INSIGHTS / Blog

(Karen shown far right)

After 22 years with SETsquared, Programme Director Karen Brooks has moved onto a new role with the University of Bath’s hydrogen project GW-Shift as the Deputy Director. We caught up with her before she left to get her reflections on how the innovation and incubation landscape has changed over that time and what she’s most proud of from two decades spent developing SETsquared.

“It’s been such a privileged position to spend 22 years developing and growing SETsquared. When we started, nobody had an incubator, and certainly, nobody could spell the word entrepreneurship. Now, they are more commonplace. Everyone from corporates to local governments have incubators these days. Our roots are in incubation, and it’s heartening to see that some of the initiatives we put in place 22 years ago, like business review panels and mentoring, are still staples of our incubation offering now, which has always made it unique.

“We started as a partnership of four universities, with just 15 desks at the University of Surrey and then rolled out the same in Bath, Bristol and Southampton. Since then, we’ve brought in a new university partner every ten years. Exeter came on board in 2011 and Cardiff in 2021. Bringing Cardiff into the fold was instrumental. It really strengthens SETsquared by having a partner in another funding location. So, we’ve gone from 15 desks to supporting approximately 400 companies at any one time across the business acceleration centres and sector-specific programmes – the scale and impact of the partnership are off the chart now.

“Whilst some of the concepts have stayed the same, what has evolved is a stronger link back to the universities. It was more tenuous back in the day when we had very few spin-outs involved in the programme, and SETsquared wasn’t really linked with the campus. Now, I see those links all the time, whether through the training running across campuses for researchers and entrepreneurs, academic founders pitching at our investor showcases, or the many successful researcher and company partnerships.

“So, it’s changed from something on the outskirts to being much more integrated with the university’s business and driving impact from its research. From creating spin-outs and licensing deals to helping researchers think more commercially, and the InnovateUK ICURe programme is part of this, which SETsquared piloted over 10 years ago. But also through industry-academic collaborative R&D. During our Scale-Up Programme, we had a 36% success rate with grant applications when we connected companies to the research base and provided guidance on the grant application. That’s compared with an average 10% success rate.

“We’ve learnt that you can’t just be on the outskirts. You need to be integrated into what the university and companies need. Universities need research impact and income, and for companies, its funding, product validation, and development.

Building a thriving ecosystem takes time

“Over the years, SETsquared has built a strong reputation for what it does. Just this year, it was ranked as the top start-up hub in the UK and the 3^rd in Europe by the Financial Times. We get a lot of people asking ‘how do we create an ecosystem in two years?’ The answer is that it’s not possible. SETsquared is the culmination of 22 years of work. The six partner universities are SETsquared’s primary funders and stakeholders, and it must stay relevant to them all. The real draw for the universities is that together, as a group, we can do what’s impossible at individual universities. It’s powerful but takes a lot of time and effort. Sometimes, I’m surprised that after 22 years, we’re all still talking to each other!

“When we first started, it was challenging to get mentors on board, and it was hard to find member companies because they didn’t naturally meet in one place. But in the last 10 years, that has dramatically changed. It used to be that office space was the draw for companies to get involved, but they don’t need that now people are so comfortable working from home, although they still want space for meetings and networking. It’s become more of a service offer than a facilities and service offer. That’s transforming in terms of how we work, but it’s also transforming for businesses generally.

“It’s a similar situation for our High Streets. How does a high street make itself relevant? You’ve got this space that needs an income and a business model like incubation does. I think the key is building a space where academia, SMEs, industry, and civic organisations can come together and really connect because that’s when you get serendipitous ideas. A lot of value comes when you can bring people together so that serendipity can develop into tangible collaboration.

Successful incubators need a differentiator

“My role in the early days was to bring companies into the incubators. That was much more difficult back then. Today, people are very comfortable with the concept of an incubator and what they might get from one. Though, of course, this varies from incubator or accelerator.

“SETsquared’s key differentiators, outside of its reputation and the impact numbers, are the six universities and the value they can bring to companies and vice versa. When I started, it was all about money and economic growth. Now we talk about social and environmental impact as being equally as important. So there’s been a dynamic shift in the type of companies supported across the partnership – in the early days, it was all about digital. Now, it’s heartening to see deep, health and sustainable tech being the main SMEs supported – as these are the solutions we need to solve global challenges, social issues and environmental stability which combined with solid business foundations, create economic growth and high-value jobs.

Building a strong team is everything

“For me, the team has been the most important thing. I’ve worked with many different people and organisations over the years, but nothing compares to the SETsquared team. Their ability to take on programmes, make them relevant and deliver value and results is second to none.

“We’ve created a culture where there are no boundaries to progression. We have several team members who started as interns or programme coordinators and are now part of the senior leadership team. I want to name-check Serena Giaminardi and Karina Moore here as two talented individuals who have risen to the top through sheer hard work and their amazing ideas and vision. To truly be successful it takes passion and commitment, just like any start-up. The SETsquared team exemplify this in their culture, working ethos and ethics. I couldn’t be more proud of the team.

What makes SETsquared so special?

“The three things big things that make SETsquared stand out at this moment in time are:

• A developed ecosystem. SETsquared brings together all the key players – investors, deep tech start-ups, government funders, and, crucially, its university partner. That’s unique and delivers value to all parties.
• 22 years of impact and growth. When we started, why would anyone come and work with us? Why should we get funding? But now we can show how that’s evolved and grown over the years.
• A reputation for delivery and results where it matters. Whether it be investors who we always put quality deal flow in front of, funders to whom SETsquared always delivers results or the university partners who gain impact and recognition through SETsquared’s activity – the team continually deliver.

“Stepping away from SETsquared has been hard, but I’m excited to start a new chapter with the GW-SHIFT project that will make a meaningful difference to our planet’s health. My proudest legacy, though, is the team, who I know will continue SETsquared’s trajectory to even more value and impact to business, investors and the Universities.”

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