Universities can be powerhouses of UK innovation
THE government is aiming high with the publication of the Wilson Review today – a comprehensive report with the aim of making the UK the best place in the world for businesses and universities to work together.
In the shadow of recommendations of how the sector can best do this, familiar voices will undoubtedly emerge intoning the same old criticisms that universities are ivory towers which contribute little to the UK economy, produce few tangible benefits and dampen the spirit of entrepreneurs. Yet this is simply not a true picture of how modern universities work.
There are also some in business and academia alike who are sceptical of the benefits that collaboration can bring. Yet our universities have been open for business for years, successfully commercialising intellectual property, spinning out companies and supporting entrepreneurs and small companies across the country to grow.
Packed with research and innovation, our universities are the key to innovating our way back to recovery. In the very best, it is possible to take new ideas, techniques, methods and discoveries in one area and apply them directly to others. This is at the heart of innovation, and every university can help the UK to build an even stronger knowledge economy.
Our universities are world leaders – we have more in the world’s top ten than any other country bar the US. This gives us a formidable advantage in an increasingly cut-throat global economy – they offer massive repositories of intellectual capital, chock full of experts specialising in research as diverse as nanotechnology, engineering, manufacturing and healthcare.
Properly commercialised, this research is worth billions. Last year, for example, BioVex – a spin-out from University College London – was sold to an American pharmaceutical firm for $1bn (£631.31m), having started from just an idea back in 1999. All our best universities have the potential to be creating successful companies like these.
If we are to become truly world leading, then our universities’ ambition and scientific innovation must be matched and supported by the commercial world. We need the expertise of businesses to ensure we truly recognise the potential for innovation of each exciting new research breakthrough while preserving its academic value. We need, too, to look at whether existing measures for capitalising such new business opportunities are maximising the value of research to the economy. New ways of doing business together will mean reaping the full benefit of our world-class research base.
A UK which is truly the best in the world for collaboration between businesses and universities is simply not an option: it is imperative, both to support our short-term economic recovery and our long-term prosperity. The world economy is changing, and there will be winners and losers. To be winners, we need to work together – universities, investors, corporations and entrepreneurs – to innovate and reap dividends for all.
Professor Stephen Caddick is vice-provost (enterprise) at University College London.