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1、SpinoutsUK academic spinout trendsSpotlight onApril 20241 Foreword2 Executive summary 5 Chapter 1:Demographics6 Top academic institutions8 Spinout clusters9 Regional distribution10 Dominant sectors12 Priority sectors13 Artificial Intelligence14 Telecoms15 Engineering biology16 Semiconductors17 Quant

2、um18 Spotlight on universities20 Chapter 2:Funding sources21 Top academic institutions22 Top investees of 202323 Average investment size24 Top investors26 Early investors 27 Innovate UK grant funding28 Chapter 3:Survival,growth and exits29 Survival rates30 Failure rates31 Growth stages32 Fastest-gro

3、wing spinouts33 Exit volumes34 Top exits35 Chapter 4:Leadership36 Gender of founders and directors37 Gender of founders over time38 Gender of directors over time39 Age of founders 40 Nationalities of directors41 Chapter 5:Equity stakes and IP policy42 Equity stakes methodology43 University and found

4、er stakes44 University stakes by company type 45 Equity stakes of universities46 Average university stakes 47 University IP policies51 IP policy sourcebook52 Appendix 53 Full methodology54 About the authorsContents1Spotlight on Spinouts We are pleased to present Spotlight on Spinouts 2024,the fourth

5、 edition of the annual report prepared by Beauhurst in collaboration with the Royal Academy of Engineering.The report presents the current state of the spinout landscape through a comprehensive analysis of the trends in IP and commercialisation in the UK.It is an annual report which aims to inform o

6、ngoing national debate and future policy to support UK spinouts.Last year,the Academys Enterprise Hub celebrated its 10th anniversary.Since it was launched in 2013,the Hub has been supporting talented entrepreneurs and decision-makers to transform breakthrough engineering innovations into disruptive

7、 spinouts,startups,and scaleups.We have supported excellence in engineering through over 350 researchers,recent graduates,and SME leaders.These Hub Members have created almost 6,000 jobs and raised over 1.3b in additional funding.The Hub offers smart and flexible training with access to the unique m

8、entoring capabilities of highly talented engineers and business leaders.We have a dedicated regional presence across the UK,embedding training,and opportunities into local ecosystems.The Enterprise Hubs mission is to identify and support bold IP-rich innovations that can help tackle some of the most

9、 complex environmental,economic,and societal challenges.It provides a unique insight and an independent voice on university spinouts.Our work is rooted in practice,and we take no stake in the companies we support.This position enables us to provide input on national discussions on the commercialisat

10、ion of university-owned IP through different mechanisms in order to highlight the changes needed to address barriers in the UK entrepreneurship ecosystem.Spotlight on Spinouts 2024 is a crucial read in the context of the UK governments recent commitments to strengthening the spinout pipeline to cont

11、inue to translate the UKs academic excellence into high-growth companies,as well as ambitions to become a“science and technology superpower”.Dr Manjari Chandran-Ramesh Enterprise Committee Member at Royal Academy of Engineering,Partner,Amadeus Capital PartnersForeword“Spotlight on Spinouts 2024 is a

12、 crucial read in the context of the UK governments recent commitments to strengthening the spinout pipeline to continue to translate the UKs academic excellence into high-growth companies.2Spotlight on SpinoutsThe Independent Review of University Spinout Companies1 published in November 2023 set out

13、 recommendations to help improve the creation and growth of university spinout companies,echoing much of what the Academy has already called for and continues to do so,advocating for the voice of the founder.Tangible change in the spinout landscape can only be achieved by increasing transparency and

14、 data available on UK spinouts,and this report series,now on its fourth iteration,has been part of the drive to improve this.We were therefore pleased to see that the Review calls for data transparency,and we will continue to encourage stakeholders to share data about the UK spinout journey and wher

15、e there have been successes and failures.Additionally,in order to ensure that the UK spinouts can grow faster and attract greater investment,the Academy has called for the division of equity that incentivises academic founders,the expansion of training programmes for academics interested in commerci

16、alising their research,and improved access to domestic scaleup capital.Looking forward,we are planning to track progress against the recommendations in the Review and we will seek ways to support the actions outlined in the government response.For 2024,we have included additional areas of analysis.B

