Ready to scale up? Five ways that collaborating with a university can support your business growth

Caroline Stanton, Head of SME Partnerships at The University of Manchester, shares how the institution is supporting innovative businesses to scale and grow through partnership and collaboration.

The North West is home to over 3,000 scale up businesses, who are actively growing by turnover and / or employment by more than 10 per cent. However, the past few years have tested the resilience of scale up businesses, with a reduction in the overall number of scale ups in the UK as a result of geopolitical dynamics, inflationary pressures and the pandemic continuing to impact on operations and confidence.
Despite this, the contribution of scale up businesses to the UK economy remains significant, now accounting for 58 per cent of the UKs overall SME output at £1.3 trillion (Scale Up Institute Annual Review 2023). Now more than ever, growing businesses need supportive innovation ecosystems in which to thrive, that can remove some of the barriers to growth around talent and skills, market access, finance, infrastructure and leadership capacity.
Universities have a vital role to play in supporting businesses in an innovation ecosystem. This blog explores the multifaceted ways in which university collaboration can support businesses in scaling and achieving sustained success.

Access to Cutting-Edge Research and Innovation
Universities are hubs of innovation and research, continually pushing the boundaries of knowledge across various fields. Businesses that collaborate with universities can gain access to this cutting-edge research, which can be pivotal in developing new products, improving existing services, and enhancing operational efficiencies. For example, 93% of The University of Manchester’s research was assessed as ‘world-leading’ or ‘internationally excellent’ (Research Excellence Framework 2021); partnering and collaborating with the University can drive knowledge exchange to embed cutting-edge innovation into businesses.

Talent Pipeline and Professional Development
A significant advantage of university collaboration is access to a pipeline of talented graduates who can bring their skills into businesses, who can tap into this talent pool through internships and placements, student projects and recruitment. For example, The University of Manchester is the most targeted University by the UK’s top 100 recruiters according to High Fliers Research (2023). By engaging with students early, companies can train potential future employees in specific skills and company culture, ensuring a seamless transition from academia to the workforce. This not only helps in filling current skills gaps but also fosters a culture of continuous learning and innovation. Universities can also provide an extensive range of tailored and bespoke continuing professional development opportunities for existing employees that can inject new skills, insight and talent into businesses.

Funding and Financial Support
Partnering and collaborating with a University can open-up additional opportunities to access funding mechanisms and schemes to support research, development, innovation and business growth. For example, collaborative research projects between universities and businesses can attract public funding, such as from UK Research and Innovation (UKRI), Innovate UK, or Horizon Europe, providing a financial boost to scaling businesses. At The University of Manchester, we hold one of the UK’s largest Impact Acceleration Account (IAA) funds, available for UK businesses to part-fund the cost of running collaborative projects with researchers. Ranging from early-stage relationship exploration, to proof of concept, feasibility studies and people exchange – our ~£15 million IAA provides businesses with dedicated resources to tackle a challenge or opportunity within their organisation.
Access to Expertise and Resources
Academics and researchers at universities often possess deep knowledge and expertise that can be incredibly beneficial to businesses. By partnering and collaborating with universities, businesses can gain insights into the latest industry trend, best practices, and innovative solutions. At The University of Manchester, collaboration can take many forms, from targeted consultancy services to provide advice, expert witness and specialist opinion, through to knowledge exchange projects to develop new products, processes or services, to longer-term strategic research collaborations. World-class research, coupled with access to state-of-the-art facilities, laboratories and equipment can help businesses to navigate complex challenges and identify new opportunities for growth that would be prohibitively expensive for businesses to carry out independently.

Collaborative Networks
As an integral part of larger innovation ecosystems, universities are connected with various industry networks and clusters, government bodies and other business support intermediaries, regionally, nationally and internationally. By collaborating with universities, businesses can tap into these extensive networks, opening doors to new partnerships, markets, and opportunities. At The University of Manchester, we have a Scale Up Forum, for ambitious business leaders at all stages of their scale up journey. The forum is member led, with agenda items and topics agreed by forum members. Businesses participating have the opportunity to benefit from cross-discipline academic insight and thought leadership, share experiences with peers and connect with the University’s regional and national business support ecosystem.

Conclusion: Partner, Collaborate, Innovate!
From accessing cutting-edge research and talent to securing funding and utilising state-of-the-art facilities, the synergy between universities and businesses can drive significant business growth and innovation.

For businesses aiming to scale, forging strong, strategic partnerships with universities should be a key component of their growth strategy. By doing so, they can not only enhance their competitive edge but also contribute to a thriving, innovation-driven ecosystem.