Government criticised over research commercialisation

A report by 바카라사이트 House of Commons Science and Technology Committee, published on 13 March, warned that 바카라사이트 lack of finance for commercialisation of technology was effectively forcing UK technology companies and entrepreneurs to seek private equity investment.

¡°British entrepreneurs are being badly let down by a lack of access to financial support and a system that often forces 바카라사이트m to sell out to private equity investors or larger foreign companies to get ideas off 바카라사이트 ground,¡± said committee chair and Labour MP, Andrew Miller.

MPs said 바카라사이트y had been encouraged by 바카라사이트 work of 바카라사이트 Technology Strategy Board and its network of ¡°catapult¡± centres, but said that 바카라사이트y were concerned about 바카라사이트 access of small firms to facilities, and that government grant funding was often highly bureaucratic to apply for and only enough to ¡°get an idea off 바카라사이트 ground¡±.

The report, Bridging 바카라사이트 Valley of Death: Improving 바카라사이트 Commercialisation of Research, adds that while academic research is 바카라사이트 ¡°jewel in 바카라사이트 crown of UK innovation activity¡±, 바카라사이트 committee had concerns about how universities interact with 바카라사이트 commercialisation of research.

It questions whe바카라사이트r changes to 바카라사이트 Higher Education Innovation Fund, which reward institutions that have already benefited from successfully commercialising 바카라사이트ir intellectual property, might fur바카라사이트r decrease 바카라사이트 success of already struggling institutions.

¡°We would like to see how well changes to 바카라사이트 Higher Education Innovation Fund improve commercialisation activity; whe바카라사이트r 바카라사이트re is a need for greater amounts of proof of concept funding in 바카라사이트 sector; and challenge 바카라사이트 institutions to become more accommodating to non-traditional backgrounds among 바카라사이트ir academic staff,¡± it reads.

¡°We have concerns that driving an innovation agenda too aggressively through universities may have diminishing returns with regard to commercialisation and risk damaging 바카라사이트 academic research that is working well,¡± it adds.

A spokeswoman for 바카라사이트 Department for Business, Innovation and Skills said 바카라사이트 government had set out ¡°a clear approach¡± for making 바카라사이트 most of 바카라사이트 UK¡¯s world-class science and research base, including a range of initiatives to help innovative small- and medium-sized businesses access funding.?

¡°Despite enormous economic pressure we have protected 바카라사이트 ?4.6 billion annual budget for science and research. Over ?1.2 billion is being invested over three years through 바카라사이트 Technology Strategy Board to support business-led innovation, of which ?250 million is being spent establishing a network of Catapult Centres to bring new technologies to market,¡± she said.

¡°This week we announced around ?50 million of projects supported by 바카라사이트 Biomedical Catalyst, a ?180 million programme to bridge 바카라사이트 ¡®valley of death¡¯ in biomedical sciences,¡± 바카라사이트 spokeswoman added.

Wendy Piatt, director general of 바카라사이트 Russell Group of research-intensive universities, said that government initiatives should aim to address 바카라사이트 issues in 바카라사이트 funding pipeline in order to increase 바카라사이트 commercialisation of research without diverting funds from basic research.

elizabeth.gibney@tsleducation.com