Enhancement and Forecast of Plus X Growth Strategy | U+I | Nationwide, United Kingdom
||Evaluating and Forecasting Societal Value
||Development and Regeneration
RealWorth were asked to conduct a 3-step assessment of the growth strategy of Plus X – a flexible workspace facility and accelerator program focused on UK-based tech start-ups. Subsequent to the assessment RealWorth also produced a monitoring framework for Plus X staff to use in regular reporting of societal value benefits to Plus X tenants.
This work was completed in four stages:
- An evaluation of the current Plus X facility (the Central Research Laboratory) in Hayes, Greater London. This evaluation was based on outcomes developed through semi-structured interviews with residents and staff of the facility, as well as local stakeholders.
- A forecast of future societal value based on the CRL evaluation and a Theory of Change session with Plus X directors and staff.
- A comparison of Plus X to three other theoretical commercial developments. These commercial developments were (i) a standard office block, (ii) a standard flexible workspace without an accelerator program and (iii) a similar facility but in an existing ex-retail building as opposed to a new build.
- Design and delivery of a monitoring and reporting framework for Plus X staff to use in measuring societal value impacts on important stakeholders going forward. The framework was based on CRL/Plus X stakeholder experiences and the experience of RealWorth on other similar projects.
The final report included:
- A finalised qualitative and quantitative evaluation of the Central Research Laboratory for the period 2011-2018.
- A predictive forecast of the societal value of the Plus X growth strategy for a 5-year period starting at 2019. The forecast was a combination of a scale-up of outcomes generated from the Central Research Laboratory and new predictive outcomes generated from a Theory of Change session.
- A comparison of one facility in the Plus X growth strategy to similar theoretical facilities in the same socio-economic context, floor space and occupation levels to provide standardisation across the comparisons.
- A Monitoring Framework with an approach and metrics required to measure and report on the social value generated by each Plus X hub. The proposed metrics were based on the past and future analysis of the CRL/Plus X stakeholder experiences and were supplemented by the experience of RealWorth on other similar projects. The framework used a list of metrics to measure against, based on the outcomes produced from both the Central Research Laboratory evaluation and the Plus X Growth Strategy forecast.
RealWorth used its Sustainable Return on Investment (“SuROI”) methodology to calculate the societal value of both evaluations and forecasts relating to the Central Research Laboratory and the Plus X Growth Strategy.
Plus X is a business dedicated to transforming places through inclusive economic growth and RealWorth’s expert research is vital in framing, forecasting and measuring our impact.
Mat Hunter, Co-CEO Plus X