MPs urge UK government to play venture capitalist with taxpayer-funded tech
The UK's Public Accounts Committee has called on the government to reform how UK Research and Innovation (UKRI) distributes research funding. Rather than providing grants alone, MPs want UKRI to negotiate equity stakes in companies commercializing publicly-funded research, ensuring taxpayers share returns from successful ventures. The committee argues the current approach is overly cautious. While UK universities produce more spinouts and patents per research pound than US counterparts, Britain struggles to capitalize on these innovations, with startups often relocating overseas. The PAC urges UKRI to review standard funding terms and impose tougher conditions that protect taxpayer interests
Key points
- PAC urges UKRI to take equity stakes in funded companies
- Current grant-only approach leaves taxpayers without returns
- UK produces more spinouts/patents per pound than US but capitalizes less
- Calls for review of UKRI standard funding terms and conditions
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