Towards the end of last year, I had the idea of bringing all the higher and further education institutions in Wales together to share their experiences of working with industry, developing entrepreneurial students and supporting graduate businesses.
And earlier this week, the BeTheSpark movement set up to develop greater entrepreneurship in Wales brought together over 120 participants from universities and colleges who gave over fifty presentations on the impact they are having within the Welsh economy.
This should not really be surprising, as both academics and policymakers are increasingly appreciating that knowledge generated from universities is a key contributor to national and regional competitiveness.
As a result, universities have become increasingly engaged in using their knowledge to support economic and entrepreneurial development rather than focusing their mission exclusively on teaching and research.
These entrepreneurial activities have led policymakers to increasingly portray universities as important actors in regional economies that play a vital economic development role by establishing programmes and facilitating networks to support the exploitation of the knowledge generated.
It wasn’t always this way – the links of universities with their regional economies have evolved during the last two decades from a simple process of knowledge transfer through mechanisms such as patent licensing to more complex channels of knowledge exchange.
Whilst universities have tended to integrate economic development activities that are directly relevant to their normal missions (i.e. teaching and research) they are becoming increasingly engaged with various types of partners in different modes of networks at local, regional, national, and international levels.
In today’s knowledge-based economy, the need to foster potential successful entrepreneurs from a university’s graduate population comes from evidence that graduates have the abilities and skills increasingly needed, particularly in high technology businesses.
There is also evidence that more graduates are already entering small business, either as employees or as proprietors, and that small business management education and training is a factor influencing the success rate of such businesses.
More importantly, universities are directly supporting the creation of new firms. As we know, entrepreneurs and innovators create jobs, are the source of innovation and new ideas, provide the impetus for the growth of new sectors, increase competition within the market and, through ensuring opportunities in deprived regions, help reduce social exclusion.
There are also many reasons why universities should play a more active role in the promotion of a stronger enterprise culture and in the stimulation of entrepreneurship.
These include fostering greater levels of enterprise in young people, preparing university graduates for employment within SMEs, responding to the potential for graduates to become successful entrepreneurs in their own enterprises, and contributing to the capacity of small enterprises to survive, develop and grow, and thus make a real contribution to the local and regional economy.
Here in Wales, there are some excellent examples of higher and further education institutions in Wales developing greater entrepreneurial opportunities.
With regard to creating links with industry, there are a range of different initiatives that are helping businesses to become more competitive and develop new opportunities.
At the University of South Wales, the skill needs of the cyber security industry in Wales have started to be met through the creation of the National Cyber Security Academy at its Newport City Campus.
In North Wales, Bangor University is establishing Menai Science Park on Anglesey to provide flexible buildings with space that grows with the company and a dedicated business development manager on site to create tailor-made support packages and ensure companies receive all the support and meet the right contacts to help them grow.
And Cardiff University have established Creative Cardiff which is a city-wide creative network for individuals, organisations and companies working in the city’s creative economy.
In terms of helping students to start-up their businesses, students at Aberystwyth University are being given the opportunity to fulfil their entrepreneurial dreams through the InvEnterPrize competition, which offers up to £10,000 to the winning individual or team to invest in equipment, facilities or professional services to turn their invention or business start-up idea into a reality.
On a similar but smaller scale, Gower College have created the Swansea Seed Fund which helps young people aged 16-25 to start a new business by awarding them a grant of up to £500. Bridgend College have established TestTown Bridgend, which is a pop-up youth enterprise market in the town centre giving young entrepreneurs the opportunity to sell and showcase their products and services.
Therefore, the first-ever HE-FE Entrepreneurship Forum this week has shown that rather than being complacent about entrepreneurship and building links with industry, universities and colleges are being proactive in creating a more enterprising Welsh economy. However, we do need to ensure that going forward, academia continues to work with government, industry, risk capital and, most importantly, entrepreneurs to maximise opportunities for those graduates who want to start their own businesses.