A new report from the Council for Industry and Higher Education (CIHE), supported by Research Councils UK (RCUK), looks at the role university research has in contributing to economic impact by supporting companies' innovative processes.
The key findings of the report "Absorbing Research: The role of university research in business and market innovation" are that
- University research helps create value through supporting companies' innovation processes, thereby contributing to economic impact
- There are particular advantages for companies to engage with university researchers
- The absorptive capacity (the ability to engage and to absorb, to translate and exploit knowledge) of companies is crucial to realise the value of university research to their innovation processes
- Companies and universities need a shared understanding of how research contributes to market innovation in companies.
The report recommendations align with RCUK's continued support of excellent research and excellent researchers that attract business and industry from around the world.
Vitae's Researcher Development Statement (RDS), published this week, was endorsed by a range of companies during its development. The RDS will underpin training and development of researchers for a range of potential careers.