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University of York welcomes commitment to strengthening UK’s innovation ecosystem

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Posted on 21 November 2023

The University has welcomed the findings of a new review which emphasises the significant role institutions play in supporting job creation and economic growth through commercialising research.

The University’s entrepreneurial, outcome-driven approach provides a strong platform for companies to spin-out of research activity. Image credit: University of York

The review highlights the impact of university spin-outs, which turns university research into commercial success.

Momentum

Amanda Selvaratnam, Associate Director for Research and Enterprise, commented on the new report, saying: “We look forward to working closely with the Government and investors to build on the momentum generated by the review. And we will most certainly be leveraging its insights on the many different ways to support new innovative businesses, both here in the region and across the UK. 

“York’s investment and focus on commercialisation is well timed, expanding on the already thriving UK spin-out ecosystem. We not only support innovation and economic growth, but also bolster regional capacity on the issues that really make the difference, turning research outputs into products and services that positively benefit society.”

The University of York’s new partnership with sustainability investor Greensphere Capital is a recent example. As part of a £150 million fund, this collaboration aims to invest in and scale market-leading businesses that address the pressing challenges of climate change and biodiversity loss.

Enormous value

Dr. Tim Bradshaw, CEO of Russell Group, an organisation representing the UK’s research-intensive universities, also comment on the new review: “We’re pleased this review highlights the enormous value spin-outs have added to the UK economy and demonstrates the vital role universities play in commercialising research and enabling new enterprises across a range of industries to flourish.

“These businesses simply would not exist without the resource, skills, and investment of our world-leading universities as well as support from the investor community and Government. In turn, university spin-outs have created thousands of high-value jobs right across the country, and we are eager to do even more.”

 

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