Universities Earn £92m From Business Interaction

Higher Education Institutions (HEIs) in Northern Ireland earned £92m through links with businesses and the community in 2012/13, marking a 6% increase on the previous year, according to the Department for Employment and Learning.

The 2014 Higher Education Business and Community Interaction Survey (HE-BCI) Northern Ireland summary report, published today, has revealed the benefits of business and community interaction to universities and colleges.

Employment and Learning Minister Dr Stephen Farry said: "Higher education is a key economic driver for the Northern Ireland economy. As the economy begins to grow again, the higher education sector has the potential to underpin recovery and drive future growth through its collaborative work with local businesses.

"This report provides evidence of the growing relationship between our universities and the business sector. There is an increasing awareness among commercial businesses, the public sector and community organisations of the economic advantages that can be brought by closer engagement with our universities. The report reveals that the total income our local universities earned from interactions with business and community organisations topped £90 million – up 6 per cent from 2011/12. The analysis also reveals that Higher Education Institutions have outperformed their UK peers in the fields of collaborative research, income from intellectual property and the number of sustainable spin-off companies."

Scott Rutherford, Director of Research and Enterprise at Queen’s, said: "Queen’s research is not only distinguished by its excellence but also by its relevance to society. Our partners both locally and internationally, engage with us in a variety of ways: from targeted consultancy and Knowledge Transfer Partnership placements through to long-term strategic research and development collaborations. Our portfolio of spin-out companies has also created more than 1,500 jobs. The findings of the HE-BCI survey confirm yet again, that when rated against key measures, Queen’s is ranked consistently amongst the top ten UK universities and plays a leading role in delivering impact and positive benefits for Northern Ireland."

(IT/MH)