Report highlights Loughborough University’s influence on the local economy

Date posted: November 1, 2024
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Loughborough University

Loughborough University is featured in a new national report that examines the role of businesses in creating employment and supporting local economic growth.

Released this week by the Jobs Foundation, the report—Two Million Jobs: How Businesses Play a Crucial Role in Helping People Transition from Welfare to Work— investigates the role of employment in reducing poverty and explores the concept of business as a force for good.

The paper examines how businesses across different regions of the UK are generating employment and training opportunities, highlighting the University’s contributions to business creation, job growth, and regional development.

Drawing on case studies and interviews with local businesses, NGOs and policymakers, it emphasises the importance of entrepreneurship and university partnerships in driving economic growth in Loughborough.

The report showcases the University’s careers and employability programmes, as well as entrepreneurship opportunities for students and the local community, with a particular focus on the impact of LUinc., the University’s business incubator. Part of the Loughborough Enterprise Network (LEN), LUinc. brings together graduate, academic and regional entrepreneurs to create a rich and supportive start-up community.

The report features case studies of several LUinc. members – including Loughborough graduate Kate Allan (Product Design Engineering MEng, 2019), founder of Exphand Prosthetics.

Kate’s company – which has developed a lightweight, adjustable, affordable and colourful prosthetic upper body limb for children that grows with the user – is showcased as a shining example of a private enterprise delivering a societal good.

The report also explores the University’s collaborative projects with local businesses and partner organisations, particularly within the net-zero sector. It spotlights the impact of Loughborough University Science and Enterprise Park (LUSEP), which is home to more than 90 start-ups, growing businesses, global brands and sports organisations, supporting a workforce of over 2,500 people.

Professor Dan Parsons, Loughborough University’s Pro Vice-Chancellor for Research and Innovation, said: “Loughborough University is proud to be a catalyst for economic growth in our region.

“Innovation plays a central role in the University’s strategy – Creating Better Futures Together – and our commitment to supporting innovation, entrepreneurship and talent development is evident in the success of our students, graduates, and partners.

“We are delighted that the Jobs Foundation’s report acknowledges the very positive impact we have on the town, local area and region in terms of employment opportunities and the local economy.”

Georgiana Bristol (Chief Executive of the Jobs Foundation) said: “The biggest and most effective engine to tackle poverty is the business community. The report on Loughborough is a great snapshot of where business, jobs and prosperity lie in an important part of England in 2024.”

Two Million Jobs: How Businesses Play a Crucial Role in Helping People Transition from Welfare to Work is available on the Jobs Foundation website.

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