17、uilding on the previous iterations,it also examines university stakes by company type following the sector breakdown presented in the Reviewhardware,software,and life sciences.We hope that the findings from this data help progress the move towards innovation-friendly policies as recommended in the R

18、eview.This report also analyses spinout demographics by priority sector as identified in the UK Science and Technology Framework and universities which have produced the highest number of spinouts in the priority sectors.2 The Academys State of UK Deep Tech 2023 report3 highlighted that there are 59

19、1 active deep tech spinouts from 68 universities,representing 17.1%of the deep tech sectors total business.This highlights that the UK is well positioned to continue to commercialise cutting-edge research;analysis on the spinouts in the priority sectors supports this.There are many valuable insights

20、 that will interest aspiring founders,universities,policymakers,industry,and other stakeholders,including:The average stake taken by universities has increased from 19.1%to 22.2%over the last year;however,the overall mean stake has decreased over the last decade.The Review recommends that universiti

21、es take lower equity stakes in less IP-intensive areas such as software.However,the median stakes by company type revealed a consistent approach to university equity allocation21.7%in hardware“Tangible change in the spinout landscape can only be achieved by increasing transparency and data available

22、 on UK spinouts,and this report series,now on its fourth iteration,has been part of the drive to improve this.1 Irene Tracey and Andrew Williamson,Independent Review of University Spinout Companies(Department for Science,Innovation and Technology and HM Treasury,2023),published November 21,2023,last

23、 updated November 22,2023,accessed April 4,2024,https:/www.gov.uk/government/publications/independent-review-of-university-spin-out-companies.2 Department for Science,Innovation and Technology,UK Science and Technology Framework(2023),published March 6,2023,last updated February 9,2024,accessed Apri

24、l 4,2024,https:/www.gov.uk/government/publications/uk-science-and-technology-framework.3 Royal Academy of Engineering and Beauhurst,State of UK Deep Tech 2023,accessed April 4,2024,https:/raeng.org.uk/media/2y2kkamv/state-of-uk-deep-tech-2023.pdf.3Spotlight on Spinoutscompanies,20.0%in software comp

25、anies,and 21.2%in life sciences companies.In 2023,equity investment in UK spinouts fell by 30.7%from 2.36b to 1.66b.This aligns with a wider trend in the high-growth company ecosystem following record investments in 2021 and 2022.While the AI sector has grown significantly over the past five years w

26、ith 184 active AI spinouts,smaller investments became more common in 2022 and 2023 with a return to pre-pandemic levels.Last year marked a peak in funding for spinouts in the telecommunications sector across the five years,with a total of 81.2m in equity finance.Investment in engineering biology spi

27、nouts has sharply declined in the last two years,following a record high of 1.33b in 2021.This was likely driven by the demand for this technology during the COVID-19 pandemic.Companies in the sector only represent 2.88%of the active engineering biology high-growth company population.Semiconductor s

28、pinouts represent 47.7%of active high-growth companies in this sector,and funding has increased since 2021,rising to 49.3m in 2023.However,this is concentrated among a small pool of investors.The Academy is undertaking a review of quantum infrastructure in the UK*and we are pleased to see an increas

29、e in funding for spinouts in these sectorsquantum spinouts have experienced a substantial increase in equity investment over the last five years,securing a record amount of 184m in 2023.Both this and investment in semiconductors are going against wider investment trends.UK spinouts are crucial to im

30、proving economic growth and they play a pivotal role in helping to solve some of the most pressing challenges we face.The data in this report helps us understand where we need to take collective action to bolster UK spinouts and entrepreneurs,and the Academy will continue to support government prior

31、ities to advance the spinout ecosystem.We would like to thank the stakeholders who helped with the analysis and the university technology transfer offices who provided Beauhurst with the current data.We are also grateful to the RAEng steering group who provided their contributions to this report.We

32、hope that this annual report continues to contribute to progressive change in this space,and we invite those with thoughts or insights to get in touch with us.*This work has been commissioned by UK government and the Academy has undertaken extensive stakeholder engagement within the quantum communit

33、y,particularly with industry,to assess the infrastructure requirements of the UK quantum sector to scale effectively over the coming decade.4Spotlight on SpinoutsHenry WhorwoodManaging Director,Research and Consultancy at BeauhurstInvestment in spinouts declined significantly in 2023 despite policy

