Tech start-up Green Running was proud to be among the exhibitors at a high-profile House of Commons reception for the world’s number one university business incubator, SETsquared.
Green Running, based at SETsquared’s centre in Bath, was part of the special event at which SETsquared announced that its member companies raised over £90m of investment in 2015.
Green Running has created a technology called the eGenius™ that uses Machine Learning to help homes monitor, analyse and manage their energy consumption. It has the ability to provide real-time bill breakdown and usage information to an individual appliance level via a smartphone or tablet device.
Already well-established in the commercial market, Green Running has provided their energy monitoring system to the likes of the Crowne Plaza Group, Jaguar Land Rover and Scottish Power Energy Networks. Investors include Ignite; the Social Investment arm of Centrica and owners of British Gas.
Green Running’s CTO Peter Davies said: “What a great event! It was brilliant to see MPs appreciating the impact that SetSquared and other start-up accelerator hubs have on the economy and helping to drive forward innovation in the UK. We would not be in the position we are today without the support and opportunity they provide and we are very proud to be part of the Global Number 1 business incubator in the world!”
Ali Hadavizadeh, deputy head of enterprise at SETsquared’s innovation centre at the University of Bath, said: “We were delighted to celebrate SETsquared’s ranking as the World’s number one university business incubator at the House of Commons today. The event helped everyone attending to appreciate the profound effect that SETsquared’s ambitious and innovative ventures have on our economy and entrepreneurial culture.
“This important event for SETsquared is an excellent opportunity for Green Running to demonstrate its technology and show the great work that’s happening in Bath.”
The £90m of investment in 2015 is the highest annual investment figure ever achieved by SETsquared – the 14-year old enterprise partnership of the universities of Bath, Bristol, Exeter, Southampton and Surrey.
SETsquared currently supports some 260 high growth potential technology companies, all of which are developing businesses based on technology innovation in sectors as diverse as cloud computing, cleantech, medtech, next generation mobile and spacetech.
SETsquared announced the record investment news on 4 February at a reception at the House of Commons, attended by the Secretary of State for Business, Innovation and Skills, the Rt Hon Sajid Javid MP; Lords and MPs.
Sajid Javid said: “It’s great to see SETsquared’s vital work and the record level of investment raised by the businesses they support. Business incubators, such as this, play a crucial role in helping start-ups innovate, compete and grow and I remain committed to backing entrepreneurs across the country.”
The investment raised by the start-up companies translates into economic growth, and independent research commissioned by SETsquared shows that its companies have created over £3.8bn of value (GVA) in the South of England’s economy since 2004. SETsquared’s plans for continued growth will see the economic contribution created by its companies rise to £8.6bn over the next 10 years.
Simon Bond, Innovation Director at SETsquared, said: “It’s important for SETsquared, as the world’s leading university business incubator, to show the vital work that’s going on to help place the UK at the forefront of innovation and entrepreneurship.”
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SETsquared is a long-standing partnership between the universities of Bath, Bristol, Exeter, Southampton and Surrey which specialises in growing high-tech start-ups through its incubation programme and other business acceleration services. SETsquared provides mentoring, access to investors and corporate innovators and a wide range of industry experts through its network and training programmes.
Its business incubation programme is ranked by the University Business Incubator Index as the best in the world and over the last decade it has helped over 1,000 high-tech start-ups to develop and raise more than a £1bn of investment.
Independent research carried out by Warwick Economics estimates the economic impact of SETsquared member companies to be £3.8bn over this period, with the creation of 9,000 jobs and that these companies, along with new companies SETsquared will incubate, are set to deliver a further £8.6bn of impact to the UK economy in the decade ahead.