Talent key to business of science

Jan 22 2009 by Stewart Watkins, The Journal

ONE of our early adverts for Netpark described it as the place where you can work with the brightest minds in the business of science. And the best brains in the science of business.

The words encapsulate the importance of collaboration. In August 2007, the foreword to a Dius report on streamlining university and business collaborative research negotiations stated that:

“Collaborative research undertaken between universities and business is an essential part of gaining broad economic benefits from the UK’s world-class research base.”

This was one of the main drivers behind Netpark – to provide a focal point, a magnet for talent. If you don’t have a location where talented graduates and postgraduates can see potential for career development, there’s a probability the talent will look to pursue careers elsewhere.

Then you’re caught in a vicious circle. Without retaining or attracting talent, a region doesn’t establish its credibility as an innovation hotspot and the investment that brings.

So you need to invest in human and intellectual capital as much as in the physical infrastructure if you’re aiming to get to the front in the technology race, and stay there.

The Cambridge Cluster Report 2008 shows that for the academic year 2006-07, Cambridge generated £49.4m in collaborative research income, £3.5m in licensing income and an estimated 994 new jobs in its region via active spin-outs. It also filed 112 patents in the same period.

Getting the commercial focus right is a major step. Not all academic research will result in products for which there’s a market. But the profitable application of knowledge – the business of science – is vital.

Inflow of income to universities enhances their research capabilities, but we need to see outflow too, with wealth-generating spin-out firms keeping the UK competitive.

At an early stage those spin-outs will need support – the kind of support we give at the Netpark Incubator to young, hi-tech SMEs – providing advice, facilities and help to manage their transition to trading.

And every successful new product has to be manufactured, preferably in our region, it needs warehousing and logistics to get it to consumers, bringing increased economic benefits through the multiplier effect.

So, if we can continue to improve the mechanisms by which universities provide business with knowledge, and business provides universities with commercial focus, signs for the future are encouraging.

Stewart Watkins is managing director of County Durham Development Company, which drives development of Netpark and Netpark Net.