July 2024
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This conference examined next steps for university spin-outs and licencing deals.
It was a timely opportunity for delegates to consider this and wider issues around commercialisation of academic research as the new parliament begins following the General Election.
Delegates assessed latest thinking and best practice, in light of the government’s response accepting all recommendations from the Independent review of university spin-out companies in November 2023, which included:
- a £20m fund to support the foundation of more spin-out companies based on academic research at UK universities
- standardising and quickening the spin-out creation process
- building upon the TenU University Spin-out Investment Terms Guide by recommending 10-25% university equity for life sciences spin-outs and 10% or less for sectors which are less IP intensive
Those attending also examined timelines for implementing innovation-friendly commercialisation policies, following UKRI’s circular letter in February 2024. The letter outlined their interim approach to streamlining university spin-out development, with measures including the publication of an Addendum for HEIs in spring 2024, and continued collaboration with HESA to improve data sets and information transfer between HEIs and investors.
Delegates considered what best practice looks like in regard to future structuring of spin-outs and the relationship between universities and companies, as well as examining industry imperatives for sustaining funding through the scale-up stage of development. Discussion also considered how the UK can maintain competitiveness in comparison to other countries in this area.
Further sessions explored the future for government funding and how best to utilise increased investment, with discussion on the potential for changes in the political landscape affecting funding allocation, and how university research departments can prepare.
Keynote speakers who have agreed to take part include: Alice Frost, Director, Knowledge Exchange, Research England; Professor Irene Tracey CBE, FRS, FMedSci, Vice-Chancellor, University of Oxford (pre-recorded presentation); Dr Todd Davey, Associate Partner, University Industry Innovation Network; Dr Mairi Gibbs, Chief Operating Officer, Oxford University Innovation; and Dr Christine Martin, Head, Ventures, Cambridge Enterprise.
Overall, areas for discussion included:
- key priorities: implementing recommendations from the Independent Review - moving policy and higher education sector practice forward
- spin-out creation: assessing efficiency and establishing a blueprint for licensing deals - approaches to IP - equity shares - support from the founding institution - reducing bureaucracy to quicken the process
- improving the data pool: future direction for improving data sets around spin-out creation - the process of data collection - CRNs and the vision for a comprehensive database of UK spin-outs
- investment and scaling-up: the role of angel and venture funding in early-stage growth and throughout the scale-up process - overcoming barriers academics face when pursuing commercial interests
- terms between HEIs and innovators: equity stakes in spin-out companies and their impact on further investment - considering what is fair for both parties - examples of effective collaboration
- best practice: standards in the UK and internationally - developing investor-friendly value propositions - assembling strong start-up teams - securing patient capital
- widening participation: increasing the geographic spread of successful spin-outs - encouraging investment beyond the South East of England - examining the role of spin-outs in the levelling up agenda
- diversity: priorities for diversifying spin-out leadership teams - addressing structural barriers for female spin-out founders
The conference was an opportunity for stakeholders to consider the issues in the presence of key policy officials who attended from DBT; DfE; Defra; DAERA, NI; DHSC; DSIT; DESNZ; DfT; GO-Science; HMRC; IPO; Department for the Economy, NI; Education Scotland; UKHSA; UKSA; and The Scottish Government.
The proceedings of the conference will be circulated more widely, to Parliamentarians, ministerial offices, and government and regulatory officials with an interest in the issues being discussed. All delegates will also receive a video recording of the conference.
