The Liverpool School of Tropical Medicine has welcomed recommendations from a report into university spin-out companies, aimed at encouraging innovation and the growth of academic research into commercial prospects. LSTM will be fully adopting the review’s best practice recommendations.
In November 2023 the UK Government published an independent review of University spin-out companies authored by Professor Irene Tracey CBE, Vice-Chancellor of the University of Oxford and Dr Andrew Williamson, Managing Partner of Cambridge Innovation Capital. Spin-out companies are companies created based on intellectual property generated through a university’s research, and the report was commissioned to assess spin-out ecosystems from around the world, identifying best practices and opportunities to support and generate greater investment and faster growth in the UK.
The report made 11 recommendations, to government, funding bodies, HESA, universities and investors, all designed to support the growth of university spin-out companies and to help the UK establish itself as a world-leader in innovation.
LSTM’s spin-out portfolio is currently small, but growing, and LSTM welcome this opportunity to ensure that:
- our developing spin-out pipeline processes are aligned with the best practice guidelines as presented in the review as well as in the University Spinout Investment Terms (USIT) Guide
- our university and founder equity stakes are appropriate for each specific new venture
- our spin-out processes are clearly communicated to researchers, across all disciplines, to raise awareness of spin-outs as an opportunity to bring their research into application and impact
- spin-outs are always considered as an option for the exploitation of all university IP.
Those recommendations included the introduction of innovation-friendly policies underpinned by guidance co-developed between investors, founders, and universities; improved data through a national register of spin-outs; increased funding for proof-of-concept; consolidation and expansion of existing support services and an improvement of funds to enable movement of people between academia and industry.
Professor Giancarlo Biagini, Dean of Research and Innovation said: “We welcome the findings of this report, which highlights the contributions that university spin outs make to economic growth and productivity and the role that they play in a thriving innovation system. We intend to align ourselves fully with the review’s recommendations for best practice.”
“We have always had a strong industry focus and entrepreneurial mindset at LSTM, proudly working with commercial partners from all around the world. These guidelines will help support innovative and entrepreneurial activities in universities, and help the UK become recognised as a research and innovation powerhouse.”
To read the full report into university spin-out companies visit the UK Government website, and the Government’s response is also available in full.