University applauds "game changing" recommendations for economic growth
“The role of universities as catalysts of economic growth and anchors in their region has been called out loud and proud – and these report recommendations, if enacted, could be a game changer for the UK…”
That’s the verdict from Professor Wendy Purcell, Vice-Chancellor of Plymouth University as she today (Tuesday 15 October) welcomed the findings of a major national report published on the ways in which universities contribute to economic growth. Professor Purcell acted as an expert advisor to the Department for Business, Innovation and Skills commissioned ‘Review of Universities and Growth’, which was independently led by Sir Andrew Witty, CEO of GlaxoSmithKline.
The Review, entitled, ‘Encouraging a British Invention Revolution’ details how universities have ‘extraordinary potential' to enhance economic growth, with the potential to seed whole new industries by positioning economic development as the ‘third mission’ alongside teaching and research.
Professor Wendy Purcell said; “This is especially pleasing for those of us who have been at the forefront of championing this vital positioning. Delivering the enterprise mission by drawing on our teaching and research strengths is a great untapped resource.”
The Review highlights the need to invest, by re-purposing and re-profiling spend to reflect the value-add businesses gain by working with universities, and helping SMEs gain vital access to university expertise and national funding support. It calls for more joined up thinking and cross-working between Local Enterprise Partnerships (LEPs) and their regional universities; and purports that economic growth should be opportunity driven rather than allocated simply by ‘postcode’.
Professor Wendy Purcell continued; “From a regional perspective it’s exciting and very encouraging to see that much of the report resonates with what we are doing already. Through our partnership-led enterprise agenda, we are well-placed to lead by example in our continued committed to using our world-class research, unique academic resources and innovation assets, putting Plymouth University at the heart of economic regeneration.”
Examples of how Plymouth University is successfully leading growth in the South West include the Growth Acceleration and Investment Network (GAIN), mentioned in the Review:
Founded with Plymouth City Council and the Tamar Science Park, it features more than 500 businesses with 32,000 staff and a turnover of £2.7 billion. A key component of GAIN was the recent award of the Government’s Regional Growth Fund (RGF), following a successful £3.9 million bid with the Western Morning News that is expected to create around 500 jobs.
Plymouth was the first university in the UK to be awarded the RGF. The university also manages a growing portfolio of innovation centres on behalf of Cornwall Council and has a leading reputation for Knowledge Transfer Partnerships.
It has invested over £300 million in its campus and research projects, including £25 million in medical research and nearly £20 million in its marine innovation centre - generating employment and creating numerous world-class facilities, helping the region gain a reputation as a centre of excellence in a number of fields and driving growth across key industry sectors.
Professor Purcell joined the Departmental Board for the Department of Business, Innovation and Skills as a Non-Executive Director in July 2013.
You can read more on Professor Purcell’s response on her blog at http://blogs.plymouth.ac.uk/vcblog/
