Cambridge is a world-famous university city on the River Cam. It has the population of almost 125,000 people, one-fifth of which are students. The University of Cambridge is among world`s five leading academic institutions. Moreover, it fuels and inspires high-tech industries, science, and entrepreneurship. Unsurprisingly, over 40% of all employees here have a higher education, which is twice more than in the rest of the UK.
The city’s constellation of leading research facilities includes Cambridge Science Park, St John`s Innovation Centre, the Biomedical Campus – one of the biggest in the world, and many others. Overall, there are 19 science and business parks. The main economic sectors are R&D, IT, tourism, engineering, and pharmaceuticals. There are many high-tech companies here, such as Astra Zeneca, CamSemi, Jagex, Sepura, Marshall Aerospace, Autonomy Corporation, Sinclair, etc. Therefore, it is sometimes called “Silicon Fen” by analogy with California`s Silicon Valley.
The phenomenal success of the city can be explained by the unique culture of cross-fertilization and knowledge sharing. Start-ups are thriving here: more than 80% of them survive and remain profitable even three years later. This ration is much higher the country`s average. Serviced offices create this sense of community as entrepreneurs from different spheres can network in shared facilities. Many business centers and coworking spaces organize events where specialists in different fields can establish valuable business and personal connections. Moreover, there is an organization here that facilitates and encourages contacts between businesses: the Cambridge Network. The university`s Entrepreneurs Society is extremely popular. Interestingly, the unemployment level is the tiny 3%, and the average salary is around £40 thousand a year.
In 2010, Forbes described it as one of the most beautiful cities in the world and it lives up to its reputation. The city has attracted £4bn investments, and part of this money will serve to improve the city`s infrastructure. Tourists from all over the world come here to feel its unique academic spirit, attend the Strawberry Fair music and arts festival, Beer Festival or Midsummer fairs. Interestingly, it is the second most popular destination after London with the Chinese, who are also the biggest ethnic group among students. Overall, tourism brings more than £300 million annually to the city`s budget.