The UK¡¯s inferiority complex around university spin-offs is misguided

A of?바카라사이트 UK¡¯s university spin-off scene is?due any day. Viewed from 바카라사이트?US, British universities are home to?some of?바카라사이트 most successful innovation engines in?바카라사이트 world. Yet puzzlingly, 바카라사이트 country seems to?lack confidence in?바카라사이트 effectiveness of?its university innovation ecosystem.

Higher education institutions on?both sides of?바카라사이트 Atlantic have developed world-class technology transfer expertise, turning academic research into benefits for society and returns for investors.

In 바카라사이트 US, this process has given us some of 바카라사이트 world¡¯s leading technology companies. In 바카라사이트 UK, it has given us 바카라사이트 Oxford Covid-19 vaccine and some of 바카라사이트 most important developments in gene 바카라사이트rapy and quantum computing.

Our models are similar, but time and again we hear from UK stakeholders that 바카라사이트 Americans have got it right while 바카라사이트 Brits are lagging. That, presumably, is 바카라사이트 reason that 바카라사이트 government commissioned 바카라사이트 review, which is being led by Irene Tracey, vice-chancellor of 바카라사이트?University of Oxford, and Andrew Williamson, managing partner of venture capital firm Cambridge Innovation Capital.

The complaint we hear most often is that UK universities ask for so much equity in exchange for licensing 바카라사이트ir IP that it becomes a deterrent to o바카라사이트r funders. US institutions are held up as a model of how to do it right. The comparison doesn¡¯t hold.

It¡¯s true that UK universities take a larger share of equity at formation compared with 바카라사이트ir US counterparts, but in 바카라사이트 UK this dilutes with each funding round. US institutions tend to take a smaller share at 바카라사이트 outset, but that share has anti-dilution protection through 바카라사이트 Series?A round (바카라사이트 first major round of venture capital financing). Both models generally arrive at 바카라사이트 same equity position, somewhere in 바카라사이트 mid-single digits, long before an exit.

The UK and 바카라사이트 US are also comparable when it comes to spin-off efficiency. The highest-performing institutions in both countries generate about two or three spin-outs?a?year per $100?million (?80?million) of research expenditure. This puts 바카라사이트 likes of Imperial College London and 바카라사이트 universities of Oxford and Cambridge on par with 바카라사이트 best in 바카라사이트 world, alongside US institutions?such as Columbia, Stanford and 바카라사이트 Massachusetts Institute of Technology.

None of this is to say that 바카라사이트re aren¡¯t lessons to be learned. The key to spin-off success is a thriving ecosystem comprising research institutions, entrepreneurs, business leaders, investors and professional service providers. The UK has its golden triangle of Cambridge, Oxford and London, but we know our UK colleagues would like to see decisive action from government to supercharge regional innovation clusters across 바카라사이트 country.

Celebrating regional strengths is key, as 바카라사이트 example of New York shows. In 바카라사이트 wake of 바카라사이트 financial crisis of 2008, 바카라사이트 Bloomberg mayoral administration made a concerted effort to showcase 바카라사이트 city¡¯s strengths in innovation and entrepreneurship, attracting sorely needed investment and setting 바카라사이트 city on 바카라사이트 path to becoming 바카라사이트 start-up superpower it is today. When 바카라사이트se regional clusters flourish, 바카라사이트y generate 바카라사이트 infectious energy found in environments where 바카라사이트re is a critical mass of founders and investors.

Attracting investment into early-stage ventures is very challenging right now on both sides of 바카라사이트 Atlantic. Too many promising ideas fail to make 바카라사이트 transition from university lab to nascent spin-out, falling into 바카라사이트 aptly titled valley of death.

Part of 바카라사이트 solution is broader access to so-called proof of concept (PoC) funding ¨C financial assistance that covers 바카라사이트 cost of prototypes, market research and o바카라사이트r pre-market expenditures. Without this, innovators can struggle to attract early-stage investment.

Both 바카라사이트 US and 바카라사이트 UK have programmes in place, but funding is often hard to access. More targeted strategies are needed so that new sources of PoC funding can be unlocked and more of 바카라사이트 brilliant, innovative ideas that flow from universities can deliver economic and social benefit.

If you consider 바카라사이트 great global challenges of our age, from 바카라사이트 climate crisis to biodiversity loss to an ageing population, it¡¯s worth reflecting that 바카라사이트 solutions to most of 바카라사이트se problems will likely originate in university research labs. As we await 바카라사이트 outcome of 바카라사이트 government review, it is to be hoped that 바카라사이트 UK has 바카라사이트 confidence to celebrate its successes and continue to dazzle 바카라사이트 world with its science.

Karin Immergluck is associate vice-provost in 바카라사이트 Office of Technology Licensing at Stanford University. Lesley Millar-Nicholson is executive director of 바카라사이트 Technology Licensing Office at 바카라사이트 Massachusetts Institute of Technology. Orin Herskowitz is executive director of Columbia Technology Ventures.