Jeremy Hunt, the Chancellor of the Exchequer, and Michelle Donelan, Secretary of State for Science, Innovation and Technology, visited UCL East today to mark the publication of the Independent Review of University Spinouts, which outlines a series of recommendations and guidelines for universities in commercialising their world-leading research.
The Review takes its lead from the University Spinout Investment Terms Guide (USIT), published in April, that was developed in consultation with the TenU group of the UK’s leading university Technology Transfer Offices (TTOs), including UCL Business Ltd (UCLB), and those from Imperial, Cambridge, Oxford, Manchester and Edinburgh – and seven of their leading investors.
Joined by university leaders, investors, heads of technology transfer offices, and spinout founders, the Chancellor and Secretary of State were welcomed to UCL East by Dr Michael Spence, UCL President & Provost, Dr Anne Lane, CEO of UCLB and Professor Paola Lettieri, Pro-Provost of UCL East.
The event provided an opportunity to highlight the fantastic work of UCL, UCLB, and other UK university technology transfer offices in accelerating and supporting the formation of spinout businesses to commercialise and grow the impact of world-changing academic research – from new approaches to treating cancers to reducing industrial carbon emissions.
During their visit, the two ministers met three UCLB spinout companies – Kit-AR, an augmented reality technology platform which improves production processes and quality control by guiding assembly workers in real time; Tenpoint Therapeutics, which uses pioneering cell engineering to tackle age-related or inherited sight loss; and CarbonRe, which uses AI technology to help heavy industry cut its emissions.
Dr Anne Lane, CEO of UCL Business (UCLB), said: “For 30 years, UCLB has created successful spinout businesses from UCL’s ground-breaking research, that have raised £2.75bn investment in the last 5 years alone. The recommendations published in this review will help universities harmonise the creation of spinouts, and we welcome the Chancellor’s enthusiasm and interest in the work of UCL and the spinout businesses that have sprung from UCL’s world-leading research. We look forward to working even closer with fellow universities, government, and the investment community to ensure a healthy and sustained flow of investment back into academic research whilst supporting the emerging businesses of the next 30 years.”
Image credit: HM Treasury