Why most universities are missing out on their share of Innovation and Enterprise income
Collaboration between industry and the burgeoning number of Higher Education research, innovation and enterprise hubs is more vital than ever: not just a growing source of income for universities, but pivotal to the future of the economy, society and the environment. Why then, are so many missing out on this funding jackpot?
According to The Times Higher Education World University Rankings 2021, the median research income coming from industry for the top 200 institutions is £27.4k per member of academic staff. The top 10 institutions far exceed this average.
That imbalance repeats in the UK, where just 6 institutions win 80% of research income and 67% of patents granted.
Here we dive into why, despite most providers having areas of specialism, a lack of brand distinctiveness is leaving money and opportunity on the table.
It’s hard to spend!
Business research giants Gartner identify six ‘jobs to be done’ before potential partners in any sector will invest. Once a business has identified a problem, it will explore different solutions. Picking the right solutions starts with specifying requirements, and then sourcing a supplier who can do what’s needed. That decision must be validated, and then consensus must be built to get everyone in the organisation on board. These are all buying hurdles research and innovation hubs need to overcome. Being less known or distinct makes this even harder.
Distinctive brands help potential partners to buy you
Accenture is a $50bn turnover global knowledge powerhouse. Yet in order to be distinct and memorable in specialist fields, it’s built multiple brands. Why? To become ‘first to mind’ with target specialist buyers.
Of course, Higher Education has its own Accenture in the form of Oxbridge and Russell Group universities. But even within this group some are more distinct and come quickly to mind for potential partners.
Most universities are blanding in and bamboozling
We Googled five random initiatives launched by universities to commercialise their research activities. All describe their initiatives in almost identical terms related to collaboration and real-world impact. This lack of distinction between providers offers no mental shortcut that pushes one organisation above others, making it hard for a business to choose a partner, and to justify that decision with colleagues.
Sameness isn’t a happy place
Safe and bland serves almost no one. Why? Because what commercial partners want more than anything is to feel confident they’ll achieve the outcomes they came to you for. That’s why most deals start with a referral or recommendation. A strong distinctive brand builds recall, familiarity and trust when the need for your services arises. Without it, you risk being recommended for fewer opportunities, converting those opportunities less frequently, and being replaced by others for consideration.
Fixing these issues isn’t simply about having a name and logo - though this undoubtedly helps, there is nothing inherently distinct about the likes of Oxford Innovation, Cambridge Enterprise or Imperial Enterprise Labs in and of themselves. The power of these success stories lies in the idea or image these brand entities instinctively conjure up, and how they have built that narrative simply, consistently and powerfully over time, born out of a clear sense of who they are and how they want to position their offering to the world.
With impressive evidence of world-leading research and impact from so many UK universities across a breadth of activities, the need and opportunity for brand to play a part in building due recognition and driving momentum is greater than ever.
READ OR DOWNLOAD OUR FULL PAPER BELOW: