University spin-offs grow by 22%

The number of spin-off business from UK University research has grown by 22% according to the latest available figures published by the Government today. The second annual Higher Education Business Interaction Survey reveals that during 2000-01 the number of spin-off companies from the UK's higher education institutions (HEIs) rose by 22%. The number of patents filed by higher education institutions has grown by 26% and the number of intellectual property licences by 25%. The main findings are: -- 248 new spin-off firms set up in 2000/2001 - increase of 22% on previous year. 203 spin-off firms in 1999/2000, compared to 338 in the previous five years; -- New patents filed by HEI's up 26% from 725 in 1999/2000 to 913 in 2000/2001; -- People employed by HEI-owned spin-offs up by 25% from 3996 in 1999/2000 to 4979 in 2000/2001; -- 44% of HEIs offered incubation or "start-up" facilities and almost 60% had access to "seed corn" investment; and -- UK Universities' spin-off performance comparable with US universities when adjusted for their size. UK universities identified one spin-off firm for every £12 million of research expenditure, compared with one for every £46million in the US. Secretary of State for Trade and Industry Patricia Hewitt said: "Our vision is to see more products invented in Britain, developed in Britain and made in Britain. Today's results show that we are delivering on that vision, creating more spin-off companies than ever before and more wealth for the UK. "We are applying the strengths of our science and technology to new areas of manufacturing and business - getting our best scientific minds working with our best business leaders. Our academics are not working in isolation in ivory towers. Their pioneering work is making a valuable contribution to business and the economy "Through our university-sponsored science and business parks and our Manufacturing Centres of Excellence we are helping UK manufacturers compete in an increasingly challenging global environment. Our future success, as identified in our Manufacturing Strategy, will come from high tech, high skill businesses that properly harness the UK's excellent science base. This is why our continuing investment in world class British science is crucial." On 1st October 2001, Hewitt announced the allocation of £120m for 2001-2004 to more than 200 universities, colleges and hospitals across the UK to enable them to further exploit their research and development potential and forge even stronger links with industry. An additional £171m has been allocated under Spending Review 2002 for supporting Knowledge Transfer in Higher Education Institutes. Lifelong Learning and Higher Education Minister Margaret Hodge said: "Today's survey shows what institutions can achieve: a considerable amount of work with small business; better management of new discoveries; an increase in training for companies. But there is further to go. We want to see more institutions building knowledge transfer and business links into their strategies. We need effective co-operation between higher education and business at all levels." Sir Howard Newby, Chief Executive of the Higher Education Funding Council for England, said: "Over the past few years there has been a healthy expansion in the contribution of universities and colleges to economic development and the strength of their communities. I warmly welcome this report, which confirms that third stream funding to support business and community links is now a core activity for institutions." MF Intellectual property is an important part of commercialising technology and the protection of IP is just as important if you are to make the most of the opportunities your IP offers. With this in mind, the Patent Office and the DTI have teamed up to produce the Innovation Logbook, an invaluable record of your IP. Get your copy today. Visit the Logbook's website for an order form.