Science Minister David Willetts recently visited Oxford to launch a major report recommending actions are taken to accelerate the growth of Oxfordshire’s high-tech business cluster.

Entitled The Oxfordshire Innovation Engine – Realising the Growth Potential, the independent report has been produced by economic consultants SQW.

It concludes that with the right support for growth, the county’s high tech companies could generate an additional contribution of £1bn to the economy over the next 10 years.

The report was commissioned by Oxford University and Science Oxford, with support from the Oxfordshire Local Enterprise Partnership.

SQW, the sister firm to Oxford Innovation, led an extensive consultation exercise over the past eight months with representatives from the business, research, local government and finance communities.

They highlight Oxfordshire’s assets — the county sits in a superb strategic location close to Heathrow and the Thames Valley and hosts a concentration of ‘big science’ and research facilities “unique in Europe and possibly worldwide,” complemented by a cluster of about 1,500 high tech firms employing an estimated 43,000 people.

Success stories include global engineering firm Oxford Instruments; Sophos, a pioneer of anti-virus software; Evotec, an international drug discovery firm; Siemens Magnet Technology, whose magnets are embedded in 30 per cent of the world’s MRI scanners and RM Education, a leading supplier of educational software.

Oxfordshire is also home to the world’s most prestigious motorsport firms including Williams F1, Caterham F1, Lotus F1, Marussia F1 and Prodrive, as well as BMW, manufacturer of the Mini.

Emerging stars include Immunocore, whose breakthrough cancer treatment is in clinical trials in the US and UK; Nexeon, creator of a next generation long life battery technology; Yasa Motors, developing an electric motor that delivers four times the performance of current models in a package half the size and medical device manufacturer, Owen Mumford.

However, SQW’s report warns that constraints must be overcome if Oxfordshire is to realise its full economic potential.

These include a severe shortage of business space in the city, high house prices and traffic congestion due to inadequate road infrastructure linking growth areas.

Speaking at the launch at Said Business School, Mr Willetts said: “Oxford is playing a vital role in keeping the UK ahead in the global race by providing new and exciting growth opportunities in technology and innovation. The Oxfordshire Innovation Engine Report highlights how the forward thinking of businesses has established the region as a world leader.”

Professor Andrew Hamilton, vice chancellor of Oxford University, added: “Strengthening Oxfordshire’s innovation ecosystem is a key element of our core mission to continue to attract world-leading students and academics and help our researchers turn new ideas into new commercial opportunities.

“The suggestions in the report will be very useful in informing our ongoing discussions with partners including Oxford City Council and Oxfordshire County Council, Oxfordshire Local Enterprise Partnership, Culham, Harwell, local firms, and, very importantly, community groups and local people. We look forward to working with these partners on a vision for an Oxfordshire that does even more to support and nurture high tech economic growth.”

Highly successful local entrepreneur and former science minister, Lord Drayson, has served on a steering group overseeing the project. His Kidlington-based company, Drayson Racing Technologies, recently set a new world electric land speed record.

He said: “Not only is now a great time to be building a tech company here in Oxfordshire, but never has it been more important for the country that such companies are successful.

“I welcome the clear recommendations and encourage decision-makers in government, academia and business with an interest in this area to bring their contribution to this important initiative to accelerate the Oxfordshire innovation engine.”

* These pages are compiled by Oxford Innovation