Asked by: Danny Beales (Labour - Uxbridge and South Ruislip)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, whether his Department plans to promote universities as centres for industrial innovation; and if he will make an assessment with Cabinet colleagues of the potential merits of including them in the Industrial Strategy.
Answered by Feryal Clark - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
Government has committed to developing an ambitious Industrial Strategy in partnership with business, devolved governments, regions and other stakeholders. This includes universities, who play a key role in driving local and national economic growth – in 2023, UK university spinouts raised £1.66 billion in equity funding, 9.5% of all equity funding raised by UK companies.