34、tailwinds for this group of companies that are drivers of technological innovation and economic growth.The total value of equity investment in UK spinouts fell by 30.7%between 2022 and 2023 from 2.36b to 1.66b,continuing the decline from 2021.The mean deal size also fell from 5.70m to 4.32m.The decl

35、ine aligns with broader trends in investment in private companies across the UK.The market has cooled from the stimulus-driven highs of 2020 and 2021,with higher rates encouraging investors into safer asset classes.Anecdotally,some investors over-deployed capital during the pandemic,driving up the m

36、ean deal size.An uncertain economic outlook and murmurings of recession during 2023 provided a much-needed excuse to invest more slowly and at more normal valuations.So,while we should not ignore the decline in investment,it is unlikely to be here to stay.While investors took a back seat in 2023,the

37、 government has focused on spinouts.The Independent Review of University Spin-out Companies,released in November 2023,outlines 11 recommendations to accelerate the commercialisation of university IP by creating spinouts to bolster the UK economy.Beyond government plans,university-led initiatives are

38、 making strides,such as the Midlands Mindforge,a 250m investment vehicle established by Midlands universities launched in 2023.These new funds and the findings of the Review reflect a desire to commercialise academic research more effectively,aiming to bridge the funding gap for early-stage technolo

39、gy businesses and stimulate regional growth.Our reportnow in its fourth editionshows the places and sectors where spinouts are having a profound impact.Were grateful to the Royal Academy of Engineering for their continued support for this research and hope it proves useful to the knowledge exchange

40、community.Executive summary1,880total number of spinouts tracked since 2011 in the UK,with 1,317 active1.66bequity investment received by UK spinouts in 202356.7%proportion of active UK spinouts at the seed-stage as of January 202422.2%average stake taken byuniversities in spinouts in 2023Chapter 1D

41、emographics6Spotlight on SpinoutsThe University of Oxford remains the leading institution in terms of spinout creation,with its number of spinouts increasing from 205 to 210 over the last year.However,this increase is relatively modest compared to last year,which saw 12 new additions.The University

42、of Cambridge continues to hold the second spot,with its total spinouts count increasing from 145 to 149.Imperial College London has experienced the most significant growth in spinout numbers,with a 14.8%increase,raising its total from 108 to 124.The increase in spinouts from Falmouth University in t

43、his years report compared to last years is due to a change in the methodology being used to classify spinouts from the university.Falmouth University has confirmed that companies that have attended its Launchpad programme can be classified as spinouts,resulting in an increase in the number of histor

44、ical spinouts associated with the university.The ranking of top-origin universities is dynamic as UK universities and company founders are continually creating new spinout companies to commercialise IP.Beauhurst sources spinout data from university technology transfer offices and from public sources

45、 throughout the year.Top academic institutionsTop academic institutions by total number of spinouts tracked since 2011(January 2024)(1-14,continued on next page)University of CambridgeUniversity of OxfordImperial College LondonUniversity College LondonUniversity of ManchesterUniversity of BristolRoy

46、al College of ArtUniversity of EdinburghSwansea UniversityQueens University BelfastUniversity of StrathclydeUniversity of WarwickFalmouth UniversityUniversity of Sheffield149124210489386455646665747767252.3%of spinouts originated from the top 10 academic institutions7Spotlight on SpinoutsTop academi

47、c institutionsTop academic institutions by total number of spinouts tracked since 2011(January 2024)(15-42,continued from previous page)University of SouthamptonUniversity of NottinghamUniversity of LeedsUniversity of GlasgowNewcastle UniversityUniversity of BirminghamUniversity of ExeterQueen Mary

48、University of LondonUniversity of UlsterHeriot-Watt UniversityUniversity of AberdeenDurham UniversityUniversity of SurreyUniversity of Bath3838383439252323422426262019Lancaster UniversityKings College LondonUniversity of DundeeLoughborough UniversityCardiff UniversityUniversity of LiverpoolUniversit

49、y of YorkUniversity of St AndrewsUniversity of SussexAston UniversityUniversity of East AngliaCity,University of LondonCranfield University181815141414161010171711119Science and Technology Facilities Council 8Spotlight on SpinoutsOverall,the number of spinouts in each local authority has seen little

