The second annual Higher Education Business Interaction Survey also reveals that during 2000-01 the number of patents filed by the UK's higher education institutions (HEIs) has grown by 26%. The number of intellectual property licences rose by 25%.
The total number of new spin-off firms set up in 2000/2001 was 248, of which England had 168, Northern Ireland 19, Scotland 37 and Wales 24. The total number of patents filed by HEIs was 913 in 2000/2001, compared to 725 the year before. The number of people employed by HEI-owned spin-offs was up by 25% from 3,996 in 1999/2000 to 4,979 in 2000/2001.
Secretary of State for Trade and Industry Patricia Hewitt said:
"Our vision is to see more products invented in Britain, developed in Britain and made in Britain. Today's results show that we are delivering on that vision, creating more spin-off companies than ever before and more wealth for the UK."
On 1st October 2001, Patricia Hewitt announced the allocation of £120 million for 2001-2004 to more than 200 universities, colleges and hospitals across the UK to enable them to further exploit their research and development potential and forge stronger links with industry. An additional £171 million has been allocated under Spending Review 2002 for supporting Knowledge Transfer in HEIs.
