User Rating: 5 / 5
The rise of self-employment has been a key characteristic of western economies since the turn of the century. In the United Kingdom, the number of self-employed people rose from 3.3 million in 2001 to 4.8 million in 2017.
Entrepreneurship is key to the growth of the economy as a whole. Entrepreneurs inherently start new businesses adding to the national income, innovation and growth of a nation. They are also key to creating social change. Facebook, for example, has revolutionised the way in which people interact.
These startup businesses also often work closely with local communities helping to develop the skills of the local people and provide them with unique opportunities. Entrepreneurship is key to defusing wealth concentration and increasing social mobility. Without new startups, older firms wouldn’t be forced to innovate and their inefficiency would not be challenged.
Entrepreneurship is at the heart of our modern economy and pushes us all forward.
Key to the success of entrepreneurs is their level of education and startup support. Universities are centralised institutions housing some of the greatest young talent and future entrepreneurs responsible for driving forth our economy for decades to come.
It is for this reason that it is not only logical but morally obligatory that universities provide the resources and support to harness this talent as efficiently as possible encouraging entrepreneurship and allowing their students’ innovative businesses to lead us into the future.
Durham University is a top 100 world university with incredibly talented students many of whom have great aspirations to start their own businesses and companies promoting new ideas and challenging the norm. Unfortunately, the university prohibits these students from obtaining the support which they require to successfully launch their businesses.
Should a student at Durham University decide to found an enterprise, they are limited to £500 in funding for their venture through the KickStart Fund. This support pales in comparison to other universities such as Newcastle University who offer START UP Founderships of £7,500, Oxford University which offers between £15,000 and £25,000 for student start-ups and Cambridge University which can offer between £20,000 and £1,000,000 in startup funding. (Additional figures are provided below).
Speaking to Durham University students on the topic there was a consistent malcontent with the university and the support they offer. One student disclosed that they had received more support from other students and student-led societies than from the enterprise centre and the university itself.
Another student pointed out that the lack of a workspace to grow their business greatly prohibited them from achieving their goals.
Finally, we heard from a student at Durham University who was receiving funding and support from Teesside University because Durham had been unable to adequately support them. Many more students we spoke to asked not to have their comments included for fear of potential backlash from the university.
Inefficiency is our nemesis here at Ichor. Our company does not accept that our society should be content with wasting our limited resources. A university which cannot harness the knowledge of its students, promote their work and support their enterprises has failed us all.
Human capital is a valuable asset to all of society and it should be valued and nurtured by academic institutions. The role of a university is not to increase its profits or impress its donors but instead to build its students into valuable members of society who can innovate, produce and grow. It is clear that Durham University is failing in its task.
|Cambridge||1||20k to 1mil||Funding and Investment|
|Oxford||2||15-25k||Funding and Investment|
|Newcastle||22||7.5k+||Foundership for living costs + Potential investment/funds|
|York||21||2.5k||Funding and Investment|
|Bristol||15||21.5||Layered support based on stage of company|
|Southampton||20||2.5k||Two levels of funding|
|City University London||Yes|
|Robert Gordon University||Yes|
All information provided has been verified on each University's webpage. Any inability to confirm support or workspaces through the Universities advertised site led to the exclusion of that University from our research.
Alan Houston, Pro-Vice Chancellor for Education at Durham University, commented:
“We are investing significantly in supporting student enterprise – which is a key focus of our University Strategy. We have a number of high quality initiatives in place to support student enterprise and the success of these is clear in the calibre of our award-winning student entrepreneurs and the start-up businesses that begin here at Durham University.
“We aim to equip our students with the skills they require to create viable, sustainable and scalable businesses. To do this we have a dedicated Enterprise team who provide one-to-one specialist business coaching, workshops, enterprise competitions, a large number of networking opportunities, and connections to external providers of support and finance. The Kickstart Fund is also in place to encourage students to explore ideas at the early stages of their business development.
“We are constantly looking for ways in which we can further support our students and their business ideas. Whilst expanding our current services – with more advisors, events and connections with organisations across the North East – we are also working on a number of new initiatives, which include creating new workspaces, support programmes and bespoke student enterprise facilities.”
The University is making progress to ensure that student entrepreneurs have access to the support they need, including workspace.
Upcoming projects include:
Durham University also aim to build on the existing success of their student enterprise support programme.
In the upcoming academic year they will: