NCUB welcomes the publication of UKRI-commissioned Tony Hickson review

The UK’s university spinout engine is strong, but unlocking its next phase of growth will depend on deeper collaboration between academia and investors, according to a major new review published today.

NCUB welcomes the publication of the UKRI-commissioned Tony Hickson review, which provides a rigorous and timely assessment of the state of relationships between universities and investors across the UK.

Joe Marshall, Chief Executive of NCUB, said:

“Tony Hickson’s report confirms that the UK’s research and innovation sector is a European leader, driving economic growth and generating high-value university spinouts. It underlines the vital role universities play in advancing knowledge, improving lives, and anchoring a vibrant and globally competitive start-up ecosystem.”

The review highlights, however, that despite a strong investor base, persistent challenges remain. These include gaps in funding at the pre-seed and scale-up stages, and uneven access to capital beyond the UK’s leading university hubs.

To address these barriers, the report calls for closer collaboration between universities, businesses and investors. It recommends more targeted capital for emerging sectors, expanded specialist funding opportunities, and stronger integration of entrepreneurship into academic pathways. Improving business skills training for researchers, alongside greater transparency in universities’ equity and intellectual property policies, is identified as critical to building trust and long-term confidence across the investment ecosystem.

Marshall added:

“Strengthening partnerships between academia and business is essential if innovative ideas are to secure the finance and support they need to thrive. Research England’s commitment to expanding early-stage funding and aligning interventions with regional strengths will help ensure that all parts of the UK benefit from this dynamic ecosystem, supporting national ambitions for global innovation leadership.”

With recommendations spanning universities, policymakers, public funders and investors, the review sets out a clear agenda for change.

“NCUB supports these recommendations and will be working to understand how businesses, including the wider supply chains within which innovation takes place, can play a stronger role in delivering this agenda.”