Report reveals how University of York helps drive almost £337 million of private sector spending and investment

Report reveals how University of York helps drive almost £337 million of private sector spending and investment

Posted on 10 October 2024

Leading research-intensive universities in Yorkshire and the Humber, including the University of York, have driven almost £337 million of private sector spending and investment in 2022-23.

This significant investment was driven by spinouts, contract research, facilities, and other R&D-related activities at Russell Group universities, showcasing the region's pivotal role in driving economic growth and innovation.

Across the UK, R&D and innovation at the 24 Russell Group universities leveraged £4.3 billion of private sector spending and investment in 2022-23.

The figures, which come from the latest Higher Education Business and Community Interaction (HE-BCI) survey, highlight how research-intensive universities partner with businesses, the public and third sectors, the NHS, and others to address key Industrial Strategy missions such as health and social care, clean energy, and economic resilience.

BioYorkshire

Research such as the University of York-ledBioYorkshirecluster is helping drive innovation in fields such as sustainable crop production and engineering biology, increasing our understanding of the UK food system and helping policymakers design interventions to boost resilience to future shocks. Researchers have partnered with Yorkshire farmers and food businesses to help tackle food insecurity in the UK, a challenge which impacts on health, educational attainment and social wellbeing.

The project is expected to create 4,000 new jobs, unlock an estimated £1.5 billion in bioeconomy-related inward investment, drive economic growth, and enable North Yorkshire to become one of the first regions in the UK to be carbon negative.

National renewal

Professor Kiran Trehan, Pro-Vice-Chancellor for Enterprise, Partnerships and Engagement at the University of York, said: "Our research in key areas such as the bioeconomy, autonomous systems, and quantum technology, along with our teaching and talent development, can significantly support regional and national economic growth. Working in close partnership with businesses, elected mayors and local authorities, universities will drive the innovation in science and technology which will be crucial to achieving the government's vision for national renewal.

"Placing universities like York at the core of the government's Industrial Strategy will harness the strengths of higher education to transform our economy and public services, fostering a more resilient UK."

The Russell Group's Future Ready report can be read in full here.

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