University is helping 2,000 student and graduate entrepreneurs every year and LJMU and its total annual economic output is £607m. Tony McDonough reports
A new report has revealed Liverpool John Moores University (LJMU) to be a hotbed of business creation working with 2,000 student and graduate entrepreneurs every year.
Thanks to its dedicated Centre for Entrepreneurship, LJMU is ranked among the top 20 universities in the the UK for graduate start-ups – helping to create and grow new enterprises.
The university commissioned accountancy firm RSM to evaluate its economic impact across the six Liverpool city region boroughs of Liverpool, Wirral, Sefton, Knowsley, St Helens and Halton.
Researchers also sought the views of staff and students via one-to-one consultations and surveys securing 370 and 1,500 responses respectively.
LJMU’s student and graduate entrepreneurs gain access to all of the university’s resources, including business advice, mentorship opportunities with academic experts and alumni, access to research labs plus introductions to companies and organisations already working with LJMU or interested in the work it does.
Other notable data uncovered by the report, included:
- LJMU scholarships worth £2,000 and £3,000 plus £250 seed funding awarded annually to help turn viable business ideas into successful ventures
- 200+ LJMU graduate start-up firms are active in the region, employing 431 people and generating £17.1m in annual turnover
- 1,200 firms are members of its start-up network, with more than 40 new ideas and businesses supported on average each year
- In 2015/16, over 10,000 students across LJMU took a module involving an enterprise and entrepreneurship session
The university itself is already a major contributor to the city region economy. Its total annual income is £208.6m with a total expenditure of £206.8m. It’s total annual economic output, including supply chain contribution and employment, is £607m.
Around 85% of LJMU’s output, or £517m, is across the North West and 73%, or £441m is in the city region. It spends £56m on goods and services with 540 companies and organisations.
The report also revealed that the university’s staff and students contributed more than 1m hours of voluntary support to communities across the city region and in the wider North West.
Professor Nigel Weatherill, vice-chancellor and chief executive of LJMU, said: “It is perhaps not surprising that the outcomes of this assessment confirm that LJMU delivers signifiant contribution to the regional economy.
“What is striking, however, is the central part LJMU, its staff and students, play in driving long-term prosperity, inclusivity and community cohesion within the Liverpool city region.”