50、 change since last year.However,Belfast and Westminster have demonstrated the most significant growth in their spinout populations in the last year,with their numbers increasing from 55 to 65 and 48 to 55,respectively.With 58 spinouts in engineering or technology sectors,the growth in Belfasts spino

51、ut population is anticipated to be further supported by the establishment of new innovation centres across the city,part of the 1b Belfast Region City Deal investment in industries of the future.Numerous spinout firms have established their headquarters in the City of Edinburgh(82).These companies p

52、rimarily originate from local academic institutions,notably the University of Edinburgh and Heriot-Watt University.Moreover,this tally includes spinouts from across the UK,with 25 companies originating from other Scottish universities,such as the University of Strathclyde and the University of St An

53、drews.The attractiveness of Edinburgh as a base for these operations stems from its cutting-edge research facilities,good funding ecosystem,and talent pool of science,engineering,and technology professionals.Map of top local authorities by number of spinouts(January 2024)110+Number of spinouts per U

54、K local authorityTop ten local authorities bynumber of spinoutsCamden 63Westminster 55Oxford 102City of Edinburgh 82Cambridge 64South Cambridgeshire 68Glasgow City 60Cornwall 47Manchester 56Belfast 65Spinout clusters9Spotlight on SpinoutsEngland1,467Scotland232Northern Ireland79Wales94University of

55、CambridgeUniversity of OxfordImperial College London124210149University of Ulster25Queens University BelfastUniversity of EdinburghUniversity of GlasgowUniversity of Strathclyde38Swansea University57Cardiff University1648561500+Number of spinouts per UK regionTop three universities in Englandby numb

56、er of spinoutsTop three universities in Scotlandby number of spinoutsTop two universities in NorthernIreland by number of spinoutsTop two universities in Walesby number of spinouts66Number of spinouts by UK region(January 2024)Regional distributionThe city of Oxford boasts the highest number of spin

57、outs(102),marking an increase of five from the 97 noted in last years report.This uptick is primarily linked to the University of Oxford,which has launched a total of 210 spinouts,positioning it as the leading university for spinout creation.The tendency for companies to set up their headquarters in

58、 proximity to their founding university is not only motivated by access to cutting-edge technical facilities and a reservoir of highly skilled talent but also by the convenience this proximity offers for ongoing collaboration and engagement.A similar trend can be observed with the concentration of s

59、pinouts in Cambridge and London,with Cambridge(64),South Cambridgeshire(68)and Camden(63)among the top local authorities by spinout population.These clusters of spinouts are linked to the presence of high-quality academic institutions in these areas which includes the University of Cambridge(149)and

60、 Imperial College London(124).These two universities have spun out an additional four and 16 companies in the past year,respectively,further contributing to the spinout populations in these areas.10Spotlight on SpinoutsTop sectors by number of spinouts(January 2024)3022703311441391731621144835367866

61、52604776705141PharmaceuticalsResearch tools and reagentsAnalytics,insight,toolsClinical diagnosticsCleantechSoftware-as-a-service(SaaS)Medical devicesMaterials technologyMobile appsInternet platformNanotechnologyMedical instrumentationSecurity services(physical and virtual)Educational servicesHealth

62、care productsDesktop softwareChemicalsElectrical componentsWaste management servicesSemiconductorsDominant sectorsThe pharmaceuticals sector,which is focused on drug discovery and development,continues to lead with 331 companies.It is followed by the research tools and reagents sector,which has 302

63、companies that supply specialised machinery and reagents such as antibodies and DNA for scientific experiments.Universities are pivotal in this domain,utilising their vast research capabilities and state-of-the-art facilities to fuel scientific breakthroughs.Analytics,insight,and tools(270),paired w

64、ith the software-as-a-service(SaaS)sector(144),underscores the continued demand for data-driven decision-making and cloud-based software solutions.The high number of companies in these areas illustrates the long-term demand for leveraging big data and advanced analytics to gain competitive advantage

65、s across various industries.Cleantech encompasses firms focused on clean energy,efficiency tech,and other clean technology.Compared to last years 150,January 2024 saw an 8.00%rise in spinouts,indicating a deceleration from the previous years 17.2%growth.This slowdown might be due to tougher funding

