£40m innovation hub hits 50% business occupancy ahead of official opening

The new £40m Nexus innovation hub at the University of Leeds is set to officially open its doors next month but the imposing structure – the gateway between the city centre and the university’s campus – is already a hive of activity.

A variety of businesses have signed up to move into the building, with more than 50% of available space taken to date. Construction on the new building completed in March and it has since been fitted out. The building, on Discovery Way, seeks to bring together business and academia to accelerate and de-risk innovation while maximising commercial returns.

Nexus Reception area

A wealth of firms, both from with the Yorkshire region and beyond, have taken space. Listed university spin-out firm Tracsis was one of the first businesses to commit to Nexus and innovative vet start-up Vet-AI last week announced it is moving in. Bristol-based Thought Beanie will move from its current home to the state-of-the-art facility this spring.

Taking TheBusinessDesk.com on a tour of the facilities, Dr Martin Stow, Nexus Director, said: “We call the businesses who have taken space here our members; because it’s more than just a tenancy or a space.”

Dr Stow explained that Nexus could have now been at 100% capacity based on the interest from firms enquiring. He added: “We have had a lot of interest and carry out a robust assessment with each company. We are looking for companies with high-growth potential which also focus on one or more of our four core areas of expertise and values.

“The assessment is fairly informal and those that haven’t been offered space are referred elsewhere; we signpost them to the right place for that particular business.”

Atrium

Of the opportunity that awaits those moving into Nexus, Dr Stow said that it was much more than just linking up in traditional ways. He added: “I think of it as a holistic relationship with the university. And there are already five or six different projects taking place – collaborating in different ways including skills, equipment, research and much more. There is a real value for fast-growing companies to be based here and they are embracing it.”

As well as physical members based in the building, Nexus will also have virtual members, who will be able to access space to work and the chance to interact with other businesses and university expertise. There will be an emphasis on the businesses in the building to network at, host, and participate in events held at site which are focused up key business topics, including scaling-up, which with drive growth.

Nexus has seminar and lecture space in abundance but also has both ‘wet’ and ‘dry’ labs for businesses to house teams – 20% of the space already taken is in this area of the building. It is expected that there will be a steady turnover of firms, many of which are tech businesses, as they gain the skills and tools needed to achieve fast growth before moving on.

Dr Stow, who has been in position since October 2017, said it was incredibly exciting to see members now move into the building. He said it was the intention of Nexus to play an integral part of the wider Leeds business eco-system. He added: “This is a big investment by the university in terms of the building itself but also in terms of the significant impact it will make on the businesses we are working with.”