The National Council for Graduate Entrepreneurship (NCEE) has worked with Universities UK to analyse the impact universities can have on the UK’s economic and social recovery – and it looks like research for private enterprise and not for profits could generate significant income.
NCEE says universities have a major role to play in supporting the UK’s economic and social recovery and are already contributing. Over the next five years its estimates that universities will provide:
- £11.6 billion of support and services to small enterprises, businesses and not-for-profits. This includes specialist advice, access to the latest facilities and equipment to develop innovative products, and conducting bespoke research projects.
- 63,600 years’ worth of training, upskilling and professional development.
- Over 21,000 new spin-offs, social enterprises, and graduate and staff start-ups.
The NCEE says the higher education sector is innovative, enterprising and entrepreneurial and can drive the UK’s productivity, job growth and help the country compete on the world stage. By working in partnership in regions and communities, universities will advise and support businesses to grow and thrive, provide a skilled workforce and create new businesses.
The NCEE’s three steps to recovery are for universities to:
- Grow high-quality jobs – both by being significant local employers and creating opportunities in the local economy
- Create new companies and start-ups – helping new businesses to start up and grow
- Help business growth and increased competitiveness – offering further training, advice and support.
In its reports, the NCEE looks to the UK government to fund and support partnerships between universities, businesses, colleges and local authorities for more training, start-up support and business development. By enabling universities to work with their communities and regions to build local economic and social recovery, it says universities will be at the heart of levelling up.
The NCEE’s analysis for Universities UK shows the tremendous impact of higher education, and how it will aid social and economic recovery in the UK.
Over the next few weeks NCEE will be publishing a series of articles showing how universities are getting results and what they are doing to accelerate our recovery.
The national report is available here.