66、conditions,especially for capital-intensive cleantech hardware projects.Overall investment in the sector appears to be stabilising after a post-pandemic surge.11Spotlight on SpinoutsTop emerging sectors by number of spinouts(January 2024)Genomics184101Precision medicineeHealthBig dataDigital securit

67、yWearablesInternet of ThingsRegenerative medicineEdTech3D printingGrapheneVirtual realityQuantumSynthetic biologyAugmented realityRoboticsCloud computingImage and voice recognitionPreventive careArtificial Intelligence151617171921222426272837404445609441Dominant sectorsEmerging sectors are areas of

68、technological innovation and application outside existing sector classifications.These categories seek to capture business activity at the cutting edge of technology and new business models.The overall ranking has remained similar compared to last year,with minimal growth outside of the top three se

69、ctors.The AI industry(184)is poised for sustained expansion,propelled by the widespread adoption of large language models(LLMs).Last year was a seminal year for AI,driven by the breakthroughs of generative AI technologies like OpenAIs ChatGPT.Genomics(101)and precision medicine(94)also have signific

70、ant spinout populations.Both sectors fall under life sciences and are particularly compatible with the academic spinout framework,benefiting immensely from the research conducted by top-tier universities.Companies innovating in the sector include Newcastle-based Alcyomics,a spinout from Newcastle Un

71、iversity.It provides the pharmaceutical,biotechnology,cosmetic,and chemical industries with human skin explant assays,allowing them to test the safety and efficacy of novel compounds.Despite the emphasis on technology and life sciences in spinout discussions,the humanities,social sciences,and arts a

72、lso offer significant spinout potential,contributing unique business models and perspectives that enrich the diversity of the entrepreneurship ecosystem.12Spotlight on SpinoutsPriority sectors184Active AI spinout companies(8.54%of the active high-growth AI company population)The priority sectors ana

73、lysed in this report are aligned with those outlined in the UK Science and Technology Framework delivered by the Department for Science,Innovation and Technology(DSIT).4 These are artificial intelligence,future telecommunications,engineering biology,semiconductors,and quantum technologies.This analy

74、sis provides interesting insight into how UK spinouts are contributing to sectors where the UK shows pre-existing strengths or exhibit strong potential for future development.Innovation in these sectors will make the UK a more attractive place to invest in these technologies,further supporting innov

75、ation.The priority sectors are interconnected,with developments in one sector potentially having a significant impact on the others.The analysis presented here reflects that companies may combine multiple technologies,resulting in some companies being double-counted among the statistics for priority

76、 sector spinouts.70Active telecommunication spinout companies(13.7%of the active high-growth telecommunications company population)93Active engineering biology spinout companies(2.88%of the active high-growth engineering biology company population)41Active semiconductor spinout companies(47.7%of the

77、 active high-growth semiconductor company population)25Active quantum spinout companies(34.7%of the active high-growth company quantum population)4 Department for Science,Innovation and Technology,UK Science and Technology Framework(2023),last updated 9 February 2024,accessed 22 Apr 2024,https:/www.

78、gov.uk/government/publications/uk-science-and-technology-framework13Spotlight on SpinoutsArtificial Intelligence3457181313131133496LondonSouth EastEast of EnglandNorth WestSouth WestScotlandWest MidlandsEast MidlandsWalesYorkshire and The HumberNorth EastNorthern Ireland20192020202120222023545m239m3

79、02m230m156m5056603636Amount securedNumber of dealsTop regions by number of active Artificial Intelligence spinouts(February 2024)Equity investment secured by Artificial Intelligence spinouts(2019-2023)The AI sector has grown significantly over the past five years,particularly in the number of spinou

80、ts operating within the sector.London is the leading region for AI spinout activity,with 57 companies headquartered in the capital.Within London,the boroughs of Camden and Westminster have the highest concentration of spinouts,with nine and eight companies,respectively.Londons popularity as an AI hu

81、b is further underlined by its numerous research organisations and academic institutions,including University College London and Imperial College London.Beyond London,Oxford is the most prominent local authority for AI spinouts,with 21 companies.In 2021,these companies raised an unprecedented 545m i

82、n equity investment,doubling the value of investment raised in 2020.These elevated levels can be explained by several large deals by Dundee-based Exscientia and Bristols Graphcore.AI investment values returned to pre-pandemic levels in 2022 and 2023,aligning with shifts in equity investment across s

