Scottish Government also took up the research findings on shared platforms in their strategy and reforms spearheaded by their Digital Directorate. The Scotland’s Digital Strategy (22 May 2017) made common platforms a government priority. It aims for “ a public sector that operates on contemporary, digital, platform-based business models” and “ demands” that they create common platforms, deploy common technologies and use cloud-based solutions to avoid reinventing the wheel [S3].

Interest in platform thinking originated from senior officials’ engagement with Thompson and the published work. The Transformation Lead for the Government Digital Service, and the Director of Digital, read and applied findings published in Digitizing Government [R2]. Thompson was one of two Digital Advisors, and gave the Keynote address at 2017 Digital Scotland event, attended by the Scottish Minister for Digital.

Audit Scotland identified common platforms as a key requirement in their digital strategy [S4]. As the Director of Digital explains this is being done by directly taking up Thompson’s research:

“*The Scottish Government’s Digital Strategy, published in 2017, sets out an approach to digital transformation based on the development and operation of common operating platforms across Government for processes such as publishing, identity, licensing and payments. Mark Thompson’s book “Digitizing Government” was hugely influential in shaping our thinking on this topic, in the way in which it develops the concept of “Government as a platform” and identifies the potential opportunity of enabling resources to be redirected across Government based on their ability to deliver public value.*” [S5].

Realisation of local government’s greater efficiencies through digital transformation

Local authorities utilised the research to improve efficiency in digital transformations. For example, Adur and Worthing Councils adopted platform thinking and a ‘Lego block’ view of services, and also utilised tools developed for the private sector, like e-payment systems, to accommodate for a lack of financing [S6]. The Director for Digital Resources for Adur and Worthing Councils, led in designing their digital strategy. He explains,

“Mark’s academic work on the potential of digital platforms to enable councils to establish and share core capabilities has had a significant impact on our approach here at Adur and Worthing, where we have been successfully pioneering this model now for several years” [S7].

The then Head of Digital and Design affirmed Thompson’s central influence on their approach to rethinking organisational operations [S8].

Already, there is evidence of improved efficiency and effectiveness. The UK Local Government Association estimates the Councils’ digital programme achieved an annual saving of GBP190,000 between 2016/17 and 2018/19. The ‘lego block’ approach enabled them to save GBP20,000 a year on software spending in waste management since April 2016 [S6]. It recognised the Councils as a forerunner in digital transformations that are efficient and ease customer interactions [S9].

Levelling up of digital reforms through reuse and sharing across UK and Australian councils

Expanding even further its support for local government, the research on shared platforms was the premise for an open source platform that enables local governments to share their digital tools. This provides for increased efficiency and equity through sharing between councils.

Jadu Group, a UK-based technology platform provider, developed an open source digital library for local authorities in May 2018. Jadu’s Executive Director testifies that Thompson was central to the library’s design; this was affirmed at its launch in May 2018 [S10, S11]. The support enabled through the library for local councils as the implement of digital reforms has been profound, premised upon sharing of backend ‘Lego block’ tools.

The Executive Director of Jadu, emphasises:

“The idea for the Library came from Mark and his team, or certainly the idea seeded from their theories. Mark’s evangelism is a lighthouse for how we actually do make changes in government by leveraging reusable technology and open standards” [S11].

Since 2018, 90 UK local authorities have used the library,[S11] importantly those with limited capacity [S12] have benefited from the sharing of tools and digital processes from other councils. The JADU Executive Director suggests:

“The Library concept is a game changer, there is no question about it. Two years later it's very clear that this is a long term commitment in driving adoption and creating a community of users” .. “ what we are doing is having an impact on the entire local government market… This is driving the speed at which digital services can be developed and launched” [S11]

The library has proven valuable in improving efficiencies for local authorities globally. In Australia, the Jadu library has promoted access and sharing to address inequality in access to public services between remote and indigenous, and metropolitan councils. The Local Government Association of Queensland (LGAQ), representing 77 councils, partnered with Jadu in early 2018.

