UK universities are aiming to double the level of external investment they receive for innovation to £10 billion a year.
Unveiling the new ambition at a science summit in London, Universities UK (UUK) said that increasing the amount of industry investment going into university spin-outs and student-led start-ups would create jobs and boost economic growth in all areas of the country.
The announcement at the UK Global R&D and Science Investment Summit on 9 June follows calls by Rachel Reeves, the chancellor, in March’s Mais Lecture for greater investment in areas of the economy with the potential to drive growth and create jobs.
UUK says that this ambition can be achieved by working with the government on developing a new UK-wide spin-out and scale-up fund that can attract support from UK institutional investors as well as sovereign wealth and pension funds. In addition, institutions can work with mayors and devolved nations to grow regional investment partnerships, and work together to generate a pipeline of high-quality university-linked investment opportunities across the UK, UUK continues.
Universities can also work with UK Research and Innovation to implement recent reviews on research commercialisation, including the Hickson Review and the 2023 independent review of university spin-outs, co-chaired by University of Oxford vice-chancellor Irene Tracey, said UUK.
