1.3.6

• quaternary economy

  5th kondratiev waves based on creation evaluation and trading of ideas and information

  link to globalisation e.g communication and technology

  expand 2.5 times quicker than UK economy

  31% uk gdp

  1/5 technology workforce located in london and manchester

  creative clusters and biotech
• unicorns of the uk:

  recently set up business worth over $1bn

  99 unicorns 62 in london

  universities produce graduates tech firms want to hire

  english local language of global tech industry london venture capitalists

  government encourage growth equity stakes 158 startups during pandemic

  government make it easier forgein tech types to obtain british visa and immigrate

  firms such as microsoft choose base european operations in britain set up outside london reduce overheads
• whats important to development of quaternary industry clusters?

  education hubs, universities, and research centres

  government support and funding

  planning regulations

  entrepreneurship and individuals that have spun off from global companies

  infastructurre and transport

  small independent companies

  finance companies

  mncs taking over
• negative impact quaternary economy uk

  digital exclusion lack skills and poor broadband

  rural areas poor investment in small areas that need cabelling
• what is a science park?

  group of scientific and technical knowledge based businesses located on single site

  associated with universities and research facilities

  financially supported by gbf
• what is a business park?


  area of land occupied by cluster of busineses

  mainlu located on edge of towns because land cheaper access better workers and distribution, business benefit work together
• East london tech 2010

  proximity to research institutes and cambridge science park which are financially supported by government and highly skilled graduates work there

  cluster major technology companies