London, 3rd March 2022 – A 2-year life sciences entrepreneurship project part funded by Lambeth Council’s Economic Resilience Fund is projected to contribute more than £8 million GVA to the borough and advance breakthrough healthcare technologies.
Capital Enterprise, which connects and energises a world class entrepreneur ecosystem, and London’s life sciences cluster organisation, MedCity, are uniting to help expand the life sciences cluster in Lambeth. The non-profits have partnered to deliver a 2-year project attracting healthcare start-ups to locate in the borough, supporting the growth of incoming and existing early-stage companies in the cluster, and developing soft infrastructure to stimulate a vibrant life sciences community.
The project comprises two accelerator programmes — the P4 Precision Medicine Accelerator and the Cancer Tech Accelerator (CTA) for researchers and innovators in the cancer space — coupled with strategic support activities. Both programmes bring their track record of creating and supporting successful life science companies. The objective is to cultivate a thriving life sciences cluster in Lambeth – as part of the wider SC1 innovation district, delivering jobs, and inward investment while fostering viable new healthcare technologies.
The P4 Precision Medicine accelerator will support 40 to 50 early-stage businesses in progressing precision medicine technologies and is projected to create 50 jobs, stimulating £15 million of private investment in the borough within 2 to 3 years. The CTA will support 45 to 50 business teams and is projected to create 30 jobs, train 100 researchers to commercialise their IP, and attract £5 million in private investment within 3 years.
Capital Enterprise has worked in London for several years, initiating entrepreneurship programmes across several tech sectors, including health and life sciences. The P4 accelerator launched in 2019, and the CTA in 2021. The CTA — a collaboration with Cancer Research UK and Roche — is focused on supporting researchers who are working up ideas centred on early-stage technologies relying on data, AI or MedTech to advance the early detection, diagnosis, monitoring or treatment of cancer.
The addition of MedCity as a joint delivery partner is expected to expand international reach, deepen investor networks, and contribute to community building together with Capital Enterprise, its programmes, and its existing network. The new project builds on MedCity’s work advising on cluster growth in London, in particular the real estate infrastructure required to support the life sciences sector.
SC1 Co-Chair, Professor Sir Robert Lechler, says: “As the home of world-leading academic and clinical research institutions, we have a track record of inspiring collaboration, connection and challenge in nurturing the minds of the future. We wish to continue this through the objectives of Lambeth and SC1 to deliver better health through innovation.
We are excited to be working with Capital Enterprise, supported by MedCity, to foster life science entrepreneurs in the area, and to stimulate growth across our district. This in turn will deliver new employment opportunities at every level, develop innovation that meets local needs, and build a globally recognised home for life sciences.”
Cllr Matthew Bennett, Deputy Leader at Lambeth Council says, ““The SC1 partnership is an exciting opportunity to accelerate the growth of south London’s life science district here in the heart of Lambeth. Within SC1 there are ambitious plans underway that will create significant new spaces for health and life sciences, increase employment opportunities, support new innovative business, develop cultural programmes, and build a world recognised home for life science innovation. We’re delighted to be supporting Capital Enterprise and Med City, backing a new generation of entrepreneurs to deliver better health through innovation.”
Capital Enterprise Health & Life Science director, Nathan McNally commented, “We are thrilled to be working with Lambeth to foster their life science district objectives to create a preeminent life science and medical technology cluster. We believe the ecosystem is already strong with the presence of King’s College London and Guy’s & St Thomas’ as well as other health tech companies within the borough. In bringing our established P4 Precision Medicine programme, as well as the Cancer Tech Accelerator to the area we will continue to develop and attract the world’s leading health companies of today and the future.”
MedCity CEO Neelam Patel comments, “Not only is this is an exciting opportunity to grow the life sciences cluster in Lambeth, but also to build a wider community around it, boosted by the GVA that life sciences jobs contribute to the economy – at £104,000 per employee that’s over twice the UK average.”
ABOUT CAPITAL ENTERPRISE: A membership association comprising the UK’s leading universities and colleges, accelerators, co-working spaces, enterprise agencies, innovation institutes and public sector organisations, Capital Enterprise enables entrepreneurship by supporting member organisations to initiate, develop, promote and deliver services directly to support the growth of start-up companies.
ABOUT MEDCITY: The cluster organisation for the health and life sciences sector in London, MedCity works in partnership with London’s world-leading universities, connecting life science companies with partners in academia, industry, the NHS, charity sector and research institutes to catalyse new opportunities that advance cutting-edge R&D in areas such as diagnostics, AI and cell and gene therapy. MedCity builds collaborations to accelerate the uptake of medical innovation and growth across the UK, and provides industry insight to policymakers and regulatory authorities.
ABOUT LAMBETH: Lambeth Council’s economic response to the pandemic has involved distributing more than £100m of emergency support to over 4,000 businesses, in addition to developing sector focussed programmes of support for high growth, high-value sectors including creative and digital, low carbon, health and life science sectors. With King’s College London, King’s College Hospital and St Thomas’ hospital, Lambeth is already home to Europe’s largest medical school, training 10,000 students each year. And with 600 clinical trials running at any one time across the SC1 area, Lambeth is home to world-leading R&D activity across the clinical and academic campuses in Waterloo and Denmark Hill.
ABOUT SC1: SC1 is a life’s science district in south central London. It aims to transform healthcare, accelerate innovation, and tackle big problems in order to make a healthier future a reality for all of us. Founded by King’s Health Partners, Guy’s & St Thomas’ Foundation, Lambeth and Southwark councils, SC1 is born from the unique diversity of London. It is part of a thriving community at the heart of the city, bringing together local services with leading institutions and innovative businesses in a world renowned location. Within SC1 there are ambitious plans underway that will create significant new spaces for health and life sciences, increase employment opportunities, support new innovative business, develop cultural programmes, and build a world recognised home for life science innovation.
[GVA calculated at £104,000 per job x 80 jobs created, according to an industry report by Pwc]
For more information, please contact: email@example.com