Economy boosted by University creativity
A new study shows that Scotland’s economy benefits significantly from the University’s commercialisation work.
According to the study by independent consultancy BiGGAR Economics, the University’s commercialisation activities contribute more than £140 million to the Scottish economy per year.
The work - which includes forming new companies and licensing university technology - also supports over 2,400 Scottish jobs, the study says.
New companies created by Edinburgh Research and Innovation (ERI) - the university’s commercialisation arm - in the past year include Speech Graphics, which develops software that realistically creates realistic speech synchronisation for video games.
The report is available at:
This study strongly indicates the hugely important economic role that the University of Edinburgh plays within Scotland. Our work to create and foster new companies is vital in encouraging entrepreneurship and helps innovative firms to develop and grow.
Of the 262 spinout and start-up companies formed by the University since the 1960s, 84% remain active today.
Of these, 190 are located in Scotland, employing an estimated 2,180 staff in industries including electronics, bio-technology, engineering and tourism.
In the three years to 2010-2011, ERI supported the formation of over 100 new businesses, making it the best-performing university commercialisation department in the UK.
The work done by ERI and others in the University to encourage a culture of entrepreneurship among students and postgraduates is essential both to our future success as a country and to provide real employment opportunities for the next generation.