Higher education's contribution to economic growth and society

30 April 2012

Commenting on today’s report on the Higher Education Innovation Fund Dr Wendy Piatt, Director General of the Russell Group, said:
 
“New ideas and inventions are the lifeblood of our society and are vital for economic growth.  As this report shows academics at our research-intensive universities play a key role in generating truly innovative ideas and working alongside business and industry to make sure those ideas are exploited to their full potential. Crucially the report shows that Government investment - through the Higher Education Innovation Fund - results in a six-fold return on investment and the return is greater where research intensity is greater.
 
“This shows why it is essential to target the investment through HEIF on research-intensive universities, who are best able to translate world-class research and knowledge into economic benefit to the UK.  Academics at Russell Group universities are more likely to have taken out a patent, licensed research to a company or formed a spin-out than academics at other institutions. We welcome and share the Government’s ambition to increase income from business partners but it’s vital everyone understands this will only ever be a supplement to, rather than a replacement for, Government support.”

Note to editors

1. The report is published on the Public and Corporate Economic Consultants (PACEC) web-site http://www.pacec.co.uk/

Related case studies

University of Manchester - A new cutting-edge innovation district for the North West

The University of Manchester will develop a new £1.5bn innovation district in the city to help create new firms and attract new investment to the region. The scheme is projected to support up to 10,000 new high quality jobs and add millions to the local economy. 

Read more >

Improving survival rates for people with cystic fibrosis

Cystic fibrosis is an inherited condition, caused by a genetic mutation, which affects 75,000 adults and children worldwide. Research at Queen’s University Belfast led to the development of a transformative new drug, Ivacaftor, which has brought outstanding improvements in survival and quality of life for people with the disease. 

Read more >