The Henham Report:
Bridging the Capital Gap for UK Research Commercialisation
Bridging the Capital Gap for UK Research Commercialisation
Britain produces world-class science, yet too little becomes high-growth companies. This report shows how targeted investment could double UK spinouts over the next decade, creating tens of thousands of skilled jobs and strong returns for investors nationwide.
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Modelling indicated that £15bn of OSE-style capital over 10 years could unlock 1,771 additional spinouts, attract £27.4bn of co-investment, and support around 56,000 new jobs. Returns are estimated at 2x – 7.5x (£87bn – £326bn ROI). Crucially, 69% of research is currently conducted outside the Golden Triangle, yet those regions have received only a fraction of VC to date.
“Through OSE-style interventions, there is great potential to more than double the number of spinouts the UK is producing. More capital distributed across the country would unlock commercialisation potential – generating high-growth companies and high-quality jobs across the nations and region.”
Toby Reid, Executive Director – Pioneer Group
The Oxford Science Enterprises model shows that happens when capital flows: larger rounds, faster cadence and earlier scaling. Pension reforms now create a route to mobile patient capital at scale. Combines with venture building, specialist labs and talent, this approach could transform regional research power into commercial success – delivering growth, exports and pensions-backed returns across the UK.
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