本文是留学生入学coursework范例，题目是“Understanding Innovation in Bristol and Beyond（理解布里斯托尔及其周边地区的创新）”，布里斯托尔初创企业数量的增加对该市的净就业创造和生产率增长做出了积极贡献。1是什么推动了这一增长?与英国其他地区相比，情况如何?
I. Introduction介绍
The rise of the number of start-ups in Bristol positively contributes to the city's net job creation and productivity growth. 1 What drove this growth and how did the rest of the United Kingdom compare?
Given the nature of innovation, the individual/company which develops an innovation will be able to access profits above the opportunity cost of capital (the amount of income an investor could have received by investing the unit of capital elsewhere)2. Innovation can also improve the productivity of workers by producing more for the same amount of time, therefore the value of individual workers rises and they can demand higher wages which can stimulate the whole economy by higher consumer spending.
鉴于创新的性质，开发创新的个人或公司将能够获得高于资本机会成本(投资者通过将单位资本投资于其他地方而获得的收入)的利润。创新也可以通过在同样的时间内生产更多的产品来提高工人的生产率，因此工人个体的价值上升，他们可以要求更高的工资，这可以通过更高的消费支出来刺激整个经济。
After discussing the scope of this report with my peers one fact became clear and that was that no one sought to examine how PE/VC groups helped build the city's start-up scene, therefore after doing extensive research into the matter, this became a primary pivot point of this report because of the sheer amount of untapped potential.
之后讨论这个报告的范围与我同行一个事实很明显,那就是,没有人试图检查PE / VC组如何帮助构建城市的创业,因此后做了广泛的研究,这成为了本报告的主要轴心点,因为巨大的开发潜力。
The reader should note that any discussion involving data regarding the number of business start-ups is per 10,000 population.
The reader should note that PE/VC = Private Equity/Venture Capital.
Figure 1 shows that the number of business start-ups in Bristol rose from 42.66 (2004) to 59.51(2016). The period immediately after the financial crisis in 2008 and 2009 saw a fall in business start-ups. Since the economy was in a recession, it was harder to obtain capital through debt and equity financing as investors were looking to hedge (protect) themselves against the bearish (downward) market and risk management did not allow them to fund risky startups.[1]
It can be observed that not only did the number of start-ups in London rise faster, but that there are more start-ups there per 10,000 population than anywhere else observed. The other cities performed very similarly, although Manchester came out on top of them with a sharp 30% increase from 2015 to 2016. One striking difference can be observed between Oxford and Cambridge where both cities have similar demographics and provide investors with world-class talent. This difference could be explained by Cambridge's stronger start-up history with more efficient networks such as Cambridge Angels or Cambridge Innovation Capital[2]
可以观察到，伦敦不仅创业公司的数量增长更快，而且每1万人中创业公司的数量比观察到的其他任何地方都多。其他城市的表现也非常相似，尽管曼彻斯特在2015年至2016年期间增长了30%，位居榜首。牛津和剑桥之间可以观察到一个显著的差异，这两个城市的人口结构相似，为投资者提供世界级的人才。这种差异可以解释为，剑桥的创业历史更悠久，拥有更高效的网络，如剑桥天使投资公司(Cambridge Angels)或剑桥创新资本(Cambridge Innovation Capital) [2]
The data comes from the British PE&VC Association[3]. The amount invested in Pounds Sterling in start-ups grew in the observed period by an astonishing 113%.
