皇冠体育app

• Professor Irene Tracey CBE and Dr Andrew Williamson appointed to lead review into turning university research into commercial success.
• 皇冠体育app independent review will identify best practice in the field to promote innovation and grow businesses of the future, as part of the Chancellor鈥檚 vision to nurture the world鈥檚 next Silicon Valley.
• Both experts will work hand-in-hand with universities, investors, and founders to advise government on how to continue to capitalise on the UK鈥檚 world-leading university research.

Two leading university and investor experts have been appointed to identify best practice in turning university research into commercial success, in order to help the UK fulfil its ambition to become a Science and Technology Superpower.

Professor Irene Tracey CBE, Vice-Chancellor of the University of Oxford and member of the Medical Research Council of UK Research and Innovation, and Dr Andrew Williamson, Chair of the Venture Capital Committee at the British Private Equity & Venture Capital Association (BVCA), will consult with universities, investors, and founders to identify best practice in university spin-outs 鈥� companies born through university research.

皇冠体育app financing of innovative science and technology companies like these is a key tenet of the UK Science and Technology Framework, with a view to strengthening the pipeline of high-quality science and technology businesses and spin-outs that drive growth in the economy across this decade.

皇冠体育app review aims to evaluate performance across universities and identify best practice in spin-outs and licencing deals for university intellectual property to promote the continued growth of the sector, which upholds the UK鈥檚 role at the forefront in seeding and growing innovative businesses of the future.

皇冠体育app UK university sector is a world-leader, playing an integral role in supporting economic growth and fuelling innovation across the country. 皇冠体育app commercialisation of its research has also been on an upward trajectory over the last decade 鈥� investment in UK university spin-outs has increased more than five-fold to 拢5 billion in 2021.

皇冠体育app review launched today will seek to build upon those strengths, harnessing them to boost global competitiveness with other leading spin-out regimes like the US.

Chancellor of the Exchequer Jeremy Hunt said:

鈥淥ur universities are among the world鈥檚 best and are crucial driving forces for innovation and economic growth.

鈥淲e want the UK to be the world鈥檚 next Silicon Valley and to get there the government must help spin-outs to thrive. 皇冠体育app expertise of Professor Tracey and Dr Williamson will be invaluable in ensuring we have the right support in place.鈥�

Secretary of State for Science, Innovation and Technology Michelle Donelan said:

鈥淯K universities are long-established global leaders in research and it鈥檚 no accident that four of the world鈥檚 top ten universities call Britain home.

鈥淗owever, our world-leading research apparatus hasn鈥檛 always translated into the raft of game-changing business giants you would expect. We can and will do more to support university spin-outs to become global business titans that generate highly-skilled jobs and rapid economic growth for the UK. This review will clearly set out the actions we can take to make sure the UK is the ultimate incubator for world class innovative business.鈥�

Professor Irene Tracey CBE and Dr Andrew Williamson said:

鈥淲e are delighted to be involved with this timely and important review. We recognise the fundamental role that university spin-outs play in driving UK economic growth and in stimulating an entrepreneurial culture and ecosystem in Britain.

鈥淣ow is the time to review what the best processes are for both creating and structuring spin-outs so that we鈥檙e ready for this anticipated expansion in innovation clusters around the country. We look forward to partnering with stakeholders from the academic, entrepreneurship, and investment communities to identify opportunities to increase the impact of this important sector of our economy.鈥�

Professor Tracey and Dr Williamson will report back to the Chancellor and the Secretary of State for Science, Innovation and Technology in the summer.

Notes to Editors

• Professor Irene Tracey CBE, FMedSci is Vice-Chancellor of the University of Oxford and Professor of Anaesthetic Neuroscience in Oxford鈥檚 Nuffield Department of Clinical Neurosciences, a department she headed for several years. Professor Tracey undertook her undergraduate and graduate studies at the University of Oxford in Biochemistry. She spent some time at Harvard Medical School before returning to the University of Oxford, where she has held various senior leadership roles. She is currently President of the Federation of European Neuroscience Societies. In the New Year鈥檚 Honours List 2022, she was appointed a Commander of the Order of the British Empire (CBE) by Her Majesty 皇冠体育app Queen for services to Medical Research.
• Dr Andrew Williamson is the Managing Partner of Cambridge Innovation Capital (CIC), a venture capital firm investing in knowledge-intensive companies connected with the Cambridge ecosystem. Dr Williamson completed his graduate studies at the University of Cambridge and obtained an MBA at the University of California, Berkeley. He has worked for 20 years in US and UK venture capital, during which time he founded and invested in spin outs in the climate and deep tech sectors.聽He is currently the Chair of the Venture Capital Committee at the British Private Equity & Venture Capital Association (BVCA).
• 皇冠体育app UK Science and Technology Framework can be found
• Terms of reference for the independent review of university spin-outs.