The acting CEO for LGAQ, explains the importance of levelling up digital capacity across councils: “ Our indigenous community members have a lot of disadvantage for a lot of range of different reasons but their digital platform that they can access is as powerful and as contemporary as the people living in the southeast Queensland, which is the high density part of our state” [S13].

With the library, the impact of the research has expanded beyond shaping government strategy, to enabling councils to support each other in delivering and sharing public services efficiently and in an inclusive manner.

The EPRG at the University of Cambridge actively engages in the dissemination of its research and uptake by relevant stakeholders through its Energy Policy Forum, which runs events such as seminars and conferences and stakeholder visits and dinners. The group has been ranked number eight among Global Top Energy and Resource Policy Think Tanks in 2018 and 2019 in a report by the University of Pennsylvania.

The Creation of an Independent System Operator in the UK Energy Market

In the UK energy market, the role of National Grid (NG) is highly significant. NG was a founder member of the EPRG’s Energy Policy Forum in 2005. Since that time Pollitt and his team at the University of Cambridge have been a ‘critical friend’ to the organisation and have examined their monopoly role in the GB electricity system [ R2]. NG value the close relationship that EPRG has with the GB electricity regulator, Ofgem, which has also led to Pollitt writing policy documents for them (drawing on [ R1] and published as [ R2]). According to NG’s Regulation and Strategy manager, the relationship with EPRG has proved valuable in broadening its perspectives including Pollitt’s research highlighting the benefits of an independent system operator when NG had long seen the advantages of maintaining integration. [ S1].

The publication [ R2] prompted a review of system operation by the regulator. In August 2015, Pollitt, was invited to meet with the then new Secretary of State, Amber Rudd, at Department of Energy and Climate Change (DECC) (now Department for Business, Energy and Industrial Strategy (BEIS)), the department responsible for energy. As noted by her then special advisor, at this meeting, Pollitt’s articulation of the ISO proved convincing to the department prompting NG to announce the creation of a legally unbundled electricity system operator, wholly separate from their transmission asset business: ‘Michael pitched his number one recommendation: the establishment of an independent system operator. After the meeting, the Secretary of State said “yes, we should do this”.’ [ S2]. The announcement was made in a joint statement from UK BEIS and Ofgem in 2018 [ S3].

On 1 April 2019 NG created a legally separate system operation business [ S4]. The benefits of creating a more flexible electricity system have been estimated at up to GBP8,000,000,000 per year (this analysis is based on the scenarios done for the Committee on Climate Change) [ S5]. They include greater accountability through a more decentralised system focused on customers [ S4]. It is anticipated that from this process the ISO could separate ownership from NG in the future [ S6].

Impact on Procurement Rationalisation by National Grid

Pollitt’s continued collaboration with National Grid has supported their efforts to rationalise procurement of electricity security of supply products. Pollitt highlighted some of the trade-offs inherent to the procurement of such services (confirmed by [ S1]). At a meeting in April 2016 he first presented his work on the re-design of frequency response markets [ R3], whereby ancillary services markets (worth around GBP1,000,000,000 p.a. as estimated in the Monthly Balancing Services Summary 2019-20 March 2020, published by National Grid ESO) could be simplified into a smaller number of auctions (for example, 1 instead of 3 for frequency response). These results and recommendations were taken up and in June 2017 NG published their ‘System Needs and Product Strategy’ document [ S7] which explicitly acknowledged the need to simplify the number of ancillary services products and set a timetable for trialling new auction designs. More competitive auctions have a track record of substantial cost reduction, relative to business as usual, and could reduce ancillary service costs by the order of 50%. Pollitt and colleagues at the EPRG have been working with NG since then to better facilitate the rapid increase in renewable electricity generation [ S1].

