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Growing Competitiveness through support for Innovation, Research and Development Professor Tim Cook, Oxford University Managing Director, Isis Innovation.

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Presentation on theme: "Growing Competitiveness through support for Innovation, Research and Development Professor Tim Cook, Oxford University Managing Director, Isis Innovation."— Presentation transcript:

1 Growing Competitiveness through support for Innovation, Research and Development Professor Tim Cook, Oxford University Managing Director, Isis Innovation Visiting Professor in Science Entrepreneurship Said Business School, Oxford

2 Contents 1.Economic contribution from higher education 2.What are universities really for? 3.The challenge of cross-cultural communication 4.Catalysts to support technology transfer

3 UK Higher Education generates >350 000 jobs directly (300 000 full time equivalent) >For every 100 Higher Education jobs 89 generated are from knock on effects >560 000 f.t.e. jobs through direct and knock-on effects >2.7% of UK workforce in employment >€53 billion of output Rounded figures!

4 What are Universities for? >Research & Teaching >The creation and transmission of knowledge >These both have a major economic impact >Creative thinkers (in science, arts and humanities) >A workforce trained in some useful areas >But not all useful areas!

5 University Innovations >Range from inventions & new processes to new philosophies & political thought >Most of this talk is about the former but let’s not forget the others They may well have a more profound long-term impact on our lives

6 The third stream >Since 1997 UK national government has become increasingly aware of a very useful by-product from universities >The so called third arm, third leg, third stream >I.e. inventions with commercial potential

7 Before 1997 >1950 Treasury Circular 5/50 (TC5/50) >Government claims rights to Intellectual Property from publicly funded research >1985 Thatcher Government rescinds TC5/50. >Universities that can commercialise IP will own inventions funded by the taxpayer >Universities were free to commercialise >But no public resources available >Odd scattered initiatives but not much money

8 Since 1997 >Increased government support >1997 Biotechnology Exploitation Platforms >Mar 98 University Challenge Seed Funds €75m >Feb 99 University Science Enterprise Centres €45m >Jun 99 Higher Education Reach-out to Business €132m >Dec 01 Higher Education Innovation Fund 1€120m >Dec 03 Higher Education Innovation Fund 2€300m (2 years) >Mar 06 Higher Education Innovation Fund 3€357m (2 years)

9 U.K. tech transfer 1982 - 2000 >1982 >Universities started to open technology transfer offices >1995 onwards >Steady rise in technology transfer >Change of government 1997 >By 2000 >Majority of institutions had dedicated personnel (1>36) >Most have a tech transfer office or company >90 belong to UNICO – >Some belong to AUTM -

10 Y/E Mar 1997199819992000200120022003200420052006 University investment £0.04£0.3£0.5£1.0£1.0£1.0 £1.0£1.0£1.2£1.2 £m p.a. Staff399172123 34 363633 Projects168243319415476629725764784 Patents filed315155638265525550 Licence481821364237313844 Consultancy34504851 Isis Innovation 1997 - 2006 12368873461236887346 OGTOpsysProlysisOxxonMindweaversOx AncestorsZyentiaReOx OMD Ox. Nanolab SynapticaCeloxicaDashBioSensorsNovarcOxitecRiotechG-NosticsRF Sensors AvidexOxonicaBiosignalsOx ArchDigitalImmunoteOCSI Surface T Oxbr. Pulsars AbingtonTolerRxNaturalMotionORRAEKBOx. Catalysts OMIAOXIVAInhiboxGlycoformCelleron ThirdPhasePharmaDM PharminoxBioAnalab TdS OxLoc MinervationVASTox Ox Bee CoSpinox Companies Started with Isis support

11 Isis staff, spinouts, licences & consultancies FSMA UCSF

12 Oxford University Economic Impact >8% of Oxfordshire’s employment >University colleges and students inject >€723 000 p.a. into local economy >€411 000 p.a. local disposable income

13 Universities Inventions are not new >Over the years there have been lots of useful inventions from universities: >Cephalosporin came out of Oxford just after the war >Monoclonal antibodies from Cambridge >What is new is the increasing effort and resource being spent on maximising the transfer of ideas

14 Maximising Economic Impact >If we accept that university innovations are a resource for economic development and >This resource is currently underutilised >It might be useful to look at why >and what we can do about it

15 The Challenge Researcher >Self directed >Next step defined by yesterdays results >Free exchange of ideas Commerce >Driven by external needs >Clear goals with shareholder commitments >Commercial confidentiality So we can expect it will be challenging to build a mutually trusting relationship “Academics never deliver” “Industry is out to cheat us”

16 Orthogonal Value Sets Academic axis £ ->Research 2D Intermediary Research -> Products Commercial axis Licence

17 Requirements for intermediaries >Must understand both value systems >Ideally should have lived in both >Must be fluent in both vocabularies >And able to translate >Must be trusted by both sides >So the academics will risk “being cheated” >And the industrialists will risk “having their time wasted”

18 Sources of intermediaries >University technology transfer offices >As long as they employ bilingual staff >Diplomatically adept property owners >Science parks, private developers >Public sector (government officers) >If they really do understand both values systems >The Professionals >Accountants, lawyers, consultants, investors, etc. >As long as they can suspend their self-interest long enough for the creative interactions to start >Divisive advisors inhibit the process >Protect their client and kill the deal

19 The difficulty >In the long term it is in everybody’s interest But >In the short term the costs are from a single party

20 An additional challenge >If we are talking about spinout companies rather than consultancy or licensing there is a third axis >In addition to academia and industry there are investors >Investors are not the same as industrialists

21 The third axis Academic axis £ ->Research £ -> £££ Investor axis 2D Intermediary 3D Intermediary Spin -out Research -> Products Commercial axis Licence

22 Conclusions >More commercial benefits can be extracted from Universities >But let us not turn universities into contract research companies >Its worthwhile teaching academics about industry and teaching industry about universities >So they can communicate constructively but.. >It is generally a waste of academics to turn them into industrialists & >It is generally a waste of industrialists to turn them into academics >Multi-lingual intermediaries make a difference >Positive if they are competent >Negative if they are not competent >Science parks & intermediaries can contribute to this interface and benefit from it

23 Contacts Isis Innovation Ltd Ewert House Ewert Place Summertown Oxford OX2 7SG T 01865 280830 F 01865 280831 E

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