QR investment in infrastructure helps businesses grow

Queen Mary University of London has used ‘quality-related’ (QR) research funding alongside funding from the Greater London Authority (GLA) to set up and support the Queen Mary Bioenterprises (QMB) Innovation centre, the largest purpose-built commercial laboratory space currently available for rent in London.

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The university committed to a ten-year contract to support this in 2009, which has required annual investment from its own funds. The QMB has had a significant impact far beyond that predicted, including the creation and/or safeguarding of 437 full time jobs (exceeding the 250 job target initially set); it has assisted 195 businesses (compared to an initial GLA target of 20); and 8 businesses have entered the incubator.

Current tenants include the highly successful companies Spirogen (bought by Astrazeneca in a deal for up to US$440 million in 2013) and the QMUL spin-out hViVo (current market capitalisation £205 million). QMB is located in Whitechapel, in the middle of the site planned for QMUL’s large-scale Life Sciences developments.

 

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