Innovate UK commissioned Ipsos MORI to carry out an evaluation of the Innovation to Commercialisation of University Research (ICURe) pilot programme.
The evaluation had 3 objectives:
- using a logic model, evidence the effects of ICURe to:
- develop the entrepreneurial skills of participants
- accelerate the commercialisation of ideas from academic institutions
- create economic impact
- quantify any impact from commercialisation of research and development via spin-outs, licensing activity or other routes to market, and explain how this was achieved
- inform an evaluation of a national version of the programme
- 78 teams benefitted from the first 6 rounds of the programme at an approximate cost of £8.9 million
- at the time of evaluation, an estimated 24 spin-outs had been created, raising a total of £6.9 million in private equity finance
- spin-outs employed an average of 3 workers and generated £86,000 in revenue by January 2017
- the total present value of licensing agreements signed was £8.7 million
- an estimated £3.94 of economic benefit was created for every £1 invested
Please note, these findings should be considered against other factors that may have over or understated the effects of the programme.
SETsquared, a group of institutions through which the programme was initially delivered, has produced a number of case studies for participating projects.
About the ICURe programme
ICURe was established in 2014 in response to a 2013 House of Commons Inquiry to improve the commercialisation of research from universities.
The pilot programme aimed to tackle barriers to commercialisation by supporting academic researchers to take commercially-promising research projects to market.