83、ectors.While activity levels remained strong,smaller investments have become more common as valuations have returned to more normal levels and investors have deployed capital more cautiously.14Spotlight on SpinoutsTelecommunications1212129654343ScotlandLondonEast of EnglandSouth WestSouth EastNorth

84、WestWest MidlandsWalesYorkshire and The HumberNorthern Ireland2019202020212022202343.5m78.3m56.2m23.3m81.2m2122232020Amount securedNumber of dealsTop regions by number of active telecommunications spinouts(February 2024)Equity investment secured by telecommunications spinouts(2019-2023)The global te

85、lecommunications market is expected to grow rapidly in years to come,driven by emerging technologies such as 6G,quantum,and AI.For the purpose of this report,telecommunications includes telecommunication services as well as companies operating in the fixed-line and mobile spaces.Within the UK,three

86、regions stand out as leaders in telecom spinouts by numbers:Scotland,London,and the East of England.Among these,the East of England is the top region in terms of equity raised by these companies,securing a total of 98.7m in funding over a five-year period.The most populous local authority is Cambrid

87、ge,which is home to seven out of the 12 spinouts headquartered in the East of England.Cambridge boasts an extensive network of research centres and facilities,including the Cambridge Graphene Centre,which is at the forefront of research into graphene-based photonic devices.Spinouts in this sector ha

88、ve raised a collective 283m across 106 deals over a five-year period.Last year marked a peak in funding,with a total of 81.2m in equity finance,including a major investment of 29.2m secured by Cambridge Mechatronics.15Spotlight on SpinoutsEngineering biology37382827119841475South EastEast of England

89、LondonScotlandSouth WestWest MidlandsNorthern IrelandNorth EastYorkshire and The HumberWalesNorth WestEast Midlands201920202021202220231.33b398m666m300m515m7357756378Amount securedNumber of dealsTop regions by number of active engineering biology spinouts(February 2024)Equity investment secured by e

90、ngineering biology spinouts(2019-2023)Engineering biology is a scientific field involving the application of engineering principles to the design of biological systems.The“golden triangle”,encompassing London,Oxford,and Cambridge,serves as the primary hub for the majority of spinouts in the engineer

91、ing biology sector.The South East has the largest distribution of spinouts,with 38 companies headquartered in the region.The East of England follows closely with 37 companies;it benefits from the presence of prominent research institutions like AstraZenecas Global R&D Centre in Cambridge.Collectivel

92、y,these companies have raised 3.21b over a five-year period and completed 346 deals.Investment reached a record high in 2021,largely driven by increased demand for the technology during the COVID-19 pandemic.Companies such as Oxford Nanopore Technologies and London-based Quell Therapeutics were invo

93、lved in the largest equity fundraisings in 2021,receiving 195m and 143m,respectively.Investment has declined since the 2021 peak,with companies receiving under half the amount of equity funding in 2022.16Spotlight on SpinoutsSemiconductors68554331132ScotlandSouth EastSouth WestEast of EnglandYorkshi

94、re and The HumberWalesNorth EastLondonWest MidlandsEast MidlandsNorthern Ireland2019202020212022202334.3m49.3m22.9m15.9m6.40m66599Amount securedNumber of dealsTop regions by number of active semiconductors spinouts(February 2024)Equity investment secured by semiconductors spinouts(2019-2023)The high

95、est concentration of semiconductor spinouts is in Scotland,with eight companies.The Central Belt stretching between Glasgow and Edinburgh has the highest share of companies and benefits from a large support network of organisations,including the recently opened Compound Semiconductor Applications Ca

96、tapult office in Strathclyde.There are very few companies in London operating in the semiconductor industryin contrast to what is observed in the other priority sectors.Equity funding volumes into semiconductor spinouts fluctuated over the past five years,decreasing substantially from 2019 to 2021.D

97、espite 2021 marking the lowest year in funding,it correlates with a proportionally lower number of deals.There was an uptick in funding volumes in the following years,growing by fivefold in 2022.This significant increase in investment into semiconductor spinouts notably contrasts with broader trends

98、 in technology investment,which have seen a general downturn in the same period.While investment has grown in later years for semiconductor spinouts,it is concentrated among a small pool of investors,including Scottish Enterprise,BGF,and Parkwalk Advisors.This may reflect both the small number of co

