Beyond the Golden Triangle: Building Stronger Regional Innovation Ecosystems
Andrew Matthews · Posted on: April 23rd 2025 · read
As a national firm with global reach, we’re proud to have offices across the UK supporting companies across several life science clusters, from Edinburgh to London.
Our partners see first-hand how strong regional ecosystems accelerate innovation and how companies, when supported by experienced advisors, go from bench to bedside.
A few months ago, the Chancellor of the Exchequer unveiled a plan to put government funding and support into developing the ‘Oxford-Cambridge corridor’. This is obviously a welcome step, as both cities are globally recognised centres of innovation and attract significant foreign direct investment (FDI).
However, as with all government decisions, this involves a trade-off. Money provided for infrastructure between this corridor is money not being provided to support Leeds’ digital health ecosystem or Nottingham’s biotech sector.
"You need to scratch beyond the surface to see why Oxford and Cambridge are attractive targets for government investment. It’s about how they develop ecosystems"
Oxford and Cambridge represent two established, mature ecosystems. Making it easier to get between the two would improve growth and enhance the serendipitous exchange of ideas and connectivity that fuels innovation.
However, those ecosystems elsewhere in the country that are still emerging and developing could deliver so much more by way of regional growth. It could be argued that this is already being addressed; there is some debate within the venture capital community over its reliance on public funding and the various strings that are attached to this by way of regional focus, for example.
So, for companies in the regions who will not benefit from this additional investment, what should they do?
Firstly, it is worth stating there is no reason to relocate. The ‘golden triangle’ does not have a monopoly on great ideas or funding, and many great ecosystems are developing at pace across the UK. From Cardiff to the Knowledge Quarter in Merseyside, innovative technologies are being pumped out by universities across the country, just waiting to be commercialised.
It is worth pausing and considering what makes a successful ecosystem and what lessons can be taken from the Oxford-Cambridge dynamic that is proving so attractive to government. Typically, early-stage companies are surrounded with professional advisors who are able to guide, mentor and provide expert support and connectivity to companies to help them grow more quickly. This is not something that is done outside of a select few very well.
We are proud to work closely with UCL and with Imperial College London to support companies in this way at their White City Campus, providing insights gleaned from working with many life science companies and connecting them into our global Baker Tilly network when international expansion is right. The model we successfully operate here is one we are seeking to expand across the country via our 23 regional offices.
I have seen firsthand the expansion of life sciences outside of the already established areas of the UK. My clients spanning the Liverpool Science Parks and further afield in Sci-Tech Daresbury have seen rapid growth over the last 3-5 years.
Fledging from startup businesses with a vision, to businesses now looking at significant expansion, acquisitions and/or private equity investment. Whilst these areas of the UK are often overshadowed by their bigger brothers such as Manchester, we have some of the largest concentrations of universities in the North West within the one city of Liverpool, outputting a vast talent pool.
Our adaptable and ambitious advisory team provide businesses with comprehensive industry knowledge to help them focus on developing the science and move from seed to Series A and beyond. The key benefit of working with a firm as large as ours is that we can draw upon expertise in everything from market access and corporate finance to governance and duties. My colleague Andrew Thurston was recently interviewed on LBC Radio about US tariffs and what they mean for UK businesses; just one example of how our team can support on UK, EU and international issues.
Life science businesses benefit from the skill and expertise of their scientists. But they also benefit from the skill and expertise of those they bring into conversations to shape their growth plans, from accountants and financial advisors to IP strategists. Please reach out to our team if you’d like to learn more about how we can support you and how we work with other early-stage businesses in the MedTech and pharmaceutical ecosystems.
