The Russell Group, which represents 24 research-intensive universities in the UK is gathering a panel of experts to advise the government on how the higher education sector can support the delivery of a new Industrial Strategy. The government has recently released its Industrial Strategy consultation 'green paper'.
The panel is yet to be finalised, but so far confirmed members include: former Secretary of State Greg Clark, who was recently appointed SCI’s Chair of the Board of Trustees, and Robert Scott, vice president of Human Genetics and Genomics at GSK, as well as Arnab Basu, chief executive of successful university spinout Kromek. The panel will be chaired by Stuart Croft, vice-chancellor and president of the University of Warwick.
The panel will help set out recommendations for universities, government, business and public sector partners that will enhance the impact of university R&D and innovation on economic growth and public services.
Welcoming the Industrial Strategy green paper Charlotte Kelly, policy manager for the Russell Group said: “The government’s green paper is a positive starting point for the new Industrial Strategy, and rightly recognises universities’ roles as key pillars in the growth and innovation ecosystem. The panel is already thinking about ways we can incentivise more private funding into R&D, improve the high-quality skills pipeline and leverage our universities’ global reach to attract new investment into UK regions and nations.”
Some initial thinking has been set out in a Russell Group document: Future Ready: The role of research-intensive universities in an innovation-led Industrial Strategy.
Looking at two of the eight areas prioritised in the green paper Kelly added: “The way the UK harnesses university expertise, skills provision and R&D to boost sectors such as advanced manufacturing and life sciences will help determine how successful the Industrial Strategy will be, which is why we think it’s important that higher education insights are embedded across the development of the strategy including in the work of the Industrial Strategy Council.”
The Industrial Strategy Council was initially highlighted in the King’s Speech and will be put on a statutory footing. Stuart Croft, the chair of the new advisory panel added: “Looking closely at the way we support existing university partnerships and develop new ones is crucial if we are to maximise the impact of the new Industrial Strategy.”
SCI has been calling for a comprehensive Industrial Strategy to champion science-based businesses since August 2023, when it published its Manifesto for an Industrial Science and Innovation Strategy. Key recommendations include establishing an Innovation & Science Growth Council with a direct reporting line to No10, reforming pension funds to encourage investment in start-ups to commercialise their innovations in the UK and simplifying the overly complex R&D tax relief system.
With the right support for science-based businesses, SCI has said, by 2030 the UK should aim to see 15 start-ups scaling to £500m, five unicorns listing in the domestic market, and ten investments of £500m+ being made in manufacturing.
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