An Exclusive Q&A with Andy Levy, Head of Projects at the University of Cambridge, by UKREiiF

UKREiiF: Andy, we all know Cambridge for its academic prowess. But today we’re diving into its economic side. Can you give us a glimpse of how the University impacts the economy?

Andy Levy: Of course. In simple terms, we’re not just a place of learning and research; we’re a significant economic driver. As outlined in a recent economic impact report by London Economics, we contribute a substantial amount to the UK economy each year and support a vast number of jobs, especially in the East of England. Beyond education, our economic influence spans sectors. In fact, across construction and real estate, we support 2,260 jobs in the UK.

UKREiiF: How would you compare the University’s contribution to other big players in the UK?

Andy Levy: Cambridge’s contribution is considerable. For every £1 the University spends, it creates £11.70 of economic impact. To give you some context, the report shows that our economic contribution is almost 4 times that of the Premier League!

UKREiiF: We often hear about Cambridge being a hub of innovation. Can you tell us more about that?

Andy Levy: A significant chunk of our economic impact comes from innovative companies that have roots in the University. We’re talking about hundreds of spinouts and startups. It’s the culmination of strategic decisions over the years that have made Cambridge a global innovation hotspot for the changemakers of the future.

UKREiiF: What’s the secret behind Cambridge’s success in this area?

Andy Levy: It’s a mixture of things. About 1970, Trinity College had the vision to establish the UK’s first science park.

We’ve always encouraged innovation and entrepreneurship. As part of the University’s drive for innovation we work closely with ideaSpace, which supports businesses with a variety of services. We’ve set up initiatives like Cambridge Enterprise and Cambridge Innovation Capital to ensure bright ideas get the support and funding they need.

The University is also committed to outstanding environmental sustainability and has adopted a science based target for carbon reduction, committing to reach absolute zero by 2048. We are investing in the development of greener technologies, as well as the deep-green retrofitting of existing building stock, such as our Entopia Building, which is home to the Cambridge Institute for Sustainability Leadership.

UKREiiF: There’s a buzz about Innovate Cambridge. Can you share its vision?

Andy Levy: Innovate Cambridge is our way of saying, “Let’s do more.” We’re teaming up with companies like Arm, AstraZeneca and Microsoft to amplify our innovation efforts. The idea is to build on our past successes and accelerate our impact in areas like infrastructure, talent acquisition, and investment.

We’re also very aware that economic growth and innovation can only happen alongside improvements to city infrastructure and investment in local communities. We need to ensure that we improve things like transport, schools and hospital capacity in tandem with innovation growth.

UKREiiF: Lastly, can you give us a snapshot of the University’s recent economic contributions without diving too deep into the numbers?

Andy Levy: Sure. In the past year, our activities have had a massive positive impact on the economy. We estimate this to be almost £30bn per year. When you compare our contributions to our operational costs, the value we bring is evident. We’re not just about teaching and research; we’re a significant economic force in many different areas, from our research activities to tourism.

UKREiiF: Andy, it’s been enlightening to understand the broader role Cambridge plays in the UK’s economic landscape, especially in sectors like construction and real estate. Thanks for sharing!

Andy Levy: It’s been a pleasure. We’re more than just an academic institution; we’re a community that’s passionate about making a difference in every way possible.