The North East’s five universities are contributing more than £2bn to the region’s economy, according to a new report from the institutions.
Durham, Newcastle, Northumbria, Sunderland and Teesside universities have launched the report on their regional impact, which says that the organisations support more than 34,000 jobs between them and contribute £2.2bn to the North East economy.
The report – Innovating Together: Universities in the North East (InTUNE) – highlights the universities’ contribution to innovation and business growth in the region, and their potential role in delivering activities which contribute to the Government’s Levelling Up agenda. The universities also supported more than 700 graduate startups and 59 spinout companies in the period covered by the report, with those companies having a combined turnover of nearly £300m and workforces totalling just over 4,000 people.
Read more : Britishvolt sold to Australian firm
Prof Jane Robinson, Newcastle University’s pro-vice-chancellor of engagement and place, said: “The North East’s five universities have a long history of generating economic, social and cultural benefits for their local areas. Increasingly we are working together to deliver even greater regional impact, developing the talent and skilled workforce of the future and leading the research and innovation to address the impacts of a changing global climate and improving the health and wellbeing of local people.
“Together with our partners in the public and private sectors, working with local communities, we are adding real value, positioning us to help deliver on the promises of the Levelling Up agenda and build a more resilient society and economy in the North East.”
Dan Monnery, chief strategy officer at Northumbria University, said: “We are proud to partner with our fellow North East universities, working together as anchor institutions to help drive forward the Levelling Up agenda and grow the region’s economy. As a research-intensive university we embed quality research at the centre of everything we do, enabling us to meet the world’s changing needs and make a positive difference. This is significant for the region, not only for local students who wish to benefit from a research-informed education, but also for regional businesses who can access impactful research and innovative partnership opportunities.”
The report also highlights how the universities have set up the Northern Accelerator to boost the commercialisation of academic research. The programme has increased the average number of spin-outs more than four-fold.
Prof Dame Ottoline Leyser, UK Research and Innovation chief executive, said: “This report demonstrates very clearly how collaboration between diverse regional partners can fuel innovation with real impact. UKRI is committed to working with our partners in the North East to shape a dynamic, diverse and inclusive research and innovation system that creates high quality jobs and public services, benefitting the whole region.”
READ NEXT:
