Profitable research

Higher education institutions (HEI) in the UK received £2.64billion from business and community interaction in 2006-07, according to a recently published report. This represents a 17% increase over 2005-06. Science and Innovation Minister Ian Pearson 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.” According to the survey – Higher Education – Business and Community Interaction – UK HEIs received £669million from collaborative research in 2006-07, 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.” However, Lambert said there is scope for even greater interaction between academia and business in the UK. “The Government must continue its efforts to bring down any remaining barriers to making this happen,” he contended.