Context
The UK's universities produce world-class research, but there is a need for better commercialisation opportunities due to inadequate proof of concept funding and complex equity and intellectual property arrangements.
Question
What steps her Department is taking with universities to develop its research and development policies. The hon. Gentleman pointed out that the Government’s proof of concept fund is 30 times oversubscribed, and current equity and intellectual property arrangements deter investors and entrepreneurs. He asked for a commitment to expand proof of concept funding and reform barriers hindering university spin-outs.
Answer from The Secretary of State for Science, Innovation and Technology (Liz Kendall)
The hon. Gentleman is right; we do not lack in great ideas or start-ups but need better support to scale up. The Government are supporting this through various measures on UK pension schemes and across the board. While there may be more to do, expanding proof of concept funding and addressing barriers is a top priority.
Not addressed: Specific expansion plans for proof of concept funding were not detailed.
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