Future Ready
The role of universities in an innovation-led Industrial Strategy
Our vision is for an innovation-led Industrial Strategy where universities can work in partnership with business, central, devolved and local governments to create inclusive, long-term growth for all nations and regions of the UK.
By driving breakthroughs in fields such as clean energy, AI and life sciences, our research-intensive universities are delivering the advances and skills critical for our future economy and society.
Putting universities at the centre of the Industrial Strategy will harness the strength of the higher education sector to transform our economy and public services – helping to build a resilient UK.
Find out more about why research-intensive universities will be key delivery partners for the Industrial Strategy in our new report, Future Ready.
Leading the UK Data Revolution
Research-intensive universities will play a core role in a growing UK digital ecosystem to enable data driven growth, support public services and enhance public trust in new technologies.
The higher education system has a track record that provides a solid foundation for safe, innovation-led growth:
- AI university spinouts secured £230m in equity investments in 2022/23.
- University quantum spinouts raised £184m of private investment in 2022/23.
- The UK is top five globally for research into AI technologies such as advanced data analytics, machine learning and natural language processing.
Driving Investment across the UK
HE Business and Community Interaction (HEBCI) statistics show that in 2022/23, Russell Group R&D and innovation catalysed £4.3bn of spending and investment from the private sector.
This included contract research, consultancy income, facilities income, external investment into university spinouts with some ownership and income generated through IP.
Putting the UK at the Cutting Edge of Clean Energy
Research-intensive universities are ready to support the government’s clean power and net zero objectives as we deliver breakthroughs in clean power and green tech, support a pipeline of green skills and contribute to the decarbonisation of industry.
· £129mn Natural Environment Research Council competitively won funding for Russell Group green research in 2022/23.
· 162 active university cleantech spinouts located across the UK in 2024.
- 96% of UK universities have published strategies to reduce their own carbon emissions.
Health and Social Care for the Future
Partnerships driven by Russell Group universities with the NHS, business and local authorities are creating new treatments and technologies and building strong and health and social care ecosystems in all parts of the UK.
- Education, innovation and research partnerships between Russell Group universities and the NHS in every nation and region of the UK.
- In January 2024, university research breakthroughs were being developed by 331 active pharmaceutical spinouts.
- Russell Group universities boost the NHS workforce by training 4/5 of new UK doctors and dentists, and 4,200 clinical academics.
Building a Resilient UK Economy
Research-intensive universities are working with partners in businesses, government, councils and combined authorities to protect UK supply chains, help the public and private sector respond to new challenges and providing anchors for inclusive growth and investment across the UK.
- Russell Group universities attracted £1bn in FDI into their R&D in 2022/23.
- University spinouts make up 48% of the high growth semiconductor company population in the UK
- University initiatives such as Northern Gritstone are closing investment cold spots that have held back growth and boosting economic resilience across the UK.
Maximising the Impact of University Partnerships
Universities work in partnership with businesses, the NHS, local authorities and others to contribute to the economy, and they are ready to do even more.
To harness university capabilities to help deliver growth across the UK, we recommend government pursues an Industrial Strategy which:
- Strikes a balance between mission and sector-based strategy to maximise impact across the whole economy while giving businesses in key industries confidence to invest in the UK.
- Thinks for the long term to deliver a thriving economy into the 2030s as well as short-term growth.
- Creates the right environment to build new public-private partnerships by investing in R&D infrastructure, supporting discovery research and cutting red tape to make it easier to scale new regional innovation clusters.
- Introduces formal mechanisms to use university sector and academic expertise to inform the direction and implementation of the Industrial Strategy.
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