University talent shining through

Jun 11 2008 by Andrew Hebden, The Journal

DURHAM’S historic town hall provided the majestic backdrop yesterday for a landmark moment for one of the region’s most exciting and innovative companies.

I was pleased to attend the reception to announce the relaunch of the company formerly known as Durham Scientific Crystals, now renamed Kromek as part of an impressive rebranding exercise.

Kromek is a brilliant example of the commercialisation of the talent that exists in the region’s universities, given its origins in the physics department at Durham.

Its achievements since it was set up four years ago, including an investment from the Home Office to help develop scanning devices for baggage security in airports, have been as impressive as the innovative technology which it employs. We’ll be hearing a lot more about Kromek as they begin to commercialise their science in new markets, such as the health sector. And they’re just one of a growing band of business success stories that are emerging from the five universities in the North East as they play a growing part in developing an economy built around world-leading innovation.

BANK of England governor Mervyn King should be applauded for the tough line he took in his address to the British Bankers’ Association last night when he highlighted the plight of the “innocent bystanders” who faced losing their homes as a result of the credit crunch.

The response from Barclays chief executive John Varley, who warned against a return to “good old fashioned banking” was more ominous. He fears over-regulation could stifle the “innovative” style of banking that has facilitated economic growth over the past 30 years. Innovation is all well and good, of course, but not if it means handing out massive mortgages to those who can’t afford to repay them and burying items off the balance sheet, which has unfortunately characterised the activities of some lenders in recent years.