Cresset targets international growth with Innovate UK Scaleup Program
The company that also provides design-make-test (DMTA) efficiency and drug discovery contract research has been accepted onto the Innovate UK Scaleup Program that aims to help specially selected businesses with scaling potential ‘realize their commercial ambitions’.
From its headquarters in Cambridge, UK, Cresset wants to build on its existing commercial presence in North America and Asia to become closer and more integrated with its international customer base.
Innovate UK says it will provide the company with a ‘bespoke package of support to help the company fulfill its potential’. Being accepted onto the program is the latest milestone in its growth journey, the company says, which has seen it achieve average year-on-year growth of 40% and increase its employee headcount by 200% since 2020 to 120 employees. Cresset has created a significant number of high-value jobs in the UK because of this rapid expansion.
It has grown from its UK headquarters on the outskirts of Cambridge to become an international company with 75% of its revenues now coming from outside the UK. As part of its work with Innovate UK, Cresset says it will focus on operational effectiveness and how it can even better service its customers in the pharmaceutical, biotechnology, and agrochemical space.
International expansion
Cresset’s CEO Robert Scoffin said: “We have ambitious plans to take Cresset to the next level as a business by continuing to drive forward our international expansion and capturing the value of our innovative R&D activity. We have been on a remarkable growth journey in recent years and have huge pride in the success we have achieved in such a short space of time”.
“Now we have a fantastic opportunity to improve our operational efficiency, increase our global presence, and better support our customers in advancing drug discovery through our work with Innovate UK”.
Innovate’s program is focused on businesses that have a large economic impact, creating highly skilled jobs, driving up productivity, and maintaining the UK’s competitiveness.
Scaleup and development
The support received will consist of a one-year program of activity focusing on three strategic areas for business improvements, including operational infrastructure, intellectual property (IP) strategy focusing on capturing research and development innovation value, and international scaleup and development.
This will enable Cresset to put the structures and systems in place to deliver the next phase of its growth journey and reach its key target markets more effectively.
Maxine Adam, head of business growth at Innovate UK, says, “Our work with the Cresset team is a great example of just how much value this program can add to the endeavors of the business leaders we support. The inputs are varied and blend strategic thinking with invaluable hands-on tactical guidance, to create outcomes that deliver real commercial advantage. It’s a pleasure working with the Cresset directors at this pivotal time for their business.
“Admission onto the program is a rigorous and highly selective process. To be eligible, selectors look for innovative, ambitious, high-growth-oriented companies that are already on their scaling journey. Cresset is a perfect candidate in this respect, and we are looking forward to helping it scale up, drive growth, and realize its potential as a high-performing and world-leading business.”