II. Innovation in Bristol布里斯托尔的创新
Recent 2019 data shows that innovation investments in Bristol continue to follow the trend that was set in the past years. By April, £611,000 out of £3m were invested in local business start-ups.[4] Jerry Barnes, the founding member of the Bristol Private Equity Club remarked: "Everything has got tech in it, and in terms of growth it is the tech companies that will deliver growth," he said. "AI is obviously flavour of the year, or the decade, but it does seem to make a difference, that's something we are talking to companies about."6 Inductosense, a company founded in 2011 by three professors at the Ultrasonics and Non-Destructive Testing group of the University of Bristol, provides us with a taster of what sort of a market PE/VC groups look into. It is a company which manufactures wireless sensors which then later use AI to detect cracks, corrosion and defects in buildings and structures without interfering with their structural integrity.[5] Inductosense received £210,000 from BPEC following a previous investment in 2017 of £217,000.6
2019年的最新数据显示，布里斯托尔的创新投资继续遵循过去几年设定的趋势。截至今年4月，在300万英镑中，有61.1万英镑投资于当地的初创企业布里斯托尔私募股权俱乐部(Bristol Private Equity Club)的创始成员杰里•巴恩斯(Jerry Barnes)表示:“所有东西都含有科技成分，就增长而言，科技公司将带来增长。”“人工智能显然是今年或这十年的热门话题，但它似乎确实产生了影响，这是我们正在与企业讨论的话题。”2011年，布里斯托尔大学超声与无损检测组的三位教授创办了Inductosense公司。该公司让我们了解到PE/VC会关注什么样的市场。该公司生产无线传感器，然后使用人工智能检测建筑和结构中的裂缝、腐蚀和缺陷，而不影响其结构完整性在2017年获得21.7万英镑的投资后，Inductosense获得了BPEC 21万英镑的投资
One of the main factors that help the start-up scene in Bristol grow are the city's strong higher education institutions which support innovators and entrepreneurs. The commitment of the University of Bristol to build its newest campus in the Temple Quarter[6][7] (as of the writing of the report the completion date is not set and can be subject to change) and to focus it on innovation and start-ups further exemplifies the spirit of Bristol which has always been centered around progress and innovation. 9
III. The future未来
The current political landscape makes us wonder what the future holds for private investments in the UK. On one hand we have the uncertainty of Brexit which could slow (and has slowed) Britain's economic growth (which could off-set potential investments as explained previously)[8][9] and on the other hand we could have a government which could regulate the current private equity industry and seriously hamper the ability of angel investors to support up-and-coming start-ups. In the November of 2018, private equity funds were seeking detailed legal advice on how to deal with the potential regulation of their business if Labour was to form a government. [10]
当前的政治形势让我们想知道英国私人投资的未来会如何。一方面我们有Brexit的不确定性可以(并且已经放缓)英国经济增长缓慢(像前面解释可能会抵消潜在的投资)[8][9],另一方面我们可以有一个政府可以调节当前的私人股本行业,严重阻碍天使投资者支持的能力积极进取的初创企业。2018年11月，如果工党组建政府，私募股权基金就如何应对其业务可能受到的监管，寻求详细的法律建议。［10］
PE/VC firms also help non-monetarily by providing strategic assistance, mentoring or by introducing start-ups to larger networks12. The start-up industry is heavily dependant on them and efforts to regulate the industry could potentially hamper the future of start-ups.[11]
IV. Conclusion结论
The idea to pivot this report around the importance of venture capital and private equity in funding innovation and start-ups came after reading some of Elisabeth Warren's (a frontrunner for the Democratic Party in the 2020 Presidential Elections) comments[12] on her plans to change how the industry works. We sought to examine the importance of private investing in start-ups and how it has influenced the start-up landscape in Bristol.
在阅读了伊丽莎白·沃伦(2020年总统选举民主党的领跑者)关于她计划改变行业运作方式的一些评论后，这份报告就产生了将风险资本和私募股权投资在资助创新和初创企业方面的重要性作为重点的想法。我们试图研究私人投资对初创企业的重要性，以及它是如何影响布里斯托尔的创业环境的。
Start-ups create a 'virtuous cycle' which fuels the economy, pushes wager higher and improves our products. As per our report, we can see that start-ups in Bristol relied on PE/VC groups for their funding and that at this stage start-ups look to them not only for capital, but also for help with their strategy, business model and outlook. However, given the scope of this report and lack of resources available we were not able to quantify how much 'value' private investments created in Bristol.
初创企业创造了一个“良性循环”，推动经济发展，提高赌注，并改善我们的产品。根据我们的报告，我们可以看到，布里斯托尔的初创企业依赖于PE/VC集团来获得资金，在这个阶段，初创企业不仅需要他们的资金，还需要他们在战略、商业模式和前景方面的帮助。然而，考虑到这份报告的范围和可用资源的缺乏，我们无法量化私人投资在布里斯托尔创造了多少“价值”。
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