Universities Enhancing Local and Surrounding Economic Development
In a new report released by the Institute of Economic Development (iED) and AtkinsRéalis, universities are encouraged to take a central role in driving local and regional economic growth across the UK. The report emphasizes the importance of collaboration between higher education institutions, local authorities, businesses, communities, investors, and further education.
The report does not present any new recommendations or case studies beyond those already mentioned. However, it does share best practices through in-depth case studies in various UK regions and international examples. These demonstrate how universities can serve as hubs of innovation and economic drivers.
The key recommendations in the report focus on positioning universities at the heart of place-based growth strategies. The government should incentivize higher education institutions and local governments through clear policy guidance, capacity building, and dedicated budgets to support economic development. Universities should act as anchor institutions that address national challenges such as productivity, business scaling, and regional economic disparities.
The report highlights the importance of universities in driving innovation and economic growth. For instance, universities can develop innovation districts, multi-institutional economic partnerships, and act as strategic partners in place-based growth strategies. The report also encourages regional strategies to focus on unlocking opportunities for new and existing industries.
One such case study is Teesside University's DigitalCity initiative, which has supported over 650 digital and creative businesses and made a significant contribution to the local economy. John Rayson of AtkinsRéalis emphasized that universities are key engines for innovation in regional economic development. Lynsey Robinson, deputy director of economic development and operations at Teesside University, emphasized the importance of flexible collaboration in developing projects in line with funding opportunities and government priorities.
The government's plans to adopt a place-based approach to drive economic growth were outlined in Labour's Spending Review and Industrial Strategy White Paper. There is an increasing recognition that regional socio-economic growth strategies should reflect the priorities of local communities and the potential for new and existing industries.
The report also suggests that the national government should ensure sufficient financial performance and cultural incentives for institutions and individuals to focus on economic partnerships. The principles of universities' role in regional economic development and the need for strategies to reflect local priorities and industry potential are long-term and consistent.
In summary, the report calls for government incentives aligning higher education and local government efforts on economic development, recognition of universities' roles as anchor institutions fostering innovation and partnerships, use of place-based approaches to growth centered on universities acting as hubs for innovation, networks, and capacity building, collaboration between universities, local authorities, and businesses to build vibrant economic ecosystems addressing regional disparities and boosting productivity.
Universities could leverage their role as anchor institutions to spur innovation and boost the local economy, as demonstrated in programs like Teesside University's DigitalCity initiative. To effectively drive economic growth, it's crucial for the government to support this collaboration through financial incentives and policies that encourage education-and-self-development, business development, and financing within innovation hubs.
