When most people think of Oxford, its historic university and traditions of academic excellence will usually come to mind. There is no doubt that Oxford has a timeless charm about it, but the city is gaining traction as a place of innovation and entrepreneurship.
Oxford University has produced some of the most innovative startups that have received global recognition while the city offers plenty of co-working spaces for like-minded entrepreneurs to network with each other.
Let’s take a look at how one could go about accessing startup funding, the requirements for setting up a business in Oxford and which industries have seen immense success there.
The Startup Scene In Oxford
Oxford welcomes entrepreneurship, with about 249 startups that account for 2% of the UK’s startups according to StartupBlink.
Known for its world-class educational institutions such as Oxford University and Oxford Brookes University, the city has access to some of the most skilled graduates coming into the workforce.
It is also located just two hours away from central London, making it possible to access a wider range of investors and potential customers.
Which Industries Have Seen The Most Success There?
There are a couple of sectors that have emerged as particularly strong in Oxford, so it may be worthwhile to consider one of these industries if you are set on starting a business there.
Technology and AI: Oxford has a growing tech scene with startups specialising in artificial intelligence, software development and robotics. The city frequently holds tech networking events for entrepreneurs in the field to connect with each other.
Biotechnology: Oxford University has a competitive research facility that has seen companies such as Oxford Nanopore Technologies paving the way for biotech on a global scale.
Sustainability: Oxford is home to several startups in the sustainability sector, focusing on clean energy initiatives to tackle the growing issue of climate change.
More from Business
- What Happens If Your Business Broadband is Too Slow?
- How To Start A Business In Kosovo
- How Poor Connectivity Is Costing Your Business More Than You Think
- Effective Ways To Increase Employee Productivity
- Crypto Clash: OKX Vs. Coinbase
- Decant Index Transforms Rare Spirits into Mainstream Investment Vehicles
- What Are The Core Competencies For A Successful Career in Compliance?
- How Can Aspiring Private Bankers Build a Successful Career?
Accelerators And Incubators In Oxford
A necessary step in the startup process is finding the right accelerator or incubator. These give startup founders the financial resources and support needed during their most critical stages of growth. Having these can foster fast growth in a shorter period of time, and minimise any potential learning curves that startups are likely to encounter.
Oxford Innovation: This organisation offers incubation programs and office spaces for businesses in their early-stages.
The Hill: An accelerator that specialises in health-tech startups, The Hill is able to connect entrepreneurs with other professionals in the healthcare space.
Oxford Foundry: Started by Oxford University, Oxford Foundry offers guidance and funding opportunities for startups.
Funding Resources Available In Oxford
As a startup founder, you will be able to find a variety of funding opportunities in Oxford. From university-backed initiatives to angel investors and venture capital firms, there are diverse financing resources to utilise.
Oxford Angel Network: This is a community of angel investors based in Oxford who invest in startups with innovative ideas and the potential for high-growth.
Oxford University Innovation (OUI): Based out of the University, OUI offers grants to entrepreneurs and connects them with both angel investors and venture capitalists.
Venture capital firms: There are plenty of venture capital firms in Oxford, such as the Oxford Sciences Innovation which invests in startups specialising in science and technology.
How To Set Up A Business In Oxford
Here is a step-by-step guide on how you can successfully launch your business in Oxford.
Research Your Idea
Any successful business starts with an innovative business concept, so take the time to research the market in Oxford to see its feasibility and who your potential competitors would be.
Choose A Business Structure
In this step, you will decide if your business will be a sole proprietorship, partnership or a limited company.
Register Your Business Name
If your business structure is a limited company, you will need to register with Companies House. If your industry requires specific permits or licenses, then you can apply for those too.
Find An Office Space
If you require an office for your business, you may want to consider co-working options such as The Oxford Foundry or The Jam Factory. These cater specifically to startups, and could help you meet other professionals in the industry.
Open A Business Bank Account
The last step is to open an official bank account for your business where you can manage all business finances separately from your own.
Should You Start A Business In Oxford?
There is no doubt that Oxford can offer you a supportive startup environment with access to the right people, tools and resources. If you plan on launching in the tech, biotech or sustainability sectors, you can take advantage of the city’s top talent and abundance of funding opportunities.
Overall, Oxford is the ideal city for ambitious entrepreneurs who are looking to offer an impactful and innovative product or service to the market.
Best of luck!
