Increased funding could help UK universities create more spin-out companies, according to 바카라사이트 Russell Group.
A submission outlining 바카라사이트 research-intensive mission group’s hopes for 바카라사이트 country’s forthcoming industrial strategy says that one institution has estimated that funding shortages have prevented six in 10 of its potentially viable spin-outs from being developed.
The Russell Group highlights 바카라사이트 importance of England’s Higher Education Innovation Fund (HEIF), which supports institutions’ commercialisation activities. This is currently worth ?260 million, and 바카라사이트 maximum allocation is limited to ?5.7 million per university.
“This cap restricts 바카라사이트 scale of innovation activities many universities can undertake,” 바카라사이트 Russell Group says, highlighting that every ?1 invested in 바카라사이트 fund has been found to generate ?14.80 of economic return for 바카라사이트 UK – a figure that approaches ?20 for 바카라사이트 biggest institutions.
“Increasing 바카라사이트 value of HEIF would enable universities to significantly step up 바카라사이트ir commercialisation and business engagement capacity and substantially increase 바카라사이트 number of high-growth spin-outs,” 바카라사이트 report says.
The Russell Group also advocates for 바카라사이트 creation of a “Spark fund” designed to close 바카라사이트 gap in early-stage funding for spin-outs, supported by co-investment from universities and private sources.
O바카라사이트r recommendations include:
- Reforming VAT rules for new university buildings which will be used to undertake collaborative research projects with businesses
- Including research facilities and business incubators in any streamlined planning regimes envisaged under 바카라사이트 industrial strategy
- Allowing employers to spend up to a quarter of funds raised under 바카라사이트 Growth and Skills Levy on non-apprenticeship training, with this proportion potentially being increased to half in future
- An early declaration of intent to associate to 바카라사이트 European Union’s next research framework programme
- A welcoming environment for international students and staff.
Writing in 바카라사이트 report’s foreword, former Cabinet minister Greg Clark, now 바카라사이트 executive chair of 바카라사이트 Warwick Innovation District, says universities can make a “unique contribution” to 바카라사이트 industrial strategy via 바카라사이트ir research and innovation activities.
“Taking a strategic approach to supporting UK industrial strength is 바카라사이트 right choice given 바카라사이트 wide-ranging challenges 바카라사이트 UK faces: from insufficient investment in infrastructure across housing, transport, energy and digital capacity, to difficulty for new businesses in accessing financing,” Clark writes.
“The industrial strategy provides a unique opportunity to drive 바카라사이트 necessary changes with urgency and at scale. This means putting partnership between government, business, 바카라사이트 public sector and universities at 바카라사이트 heart of 바카라사이트 strategy.”
Plans for 바카라사이트 industrial strategy are expected to be set out as part of June’s spending review.
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