13/02/2004

University-linked businesses create more jobs and wealth: report

Universities are generating more wealth and creating more jobs than ever before, according to the latest available figures published by the government today.

The third annual Higher Education Business Interaction (HEBI) survey showed that during 2001-02 the amount of turnover made by spin-off companies increased from £212 million to £289 million, and the number of people employed by spin-offs increased from 10,500 to 12,000.

The amount of income that Higher Education Institutions (HEIs) receive from Intellectual Property has increased by 83%, up from £18 million to £33 million, and the number of new patents filed by HEIs rose by 8%, up from 896 to 967.

Science and Innovation Minister, Lord Sainsbury said: "UK Universities have risen to the challenge of transferring their knowledge into industry and are becoming increasingly entrepreneurial. Their pioneering work is being turned into practical applications and is making a valuable contribution to the economy and society."

He added: "We have made large investments in knowledge transfer over the last few years and it is good to see it bearing fruit. The trend from the three surveys shows a dramatic improvement."

The government said that UK universities' spin-off performance "is comparable with US universities" when adjusted for their size. UK universities identified one spin-off firm for every £15 million of research expenditure, compared with one for every £44 million in the US.

Alan Johnson, Minister for Lifelong Learning, Further and Higher Education, said: "Such encouraging results demonstrate what universities and business can achieve when they work together."

(gmcg)

Related UK National News Stories
Click here for the latest headlines.

17 September 2003
'Modest' inroads made into reducing truancy
Figures released today have revealed that truancy rates for school children registering a "modest improvement". The headline rate of unauthorised absence declined, with around 700 fewer pupils playing truant each day. Up to 133 of 150 local education authorities have also reported an improvement in attendance at secondary level.
18 October 2012
Reports Call On Unis To Offer 'Poor Pupils Automatic Interview'
A new report on social mobility has said that England's universities should give pupils from poor backgrounds guaranteed interviews and lower offers. Author o the report Alan Milburn is calling for universities to "redouble their efforts" to give places to all those with talent and potential.
26 June 2012
Employers 'Missing Out On Talent'
Top companies are recruiting from just six leading universities and "missing a large amount of graduate talent", the Universities Minister has said. David Willetts told the government that employers were "fishing in an unduly narrow pool" of talent and risking discriminating against students from less prestigious institutions.
09 September 2011
NI Uni Fees Frozen
Following on from the universities call for a decision to be made on the issue of tuition fees, it has been announced that fees for Northern Ireland students attending universities here are to be frozen. The decision means fees will remain at around £3,500 per year.
20 December 2010
Transition For Universities Set Out
The Government has today published its annual Grant Letter to the Higher Education Funding Council for England (HEFCE). The letter from Secretary of State Vince Cable and Universities Minister David Willetts sets out what HEFCE’s priorities should be when allocating higher education budgets to the sector for 2011-12.