In a week that saw the publication of the long-awaited Cambridge Phenomenon book, celebrating 50 years of innovation in the area, some more sobering figures concerning continued investment have been published.
Research from tech-focused investment group Ascendant found that while generally VC investment is up in Q1 2012, money doesn’t seem to be coming to Cambridge. £307m was invested in tech companies in the UK and Ireland – with £188m going to London-based outfits, and £27m to Irish ones. Cambridge (and Oxford) saw very little new money.
While it can be misleading to generalise based on three months of data this could be a worrying trend as centralised government action to boost London’s Tech City draws potential funding (and talent) away from the Cambridge ecosystem. After all, as Rory Cellan-Jones points out in his BBC Blog, Cambridge has potentially a better chance of creating world-class tech companies than London as it has already developed an ecosystem with research at its heart to feed innovative ideas to the market. But investment funding for Cambridge is key – not just in ‘scientific’ spinouts such as Owlstone and ARM but the more internet-style businesses and the thriving cleantech sector that Cambridge also supports.
So how does Cambridge compete against the media-savvy Tech City community when it comes to gaining funding? I may be biased as a marketer, but really feel that public relations has a strong role to play. There is still a tendency amongst Cambridge startups to treat PR as an afterthought rather than an intrinsic part of how you create a company and drive its success. You need to know your audience and deliver the right message to it at the right time using language they understand to succeed. Otherwise the risk is that Cambridge will become seen solely as the domain of technical wizardry rather than as a driver of customer-focused innovation that leads the UK tech scene.
Yesterday’s CUTEC Technology Venture Conference (TVC) in Cambridge provided a lot of interesting talking points. One of the world’s largest student organised business events, it brought together over 400 entrepreneurs, businesspeople, investors, students and start-ups to discuss The Ideas Economy and how it could develop.
Doing justice to all the speakers and activities on the packed programme would require much more space than in my blog, so I’m going to pick a couple of key topics and focus individual posts on them.
The first is the long running debate on the differences in entrepreneurial culture between the UK/Europe and the US. BBC technology correspondent Rory Cellan-Jones pointed out that there had been a sea change in UK attitudes over the last 30 years – when he left Cambridge in 1981 neither he nor his contemporaries would have dreamed of setting up their own business. But the first dotcom bubble showed people what could be achieved on their own and made entrepreneurship a viable alternative to corporate life. And this has continued with the current bubble enabling braver, disruptive ideas to be tried.
However a panel of US entrepreneur Ted Shelton and adviser/investor/entrepreneur Sherry Couto, chaired by David Rowan of Wired pointed out there are still areas for the UK to work on. Failure is still seen as unremittingly bad, rather than a learning experience, short-term thinking means that entrepreneurs are likely to sell early rather than chase the investment needed to build the next tech giant and there are a lack of public role models to show people what can be achieved with an idea and hard work. Given that the highest profile business leader in the UK is probably Alan Sugar, this final point is definitely one I agree with.
Talking to start-ups and students at the event backed up these points – rather than rushing off to become accountants or consultants many were seriously looking at either starting up their own companies or working for smaller, fast growth businesses. Now we just need to extend that attitude to drive longer-term thinking, unlock investment and maybe, just possibly, the UK can create the next generation of tech businesses to sit alongside Facebook and Google as global household names.
- CUTEC Technology Ventures Conference 2011 (fakeiitian.com)
The BBC has a big piece today on how charity Cancer Research UK is making a concerted attempt to update relevant sections of Wikipedia. Hardly earthshattering as news – all companies should be monitoring/updating relevant Wikipedia content, though many quite obviously don’t. Working directly with Wikipedia, Cancer Research UK’s subject experts will update a wide range of content relating to cancer, from symptoms to the latest research.
What’s interesting to me (and should be a wake up call to all marketers) is that it shows that compelling content alone isn’t enough on the web. When it comes to getting people to view your information, SEO is king.
Cancer Research UK has realised this – it knows that in a simple search Wikipedia is going to be higher up the list than its own site and people believe what they read on Wikipedia. So it is taking smart action to get its message to the right people. Wikipedia benefits from the addition of expert pages and web surfers have a better chance of accessing the latest information, rather than dangerously out of date or inaccurate content. Everyone wins. It’s a tactic that other marketers should be looking to copy, no matter what industry they are in.