Higher education gets £669m from collaborative research

Science and Innovation Minister Ian Pearson, pictured, said: “Universities are shifting up a gear when it comes to working with business and making an economic impact. In percentage growth terms, collaborative research with industry in the UK is growing at a faster rate than the Chinese economy. “Companies large and small can improve their performance by drawing on the knowledge and skills within higher education. I want to see even more doing so in the future.” In 2006-07, UK higher education institutes received £669million from collaborative research, 12% more than the previous year. Income from consultancy and training also rose significantly. Meanwhile, 226 spin offs were formed in 2006-07 based on university IP. CBI Director General Richard Lambert said: “A strong relationship between (business and academia) is critical to helping the UK maintain competitiveness. And both sides can benefit: businesses from new thinking and high quality graduates; universities from practical insights that enrich their teaching and research, as well as much needed funding.”