East of England, United Kingdom
This region has three anchors: Cambridge, Oxford, and London. Of the three, Cambridge is the most prominent, accounting for more than half the United Kingdom’s biotech employers. Cambridge’s 1,535 high-tech companies employ some 53,203 people. Last year, these companies generated £12.2 billion ($19.7 billion) in combined revenues.
To help Cambridge University produce more spinouts, Cambridge Innovation Capital plans to invest £50 million ($80.8 million) over the next two to three years. To encourage funding of biobusinesses, the government allows investors to hold shares of startups publicly traded on the London Stock Exchange within tax-free savings accounts. Another proposal would create a £300 million (around $481.1 million) Citizen’s Innovation Fund.
AstraZeneca said it intends to keep its headquarters in the region, moving from London to Cambridge, even though it plans to eliminate 3,900 jobs through 2016.