Spin doctors helping university to cash in

Tuesday 04th April, 2006

Taken from the Metro News 24 March 2006

MANCHESTER University is attracting world-class academics by allowing them to benefit from the fruits of their labours by creating spin-off companies.

Some 60 companies have been created in recent years, following the decision to make the commercialisation of intellectual property a key part of the university’s work.

One such company, Transitive, hit the headlines recently after developing a piece of software that enables the Intel processor to be used inside an Apple Mac computer.

Another, Renovo, is expected to float on the London Stock Exchange next week for £160m. The biotechnology company is developing the world’s first anti-scar injection.

Prof Rod Coombs, vice president for innovation and development at the university, said: “We have made commercialisation of intellectual property a prominent part of our corporate strategy.

“In recent years we have acquired a portfolio of more than 60 companies based on our academic research – know as spin-outs. We are creating five new spin-outs a year.

“Transferring intellectual property into the economy is no longer an add-on to the work of a university like Manchester – it’s an integral part of our mission.

“We want the best people in the world to come and work at Manchester University and allowing academics a bigger share of the results of their labours is one way to attract them.

“It won’t change the way the university is funded. The operating budget is £550m a year. We will get £3m or £4m from the sales of shares in these companies from time to time. But even the world leaders in this field, such as the MIT and Stanford universities in the US, only realise between one and two per cent of their total budget through the commercialisation of intellectual property.”

The companies also benefit Manchester’s economy, with several now located on the Manchester Science Park, and the university also holds more than 100 technology licences as a result of its policy.

Other spin-out companies include Nutri-stim, which enhances swallowing recovery after a stroke; Exci-Probes, florescent dyes that aid DNA-based detection; and a firm which makes devices that enable wind farms to connect to the national grid.

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