From its headquarters in Cambridge, UK, Cresset has ambitious plans to scale up its international operations, building on its existing commercial presence in North America and Asia to become closer and more integrated with its global customer base.
Innovate UK will provide Cresset with a bespoke package of support to help the company fulfill its potential.
Being accepted onto the programme marks the latest milestone in Cresset’s growth journey, which has seen the company 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 as a result 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 will focus on operational effectiveness and how it can even better service its customers in the pharmaceutical, biotechnology, and agrochemical space.
Innovate UK’s Scaleup Programme is focused on businesses that have a large economic impact, creating highly-skilled jobs, driving up productivity, and maintaining the UK’s competitiveness.
The support received via the Scaleup Programme will consist of a 1-year programme of activity focusing on three strategic areas for business improvements, including operational infrastructure, intellectual property (IP) strategy focussing on capturing research and development innovation value, and international scale-up 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 programme 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."
Commenting on being accepted onto the programme, Cresset’s CEO, Dr 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.”