Call to ‘turn up the dial’ as Edinburgh University unveils record-breaking stats

Edinburgh University’s commercialisation arm has unveiled record-breaking annual results including the launch of 127 companies.

The latest report also shows that Edinburgh Innovations filed 140 patents during the financial year 2023/24, while £141 million was invested into university-associated companies.

The figures come in a year when the University of Edinburgh was named joint first in the world for industry, innovation and infrastructure in The Times “higher impact” rankings. Meanwhile, biotech innovator MiAlgae, which began life as a student start-up venture making Omega-3 from whisky waste, was a finalist in the Earthshot prize for innovation that could help save the planet.

Susan Rosser, professor of synthetic biology at the University of Edinburgh. Picture: Maverick Photo Agency / Edinburgh Innovations

Andrea Taylor, chief executive of Edinburgh Innovations, said: “The University of Edinburgh has world-leading research, a track record in major therapeutics and life sciences spinouts, and emerging technologies in areas like cell and gene therapy, engineering biology and semiconductors. We also have the expertise to translate discoveries into world-changing innovations.

“What we need now is to turn up the dial; for investors and policy makers to fully engage with Scotland, which is second only to the Golden Triangle in terms of deal flow. Scotland and the north will play a critical role in strengthening the UK tech sector as a true powerhouse to rival the US and China.”

The annual review shows that £141m was invested into the university’s portfolio of associated companies, managed by in-house venture investment team Old College Capital. Meanwhile, £151m was secured in funding from industry or for research with commercial potential. Some 55 licences were entered into for companies to use university technology.

The 127 new companies formed comprise 116 student start-ups, five staff spinouts (where the university retains intellectual property) and six staff start-ups.

The Scottish University Spinout Review highlighted last year that in terms of both the number and total value of deals over the last three years, investment into spinouts in Scotland exceeded all other areas of the UK, aside from the Golden Triangle, formed by the university cities of Cambridge, Oxford and London in the south east of England.

University of Edinburgh spinout Prothea Technologies launched in April, with European investment of €12m (£10m) to treat diseased lung tissue in a one-stop procedure. Another new spinout, Trogenix, unveiled a platform recently that can kill brain cancer cells without affecting nearby healthy cells.

Professor Christina Boswell, vice-principal research and enterprise, said: “We have a strong culture of innovation here at the university, with a particular focus on our three missions - shaping future health and care, harnessing data and AI for good, and tackling the climate and environmental crisis.

“Our new research and innovation strategy sets an ambitious goal of doubling the number of innovation-active researchers by 2030, which we are driving forwards through our new Innovation Career Pathway.”

Scottish business minister Richard Lochhead added: “The work of Edinburgh Innovations to support the commercialisation of research, through the creation of spinout companies, will unlock new opportunities for growth, strengthen our global competitiveness, and ensure that Scotland remains at the forefront of innovation. Close collaboration between government, universities, industry and investors will enable us to build a thriving, sustainable economy for the benefit of all of the UK.”