University and business leaders, MSPs and investors came together this week at the Scottish Parliament in Edinburgh to discuss how to build on the innovation successes of Scottish universities for Scotland’s future growth.
The event, organised by the University of Edinburgh, highlighted the activity of spinout companies – formed by staff, where the university becomes a shareholder – in generating 25 per cent of total investment value in Scotland.
And considered a statistic from the Scottish University Spinout Review 2023, which found that in terms of the numbers 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 of Oxford, Cambridge and London.
Spinouts like Prothea Technologies and Kynos Therapeutics, Microplate Dx and CGEN Engineering are tackling disease, antimicrobial resistance and sustainable energy respectively, and garnering inward investment in the process. So how do we become an innovation powerhouse that spreads prosperity beyond the South East of England?
Hosted by Daniel Johnson MSP and attended by Minister for Business Richard Lochhead and Professor Kim Graham, University of Edinburgh Provost, the evening was chaired by Professor Christina Bowell, Vice-Principal Research and Enterprise at the University of Edinburgh.
Dr Andrea Taylor, CEO of Edinburgh Innovations, the University’s commercialisation service, chaired a panel discussion between Alessia Errico, Associate Director for Search & Evaluation at Cancer Research Horizons; Alisdair Gunn, Director of Innovation and Industry Engagement, Strathclyde University; Professor Kev Dhaliwal, CMO and CSO of Prothea Technologies and Interim Director of Edinburgh Futures Institute, and Sinclair Dunlop, Managing Partner at Epidarex Venture Capital.
Discussion spanned translation of research, Scotland’s national innovation strategy and how to grow a collaborative ecosystem that nurtures innovation and entrepreneurialism. Asked about the ‘one thing’ they would implement to this end, the panel replied: more collaboration, less competition (KD); capacity to scale up (SD); confidence (AG) and building entrepreneurialism into the academic reward system (AE).
Dr Taylor reflected:
Innovation happens at the interface between cutting edge research and industry - it’s about building relationships for mutual benefit. Our Edinburgh Innovations' stats show we are producing high value spinouts that attract inward investment to Scotland and create jobs. Let’s now turn up the dial on company creation for sustained economic growth and impact.”
Professor Graham highlighted the success of the regional Data-Driven Innovation programme, led by Edinburgh and Heriot-Watt universities, which has supported 500 innovative companies to raise £200m in five years, exceeding its target fourfold.
And Professor Boswell said:
Innovation is not just ideas and discoveries, it’s about academia, government, companies, patients, the public sector and industry working together to foster a supportive ecosystem. The Innovation Career Pathway is one initiative we are currently working on at the University to build a culture of innovation alongside research.
The challenges the world faces are too complex for us to work alone, which is why, at the University, we are focussing on collaboration around our three missions: shaping future health and care; harnessing data and AI for public benefit and tackling the climate and environmental crises. ”
Mr Lochhead said:
Scotland's universities are at the heart of our innovation ecosystem and play a critical role in economic development. Their world class research supports emerging industries, creates high-value jobs and attracts investment.
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 Scotland. "
Host Daniel Johnson MSP added:
The University of Edinburgh is not just a leading research institution, it is also at the heart of driving growth. Working with investors and industry partners, startups and spinouts, it is helping realise the potential of the world-leading research and technology emerging from Scotland’s universities. ”
