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."


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