Key Takeaways
- • Science minister Chris McDonald told Research Professional News that the UK is "choking" on its inability to commercialise curiosity-driven research, speaking at the Labour Party conference on 28 September.
- • UK Research and Innovation kept curiosity-driven research spending, the largest element of its budget, flat up to 2030 while applied research and commercialisation funding is set to grow.
- • McDonald said only about 4 per cent of businesses receiving late-stage venture capital are from the north of England, versus about 12 per cent of science funding and 11 per cent of spinouts from the region.
- • South Yorkshire mayor Oliver Coppard argued that university commercialisation should take priority over Research Excellence Framework scores.
- • Minister Jonathan Reynolds framed reindustrialisation as central to the new department for business, innovation, science and trade.
Summary
Science minister Chris McDonald has said the UK is "choking" on its failure to commercialise curiosity-driven research, according to Research Professional News. Speaking at the Labour Party conference on 28 September, McDonald was asked whether the curiosity-driven research budget should increase. He said it was important but stressed that the government's focus is on attracting more private sector investment to sit alongside that research so the economy can benefit from it. Last year, UK Research and Innovation announced that spending on curiosity-driven research, the largest part of its budget, would remain flat to 2030 while spending on applied research and commercialisation would grow.
McDonald also addressed regional imbalances in innovation funding during a session on regional growth from the UK's innovation clusters. He said the number of university spinouts is closely correlated with government science spending across the country. In his own northern region, about 12 per cent of science funding goes there and about 11 per cent of spinouts originate there, yet only about 4 per cent of businesses receiving late-stage venture capital are northern. He attributed the disparity to location, noting that venture capital concentrates in the south-east and London because the finance industry is based there, rather than to differences in ideas, skills or entrepreneurial talent.
The issue has gained new emphasis under Prime Minister Andy Burnham, who has promised to devolve more innovation funding to regional mayors. On the same panel, South Yorkshire mayor Oliver Coppard cited university partnerships, such as the one between the University of Sheffield and the Advanced Manufacturing Research Centre in Rotherham, as evidence that regional growth is achievable. He argued that policymakers should focus less on Research Excellence Framework scores and more on university commercialisation.
The discussion sits within the government's reindustrialisation agenda. In his conference speech on 28 September, Jonathan Reynolds, secretary of state for business, innovation, science and trade, said future sectors "aren't just about ideas" and rely on physical infrastructure and production. He said he would not allow Britain to generate ideas only for other countries to build and scale.
McDonald also addressed regional imbalances in innovation funding during a session on regional growth from the UK's innovation clusters. He said the number of university spinouts is closely correlated with government science spending across the country. In his own northern region, about 12 per cent of science funding goes there and about 11 per cent of spinouts originate there, yet only about 4 per cent of businesses receiving late-stage venture capital are northern. He attributed the disparity to location, noting that venture capital concentrates in the south-east and London because the finance industry is based there, rather than to differences in ideas, skills or entrepreneurial talent.
The issue has gained new emphasis under Prime Minister Andy Burnham, who has promised to devolve more innovation funding to regional mayors. On the same panel, South Yorkshire mayor Oliver Coppard cited university partnerships, such as the one between the University of Sheffield and the Advanced Manufacturing Research Centre in Rotherham, as evidence that regional growth is achievable. He argued that policymakers should focus less on Research Excellence Framework scores and more on university commercialisation.
The discussion sits within the government's reindustrialisation agenda. In his conference speech on 28 September, Jonathan Reynolds, secretary of state for business, innovation, science and trade, said future sectors "aren't just about ideas" and rely on physical infrastructure and production. He said he would not allow Britain to generate ideas only for other countries to build and scale.
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