SME-university collaboration ‘backbone’ of UK growth, warns NCUB chief

Speaking at the unveiling of NCUB’s new report, Arresting the decline: Unlocking the potential of university-SME interaction in the UK, Dr Joe Marshall said it was vital that the next Government administration acted quickly to restore investment in building further collaboration.

“SMEs are the backbone of the UK economy, fostering innovation and driving growth. The collaborative partnerships SMEs carry out with universities across the country are creating vast opportunities,” he said.

“Our new research demonstrates how essential these partnerships are for driving groundbreaking research and development, leading to new products, services, and technologies. These innovations not only enhance productivity but also open up new markets and boost economic growth at both national and regional levels.”

Business and academic partnerships in the life sciences and related fields have been cited by all political parties as a significant contributor to growing the UK economy. However, the NCUB report warns that this will aligning investment with pre-2020 standards.

Had income levels from SME interactions had remained at pre-pandemic levels these would be worth £77 million more than the current figure, said Marshall.

Several reasons had contributed to the decline, he stated, but added that the loss of European Structural and Investment Funds had had a direct and immediate impact:

“Indeed, we are experiencing a decline in public funding that supports these crucial interactions, putting the future of such collaborations at risk.”

Marshall concluded: “We urge policy makers to act, before it’s too late. We are calling on the new Government to create a positive and long-term funding and policy framework to enable SMEs to gain the support and capacity to collaborate with key partners, including universities. Failure to address these issues now risks a decline in these partnerships and missed opportunities for growth.”

Pic credit: thisisengineering