LONDON UK universities created one spin off firm for every £17million of research expenditure, compared with every £60 million in the US according The Higher Education – Business and Community Interaction Survey 2002-03. The report is based on information from 164 higher education institutions.
Government investment in higher education institutions' (HEIs) knowledge transfer activities is helping boost the UK economy and there has been a 'step-change' in the way UK universities and HE colleges transfer knowledge in engaging with business, the public sector and the wider community, with increases in consultancy income and expenditure by companies on research.
The level and quality of interaction between universities and business have generally increased, with 89 per cent of HEIs now offering a single enquiry point for business and 79 per cent helping SMEs identify what resource they need.
Applications for new patents by HEIs is up 26 per cent while income generated by consultancy up by 38 per cent to £168m. Regeneration funding to HEIs has increased by around 15 per cent and commercial and non-commercial organisations spent nearly £130 million on education and continuing professional development supplied by the HE sector.
Kim Howells, Higher Education Minister, said, “Universities have a key role to play in stimulating local enterprise and regenerating regions through their innovative work. The results of today's survey show that they are continuing to boost UK productivity.”