Cambridge is Europe's most successful hi-tech cluster
According to a recent study by Silicon Valley Comes to the UK, Cambridge is now the most successful technology cluster in Europe. The charming, ancient university city is home to 10 companies with a net worth of $1 billion (approximately £643 million) or more and boasts an unemployment rate of just 2.1 percent, which is less than 30 percent of the national rate.
A dozen billion dollar businesses since 1997
The study also found that a dozen billion dollar companies had been created in the city between 1997 and 2012, all of which had a combined turnover of almost £12 billion in 2011 alone. These firms in Cambridge feature businesses of all shapes and sizes, from the software business Autonomy, which employs approximately 500 staff, to the genome sequencing business Solexa, which employs 16 staff.
More than 1,500 hi-tech firms
In total, more than 53,000 people are employed in Cambridge's 1,525 hi-tech companies, which makes the city one of the world's leading centres for advanced technological development. In 2012, some of the biggest earners in the city included the IT and telecommunications company Aveva Group, which earned a total revenue of £195.9 million in 2012, while IT and telecommunications company Blinkx Plc earned £70.9 million in 2012, which represented an increase of more than £30 million from 2011.
Britain's 'biggest growth city'
Cambridge owes some of its success to the MP George Freeman, who works as a Government advisor for the life sciences sector and has invested in numerous start-up organisations in the city over the years. Despite its relatively small population of approximately 124,000, he says Cambridge is 'the biggest growth city' in Britain's economy and requires '£1 billion more than Liverpool', a city with a population of around 466,000.