By Cllr Stephen Cowan, above, Leader of Hammersmith & Fulham Council
UK economic growth has remained woeful since the 2008 global financial crisis, impeded by austerity, and then a combination of Brexit, COVID-19, Russian aggression and the market turmoil of the September 2022 mini-budget.
Britain’s inequalities between places and people are outliers in Europe. Even in London, there are huge disparities between people’s wealth, wellbeing and the opportunities available to them. Insights such as these first led the council to launch H&F’s inclusive Industrial Strategy, now known as Upstream London.
Watch a video of Hammersmith and Fulham’s work with small businesses here.
We were inspired by the role academia has played in Kendall Square and the San Francisco Bay Area but determined that any growth H&F helped to curate would be inclusive. By 2016 Imperial College London had agreed to become our industrial strategy partner and we set up the White City Innovation District the following year.
We sought to curate a cluster of high-growth businesses in science, technology, engineering, maths, medicine and media industries (STEM³) and transform our borough into a globally important STEM³ economic ecosystem.
We changed planning guidelines to increase the amount of affordable, flexible office and laboratory space – essential to encourage the start-up and scaleup entrepreneurs in the hottest industries of the 21st Century that we placed at the heart of our mission. Our pro-growth planning regime has consented 192,000 sqm of commercial space since 2017.
Over the last seven years the results have been remarkable. We have seen £6billion in growth investment in H&F businesses – three-quarters of the total for West London – and over 13,000 new jobs.
Through the partnership with Imperial we have seen investment of £1.8billion in life sciences, £1.1billion in green and climate tech, £934million in cyber, AI and fintech and £507million in creative, digital, film and screen.
The borough is now home to leading companies such as L’Oreal and Novartis in the globally-renowned innovation district. But it is, arguably, the start-up and scale-up work with SMEs that is most impressive.
What are the key elements of delivery? The proximity to one of the world’s leading research universities gives access to researchers and talent, facilities like Royce and Agilent provide access to state-of-the-art labs, and the network of the vibrant ecosystem provides access to potential funding – to venture builders – and shared knowledge on scaling up.
The success of leading companies like Puraffinity, which is developing technologies to remove persistent toxic chemicals from water, and Autolus, a leading cell therapy maker, in using the available flexible space options to significantly grow their businesses are shining examples of what can be achieved.
And then there is Upstream Nexus which builds relationships and connects people, through its Deep Tech Network, Digital Creative Network and Life Sciences Roundtable – all placing interaction and collaboration in the DNA of the district. Essentially there is ready-made network for new businesses to thrive.
Upstream Nexus now boasts over 4,000 members, and has hosted 110 open events and several roundtables, fostering partnerships between academia, business, and the public sector.
Since 2017, we have supported 6,471 local businesses through the Council’s Business & Enterprise services – including through our Upstream London partnership to grow and thrive, including 714 new businesses to get started and scale.
An astonishing level of economic growth – 21.3% increase to 2022 – is a consequence of that. Two weeks ago we launched the next phase of Upstream London with a White Paper setting out our mission to achieve high growth across the borough and beyond.
As we work to transform the borough into a global beacon of innovation and growth, our goal is for all residents to benefit from these positive developments.
Everyone should be offered the opportunity to up-skill, secure jobs of the future and enjoy spending time in our community-focussed development of public spaces.
We have created the Hammersmith & Fulham Upstream Pathway Bond, a ground-breaking initiative giving people a clearer pathway into new careers and more opportunities to develop new skills.
The Government’s consultation on its industrial strategy closed last month. The primary objective is to ensure long-term sustainable growth in the UK’s highest potential growth-driving sectors – growth that is supportive of net zero, regional growth, and economic security and resilience.
Upstream London intends to address many of the same challenges in a local government setting, whilst ensuring economic growth for all. Next year we will host the first international innovation-led growth convention to share learning and win investment.
Britain’s government has placed growth and opportunity at the heart of their mission to strengthen our country. I’m confident what the council is doing and can do here with Upstream London – driven by start-ups and scale-ups – will add significantly to the achievement of that.
RFC Power: A case study
RFC Power, left, is an energy spin-out from Imperial that has been based in I-Hub White City since 2020. It is developing the world’s lowest cost flow battery, with a mission to enable the transition to 100% renewable energy by developing the cheapest form of long duration energy storage. RFC’s CEO Tim von Werne says: “We are delighted to be part of the White City Innovation District. The ecosystem here has allowed us to be supported in many ways. Upstream Nexus’s efforts in fostering connections, particularly with investors and potential partners, is invaluable. This, together with the platform to share our work is, part of the support startups need. Rarely have I seen a local authority and university jointly supporting such efforts. We look forward to growing further in the White City Innovation District.”
