University College London has boasted its financial contribution to the British economy is the equivalent of hosting the Olympics every year – in part because of how it encourages graduates to create jobs and investment around the country.
An independent report commissioned by UCL estimates that the university generates close to £10bn a year in economic activity from its spending of £1.67bn. According to the consultancy London Economics, that figure “is comparable to the boost in international trade and inward investment delivered by the 2012 London Olympics”.
While much of the £10bn is generated by the spread of UCL’s research and knowledge, some comes from nurturing company spinoffs and startups such as that cofounded by Rachael Twumasi-Corson, whose company Afrocenchix is now selling its haircare products in Superdrug and Whole Foods as well as exporting to more than 50 countries.
