Edinburgh Innovations has announced record research translation figures for the financial year 2023/24, including the launch of 127 companies, 140 patents filed and £141 million invested into University-associated companies.
The Scottish Government’s Minister for Business Richard Lochhead praised the innovation organisation’s work at a recent parliamentary event, saying that “the commercialisation of research, through the creation of spinout companies, will unlock new opportunities for growth”.
Edinburgh Innovations announced its highest figures yet, including:
The stats come in a year when the University of Edinburgh was named joint first in the world for industry, innovation and infrastructure in the Times Higher Impact Rankings. And when biotech company, MiAlgae, which began life as a student startup, making Omega-3 from whisky waste, was a finalist in the Earthshot prize for innovation that could save the planet.
Dr Andrea Taylor, CEO of Edinburgh Innovations, said:
The University of Edinburgh has world-leading research, a track record in major therapeutics and life sciences spinouts, and emerging technologies in areas like cell and gene therapy, engineering biology and semiconductors. We also have the expertise to translate discoveries into world-changing innovations.
What we need now is to turn up the dial; for investors and policy makers to fully engage with Scotland, which is second only to the Golden Triangle in terms of deal flow. Scotland and the north will play a critical role in strengthening the UK tech sector as a true powerhouse to rival the US and China. ”
The Scottish University Spinout Review highlighted last year that in terms of both the number and total value of deals over the last three years, investment into spinouts in Scotland exceeded all other areas of the UK, aside from the Golden Triangle.
University of Edinburgh spinout Prothea Technologies launched in April, with European investment of €12m to ‘see and treat’ diseased lung tissue in a one-stop procedure.
Another new spinout, Trogenix, unveiled a platform this month that can kill brain cancer cells without affecting nearby healthy cells.
Kynos Therapeutics was acquired in October by German pharmaceutical Dr Falk Pharma to take its inflammation inhibitors to clinic. And Resolution Therapeutics also announced a major series B fundraise of £63.5M to progress its own clinical journey.
Professor Christina Boswell, Vice-Principal Research and Enterprise, said:
We have a strong culture of innovation here at the University, with a particular focus on our three missions - shaping future health and care, harnessing data and AI for good, and tackling the climate and environmental crisis.
Our new Research and Innovation Strategy sets an ambitious goal of doubling the number of innovation-active researchers by 2030, which we are driving forwards through our new Innovation Career Pathway. ”
Richard Lochhead, Scottish Government’s Minister for Business, said:
The work of Edinburgh Innovations to support the commercialisation of research, through the creation of spinout companies, will unlock new opportunities for growth, strengthen our global competitiveness, and ensure that Scotland remains at the forefront of innovation.
Close collaboration between government, universities, industry and investors will enable us to build a thriving, sustainable economy for the benefit of all of the UK. "