Impact on the Chinese Power Sector: wholesale power markets and support for renewables

Since 2015, the EPRG has been working with the British Embassy in Beijing to support their efforts to assist the Chinese government in reforming the Chinese power sector. As the largest power sector in the world it produces around 8% of global greenhouse gases. It is now trying to introduce competitive wholesale power markets and efficient renewable support mechanisms, drawing on UK and other international experience. A common issue for both systems is how to reduce emissions at least cost. In a quote collated by the British Embassy in Beijing, the Director of the Strategy Department, Guangdong Power Exchange remarked: “The reports done by Prof. Pollitt after his visit…provided to us valuable information and guidance to the design of Guangdong’s power market model." [ S8]

As part of this collaboration, the EPRG approached NG to become involved. Over a sustained period, members of EPRG and NG have visited China in order to advise: the NEA (Chinese regulator), State Grid Company of China, China Southern Grid, leading generators and new retail companies. To facilitate the exchange, EPRG subsequently published [ R4] and [ R5] in Chinese, with the support of the British Embassy in Beijing.

China’s National Reform and Development Commission (NDRC) cited Cambridge University support for power market reform specifically around transmission and distribution system regulation in a press release in 2017 [ S9], published during the 19^th Communist Party Congress. The NDRC is responsible for setting prices in energy, transport, medicine and a range of other sectors across China. The report acknowledges engagement with UK authorities at several points and outlines the adoption of specific UK regulatory practices for transmission and distribution pricing. Cambridge University experts are acknowledged alongside energy regulator Ofgem, National Grid and the UK BEIS. It is significant that the acknowledgement is made in a report during a period of heightened political sensitivity as part of the party congress.

Pollitt has been on eight Foreign and Commonwealth Office (FCO) supported trips to China since 2016 and met a large number of policy makers and stakeholders in six provinces. The EPRG has supported several FCO visits to the UK by Chinese delegations on power market reform. This has been appreciated by many key stakeholders. As evidenced earlier, by those heading up market design (see earlier remarks from the Director of the Strategy Department, Guangdong Power Exchange) [ S8]. But also by influential media, as evidenced by the three times Pollitt was interviewed by Energy Observer (in 2017, 2018 and 2019) [ S10], an influential energy media and think tank associated with China Southern Grid which has a wide readership across government, industry and academics.

Research conducted at CJBS at the University of Cambridge has established the fundamentals of modern transformative business models and the skills to implement and adapt that are essential elements in new venture and SME success. These insights are used to underpin an established set of tailored teaching and mentorship programmes at the Entrepreneurship Centre.

The Entrepreneurship Centre stands on three programme pillars to provide support across the new venture lifecycle: idea generation and entrepreneurial learning through cross-disciplinary programmes; business creation and starting up through Accelerate Cambridge; and finally, scaling up and growth through the Strategic Business Growth and Barclays ScaleUp UK programmes. Since 2013 over 300 founders and venture leaders have been equipped with the practical skills to successfully start up and scale up businesses through these programmes.

Creating Long-Term Growth Businesses through Accelerate Cambridge

The Entrepreneurship Centre focuses specifically on creating growth businesses, which will generate employment and economic prosperity. Findings from research on the entrepreneurial process described in section 2 have been central to the approach undertaken by the AC programme, a business accelerator housed within the centre. Its teaching and mentoring emphasize the need for both a well-developed business model and the process of pivoting the model at key points. AC has nurtured 253 ventures since 2013 which have raised a cumulative GBP230,600,000 including major development grants, seed capital, and venture capital from a range of international investors, creating jobs and opportunities in the Cambridge region [S1].

Ventures like Spirea joined AC with substantial scientific or technical knowledge but with a limited understanding of business models. Business mentors and structured seminars guide ventures through the underlying principles of transformational business models drawn from key research insights, and their practical application. The founder of Spirea, which in July 2020 secured seed funding [S2], suggested that the focus on designing a business model “to leverage the scalable components of my product has been extremely beneficial in identifying how I can grow and attract support along the way, including biotech partners and funders.” [S3]

AC’s approach ensures that new ventures pursue business models that are asset-light, agile and capture value through personalisation [R1]; an example is HealX’s use of Artificial Intelligence to repurpose existing drugs to treat rare diseases. Throughout the process, founders are challenged to refine their value proposition and to define their business models. Moreover, the programme team helps businesses to nurture the right connections across the Cambridge ecosystem to ensure that they have wide access to potential customers, mentors, and funders as well as to opportunities to identify alternative pathways for their business [R5] [R4]. The founder of Pharmenable highlights how “To date, we have grown our company from an idea to working with a number of multinational pharmaceutical companies since joining the programme and are currently on track to raise a seed funding round of £1.8 million. The programme was invaluable in helping us continue to drive our business forward, constantly reinventing, reimagining, and pivoting in the early stages” [S4].

