Benefits of academic and business partnerships

Gareth Scargill at Nexus explains how partnerships between the academic and business worlds can fuel innovation and societal development

 

In today’s rapidly changing business world, technology is undeniably leading the charge. As a result, it is becoming imperative for industry and academia to combine resources to drive innovation, paving the way for new ideas and technological advancements. 

 

Start-ups play an especially vital role in this dynamic landscape, driving significant changes in the economy as a whole. According to government statistics, SMEs employed 16.4 million people in the UK in 2022, accounting for 61% of private sector employment, while the start-up ecosystem now boasts a value of more than £797 billion.

 

However, the benefits of collaboration between academic institutions and businesses extend far beyond economic impact. For academic institutions, partnering with businesses offers an opportunity to apply research in real-world settings and create invaluable career prospects for students and graduates. At the same time, businesses gain access to the research and development capabilities of academics, as well as their expertise and knowledge. 

 

Nexus, our vibrant innovation community at the University of Leeds, fully utilises the advantages of these collaborative partnerships.

 

Positive impact on society through collaboration

A fundamental mission of innovation hubs and communities is to connect innovative businesses with  academic expertise, helping to create a collaborative environment that brings together the brightest minds from business, technology, and academia. 

 

Collaborative ecosystems can also play a vital role in helping overseas start-ups and scale-ups expand their offerings to UK markets, supporting them in fostering and maintaining international trading relationships.

 

Nexus provides businesses with the chance to be a part of a UK community, which simplifies the setup of UK entities while maintaining overseas operations. Through a membership with Nexus, global businesses can smoothly integrate into an innovation ecosystem through a well-established network of trusted contacts and ‘boots on the ground’ for making significant connections. 

 

The kind of cooperation between business and academia that is fostered within innovation hubs and communities benefits not only the members, but also helps to fuel wider societal development and stimulate the economy. Through the exchange of ideas and knowledge, the gap between academia and the real world is being bridged all the time, ensuring that research is applicable to everyday life, and providing the bedrock for innovation. 

 

Among many examples of this is, Slingshot Simulations, a data science start-up who showcase how research can have real-world applications. They design simulations of real-world objects, providing decision-makers with valuable information. By leveraging digital-twinning technology, they offer solutions that allow clients to visualise and analyse datasets quickly, leading to improved outcomes via forecasting and simulating different scenarios.

 

Since joining the Nexus community as a modest three-person start-up in 2019, Slingshot Simulations has utilised Nexus’ connections with the University of Leeds and the larger innovation ecosystem to raise seed funding of £2.5m. The team has also since expanded its team to 15 members. 

 

Pushing new boundaries in a range of sectors

The combined power of academic knowledge and business practices has the potential to create breakthroughs in various fields. Innovation hubs are able to identify business needs and connect them with cutting-edge research insights, fostering the discovery and development of new innovation opportunities. 

 

In the case of Nexus, this innovation has been particularly strong in the healthtech, fintech, and smart cities sectors. Consider one of our members, Videregen, a company striving to redefine organ replacements. The potential applications of their innovative technology span numerous disease areas within the healthcare sector. Since becoming a part of the community in 2021, Videregen, has experienced significant advantages, including receiving £500,000 in funding from Innovate UK. The support provided by Nexus has been instrumental in aiding the company’s expansion and evolution. 

 

Another notable example is Vet-AI, a research and development company revolutionising pet care. Vet-AI has experienced remarkable growth over the past three years, expanding from a team of just three co-founders to boasting over 100 employees and serving more than 300,000 online customers. 

 

Vet-AI is one of the most exciting HealthTech companies in the UK, and was not only one of Nexus’ earliest partners, but also the first tenant. The relationship has blossomed since those early days. And through Nexus, Vet-AI has successfully undertaken two ‘Knowledge Transfer Partnerships’ with the University of Leeds, allowing qualified graduates and postgraduates to work within the company.

 

The importance of funding

Funding is a crucial aspect of collaboration, offering businesses greater opportunities for success. Industry partners can provide the intelligence, infrastructure, and market access to support the funding process, while collaboration with academia enhances visibility with investors involved in research and development. 

 

From the outset, Nexus has enjoyed robust connections with innovation funding bodies, ensuring that community members benefit from a wide range of funding opportunities. Northern Gritstone is a joint initiative between the universities of Leeds, Sheffield and Manchester, geared towards funding businesses in the North.

 

Nexus has also shown its always ready to offer guidance to small businesses and others in terms of preparing funding applications. This collaboration allows us to assist businesses in understanding how to access the funding and expertise they need to grow and succeed. 

 

And, again, the collaboration between academia and business has paved the way for sound investment, with initiatives such as Northern Gritstone further spurring the growth and expansion of start-ups, scale-ups and other small businesses. 

 

The lasting benefits of collaboration

Collaboration with academia, is not only fuelling business growth and economic development, but also promoting positive societal change. That is because the unique combination of academic knowledge and resources with business infrastructure and financial capabilities is allowing academics and industry partners to tackle major social, environmental, and health challenges at scale.

 

Ultimately, universities possess the analytical knowledge and resources necessary for understanding these complex issues, while businesses bring the necessary implementation capabilities. 

 

There are several examples of this in practice, such as Smart Crowding, a Norwegian company focused on reducing overcrowding through patient flow software, which successfully expanded into the UK market through its academic partnership with Nexus.

 

And then there is digital health innovator, Seeai. Seeai aims to solve limited healthcare access by facilitating affordable healthcare for patients worldwide. Through Nexus, Seeai has built collaborations with university members and NHS hospitals, showcasing their new technologies and accessing grants to fuel their growth.

 

The collaboration between academia and industry also fosters a culture of creativity and lifelong learning. It’s a mutually beneficial relationship, where academics and students continually learn from industry developments, while industry players stay up to date with the latest research. This constant exchange of knowledge ensures that both academia and industry are at the forefront of innovation.

 

Bringing together academia and industry

The success stories emerging from Nexus’ partnerships go to show how collaboration sparks innovation, drives economic development, and contributes to societal improvement and lifelong learning. 

 

But to truly maximise these benefits, the academic and business worlds must actively work together to forge mutually beneficial partnerships that encourage knowledge sharing and collaborative innovation.

 

Only by fostering these relationships can we unlock the full potential of academia-industry cooperation and drive the future of innovation and economic growth.

 

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Gareth Scargill is a Director at Nexus where he leads the innovation community. The Nexus community is comprised of high-growth businesses across the globe and has a physical base in a state-of-the-art innovation hub on the University of Leeds campus

 

Main image courtesy of iStockPhoto.com