UK Universities are not just academic institutions but the birthplaces of innovation.
Many of the country’s leading businesses, which started as mere ideas in a student’s mind, have been nurtured by these universities and have now become established entities in the real world. For instance, since 2015, university activity has led to the registration of 21,541 new companies.
The Getting Results campaign further estimates that in the next five years, nearly 20,000 businesses and charities will be formed due to universities.
Why do Universities Produce Innovation?
Universities are designed to promote ideas. It’s an environment with an intention to bring out the best in its students and to ignite inspiration. Schemes like the government's Higher Education Innovation Fund help universities invest in their students and alumni's creativity and brainpower.
Usually, some of the most cutting-edge and top-of-the-line equipment and facilities can be found in universities, meaning students can freely and easily experiment. We aim to continue this with our facilities at Plus X Innovation so that this experimentation and freedom doesn’t have to stop with graduation.
Universities are the vanguard of new and exciting research and are brimming with talented minds. They are the perfect environment to explore potential partnerships or research collaborations relevant to your industry.
How Connecting with a University Can Help Your Business
Academia and innovation go hand in hand. One cannot exist without the other. When new research comes out of universities, it can act as a catalyst for invention. A great example of this relationship was the research developed surrounding COVID-19 and the resulting vaccines, which saw a symbiotic collaboration creating lifesaving scientific breakthroughs.
By connecting with university departments relevant to your industry, you can be at the forefront of development and discovery. You can link with leading researchers who can support you in the future of your business. Plus, academic rigour can be an excellent selling point for fundraising. It shows potential investors you’re serious about and committed to sustainable and genuine innovation.
The creativity bursting out of universities is immeasurable, and the institutions are usually very keen for their graduates and pre-graduates to get as much work experience in their field as possible. These connections can be invaluable for fresh thinking and new viewpoints, giving your business the refresh it needs.
The unique opportunities for innovation and fresh thinking that universities offer can inspire and excite you about the potential for growth and success.
How to Collaborate with Universities
Many universities actively encourage connection and collaboration between businesses and students, startups and corporates. They will usually have innovation channels dedicated to corporate collaboration.
1) Begin by engaging with heads of innovation and enterprise at the universities, and discuss what you’re looking for or what you’d like to achieve by establishing a partnership. Attend academic events, foster connections within university innovation hubs, and embed yourself into the culture.
2) By building a network of peers in your industry and those just on the precipice of it, you can share ideas, consider challenges, and identify potential start-up partners with complementary expertise or solutions. Collaboration and building your network is critical to staying ahead of the curve.
3) By exploring these connections, you can establish new growth areas, explore venture capital funding opportunities, future-proof your business, boost innovation from within, create essential new revenue streams and find disruptive solutions to traditional problems.
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