Enabling scaling up and growth: developing tools for SMEs

Whilst the AC focuses its impact on the Cambridge entrepreneurial ecosystem, the Strategic Business Growth programme has reached businesses across different regions of the UK, and beyond (Greece).

The programme began in 2014 and has since been delivered to over 60 businesses, many of which continue to experience significant growth. For example, Satavia, which participated in the programme in 2019, used the Growth Trajectory plans developed in the programme to “ formalize our business planning process… [which] has made a massive positive impact on the growth of SATAVIA Ltd” (CEO & Founder, Satavia) [S5]. This has enabled them to build an investable business plan that has resulted in a GBP1,000,000 investment less than a year after completing the programme (between October 2019 and January 2020) . Additionally, the company has won a large project funded by the European Space Agency for EUR1,900,000, and has grown the team to 18 staff members (12 of those full time) [S5].

Peterborough based law firm, Taylor Rose TTKW, completed the programme in 2016 following a major growth event, merging with Tucker Turner Kingsley Wood in 2015. Their developed growth plan boosted consulting revenue from GBP3,200,000 to GBP5,100,000 in 10 months, two months ahead of target. Since then, the firm has used the growth plan framework to forecast GBP20,000,000 in consulting revenue in their current fiscal year and plans to complete the Strategic Business Growth programme again in 2021 “to review market opportunities/business strengths afresh and update our strategy for the next few years” [S6].

Through both its startup and scale-up programmes, the Entrepreneurship Centre has enabled companies to achieve significant, sustained growth in investment and employment to benefit the UK economy. HealX’s participation in both Accelerate Cambridge and the Strategic Business Growth Programmes has unlocked their potential to envision growth and develop strategies to achieve it. Recently, they were recognized as one of the “Top 100: Britain’s Fastest-Growing Businesses” in a leading industry report [S7]. Recent raising of a Series B round of USD56,000,000 has enabled them to grow their team to over 50, all new jobs which require technology and scientific qualifications [S8]. “Since joining the programme in 2014, our company has grown from just a handful of employees to targeting upwards of 75 full time staff by the end of 2020. We have raised over £65 million in funding since that time and continue to grow.” (CEO & Founder, HealX) [S9]

The Entrepreneurship Centre has established its reach beyond Cambridge through strategic partnerships with Barclays and the CJBS Executive Education programmes. The Barclays ScaleUp UK programme has reached 131 scale-ups based on critical gaps identified in management skills in [R3]. A recent survey [S10] of leaders from businesses who completed the Barclays ScaleUp UK programme found significant positive impact after completing the training. This initiative demonstrates the Entrepreneurship Centre’s contribution to fostering entrepreneurial capability across the country.

| Percentage of respondents that : | | --- | --- | | Found at least one module on the Barclay ScaleUp UK programme to have crucially impacted their business | 92% | | Have been executing a growth plan they designed on the Barclays Scaleup UK programme | 89% | | Regularly use at least one management tool learned on the Barclays Scaleup UK programme | 57% |

| Growth Metrics following Barclays ScaleUp UK (BSU) Participation: | | --- | --- | | Average annual sales growth since BSU | 28% | | Average annual employee number growth since BSU | 18% | | Average annual profit growth since BSU | 18% | | Average annual market share growth since BSU | 13% |

Advancing the growth potential of UK SMEs and new ventures

Hundreds of SMEs and new ventures have participated in programmes based on the research and translation of entrepreneurial tools in the CJBS Entrepreneurship Centre since inception in 2013. This has resulted in a transformative level of entrepreneurial upskilling within Cambridge and across the UK, skills which are essential in the continued development of the economy and recovery in the current uncertain times. Programmes like Accelerate Cambridge continue to attract significant attention and result in the creation of new ventures, jobs, and economic benefits. In this way, the Centre continues to demonstrate continued impact through building sustainable and scalable growth ventures.