Among the big winners of a university being in a neighbourhood must be the neighbourhood itself. In her monthly column, our Vice-Chancellor Professor Karen O’Brien reflects on Durham University’s positive contribution to the economy of North East England.
It’s critical that a university makes a positive impact close to home – benefitting our local community and improving the lives of those who live, work and study here.
Durham University does this in many ways. In this column, I want to focus on the economy. How is Durham University helping deliver growth and prosperity locally?
First: creating an economic stimulus. Last week, the Government announced £8.9m for a Durham-led project to commercialise university research – creating more businesses in North East England.
We already have a strong track record in this area. Northern Accelerator, a collaboration between Durham, Newcastle, Northumbria, Sunderland, Teesside and York universities, has created 50 spin-out businesses.
This new funding will allow us to go further and faster – bringing in more businesses, more public sector bodies, and more researchers: strengthening our economy and developing innovative solutions to pressing challenges.
You will see more of this collaborative working across our universities as Universities for North East England, bringing together our region’s five universities to drive economic growth and expand opportunities, gets into gear.
Second: supporting our students to start new businesses and remain in the region.
In the last five years, working with our Hazan Venture Lab – a dedicated entrepreneurial facility, our students have created 140 new businesses.
You may have heard of Low Carbon Materials, which was shortlisted for the Prince of Wales’ Earthshot Prize. They produce carbon-negative aggregates that are now being used on many roads.
Third: through spending power. We encourage awarding of contracts to local firms; attract many visitors, as well as our students, to Durham; and bringing our world-class Business School to the heart of Durham City at The Waterside building is increasing footfall for our city centre and its businesses and traders.
We recognise that many businesses and families are facing financial pressures right now.
We are not exempt from this, as a University and as the Higher Education sector.
But, just as we have been part of Durham for nearly 200 years, we are equally committed to ensuring a prosperous shared future.
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