EC report shows public investment in research and innovation yields results
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ins. But universities are not in the best position to commercialize their research. He sees the Royce as an opportunity to “short circuit” the time it takes for research to make the transition between academia and industry. Alford believes that the role of the Manchester hub will be to carry out research that is closer to the market. “If they can do that, great,” Alford says. King admits that the size of the investment in materials research at the Royce will inevitably affect what EPSRC will be able to put into the “materials kit” for other parts of the country. “So I think we have to make sure that the Royce is absolutely a national center with its doors open. And that is about providing capabilities for a world-class materials center across the UK. We have got to be careful that we are a center for the community, for the academic and business community, and we have got to be thinking about how our strategy is implemented so that we can draw all of those people in.” “Our doors need to be open to materials researchers in other universities. It is also about making sure that the worldclass research that we do gets accelerated out of our universities, either into interested companies or into new businesses,” she explains. King says that the Manchester hub will provide incubator facilities for new
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ublic funding of research and innovation (R&I) acts as a catalyst to boost private R&I activities and overall economic growth, according to the report, “The Economic Rationale for Public R&I Funding and Its Impact,” which was released last March by the European Commission. The study finds that roughly two-thirds of economic growth in Europe can be traced back to innovation. It also estimates that the typical returns for private R&I investment range between 10% and 30%. These returns can be twice or three times higher
for the economy in general, due to the positive spillover effects that enable other firms to benefit from these investments. The study, which reviews existing empirical literature, underlines that the role of public R&I funding is especially important in light of the current rapidly changing and riskier innovation landscape. Public R&I investment helps generate and diffuse new knowledge. It also contributes to developing new skills and creating networks that enable stronger knowledge flows. Overall, the returns on public R&I investment are estimated to be
businesses. She suggests that the Royce may be able to tap into the resources of another materials research initiative on the Manchester campus, the £61 million Graphene Engineering Innovation Centre, with its associated facilities for accelerating applications and building new businesses. Alford, the Royce’s “champion” for what the institute bills as its research in theme on “atoms to devices” (A2D) materials, heads up the development of one of the institute’s spokes, a £5 million A2D research center at Imperial’s new campus in East London. Like the Royce
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