99、mpanies available for investment and the need for specialised knowledge to effectively assess the viability of semiconductor technologies.17Spotlight on SpinoutsQuantum493222111South EastSouth WestYorkshire and The HumberLondonEast of EnglandScotlandNorth WestWest MidlandsWales2019202020212022202318

100、4m82.3m27.4m8.81m1.61m10731313Amount securedNumber of dealsTop regions by number of active quantum spinouts(February 2024)Equity investment secured by quantum spinouts(2019-2023)Just over a third of the active population of high-growth quantum companies are spinouts,with most of them clustered aroun

101、d the“golden triangle”of London,Cambridge,and Oxford.The highest concentration of spinouts is in the South East,where nine companies are headquartered.The regions strength in the sector can be attributed to the robust quantum research at Oxford University and is further bolstered by the National Qua

102、ntum Computing Centre in Harwell.Over the past five years,equity investment in quantum spinouts has increased considerably.In 2023,these companies secured a record-breaking 184m in equity investment via 13 deals.The increases in investment in 2022 and 2023 go against the wider investment trends seen

103、 in the high-growth ecosystem.This may reflect the increasing numbers of quantum company formations in recent years,helping to drive investor interest.The investment total for 2023 also includes a number of large deals,such as those by Oxford Quantum Circuits or London-based Quantum Motion.18Spotlig

104、ht on SpinoutsSpotlight on universitiesUniversity of Oxford The University of Oxford has the most spinouts(210),36.7%of which are from the priority sectors(77).Of the spinouts,166 have secured equity investment(79.0%),amassing 4.69b via 577 rounds.A successful spinout is Oxford Nanopore Technology,a

105、 leader in gene sequencing,which raised 718m before exiting via an IPO in 2021.Another example,is OrganOx,which develops medical devices that maintain human livers for transplants.It has raised 74.5m in equity funding via 14 rounds.University College London University College London has spun out 89

106、companies that it supports via its subsidiary UCL Business.Of the companies,32(36.0%)are from the priority sectors,including Quantum Motion,which develops and commercialises silicon-based quantum computers.The majority of spinouts,58(65.2%),have received equity investment for a total of 1.63b via 17

107、2 fundraising rounds.University of Cambridge The University of Cambridge has been the source of 149 spinouts,with 108(72.5%)successfully raising equity.These companies have raised investment of 165m via 390 rounds.Of the spinouts,54(36.2%)companies are in priority sectors.This includes Biomodal,an e

108、ngineering biology company focused on developing genome sequencing technologies.Biomodal has raised a total of 106m in equity since its inception in 2014.Imperial College London Imperial College London has launched 124 spinout companies,27(21.8%)of which are from the priority sectors.Eighty spinouts

109、(64.5%)have raised equity investment worth a combined total of 973m.Through its Founders Choice programme,Imperial now allows academic founders to keep up to 95%of founding equity,offering flexible IP planning,low royalties,and both non-dilutable and dilutable equity options in spinouts.The universi

110、ties featured in this section have created the most spinouts in the UK governments priority sectors.The priority sectors are outlined in the UK Science and Technology Framework,which aims to position the UK as a world leader in innovation and technology.Most universities with high spinout numbers al

111、so excel in priority sectors,except the University of Strathclyde,Warwick,and Glasgow.Despite having a lower number of spinouts overall,they produce a proportionally high number of spinouts in the priority sectors.The population figures presented reflect the number of spinouts that have met Beauhurs

112、ts tracking criteria since 2011.Beauhursts dataset captures fluctuations in spinout populations.19Spotlight on SpinoutsSpotlight on universitiesUniversity of Bristol Since 2011,Beauhurst has monitored 76 spinout companies originating from the University of Bristol,including 26(34.2%)from high-priori

113、ty sectors.Together,these firms have garnered 1.02b through 177 equity investment deals.Notably,Graphcore,a company that focuses on creating technology to enhance machine learning applications in servers and the cloud,accounts for 528m of this funding.University of ManchesterThe University of Manche

114、ster has been instrumental in creating 86 spinout companies,with 15(17.4%)of them operating within priority sectors.Of the spinouts,44(51.2%)have raised equity,securing a collective funding of 564m through 115 deals.There have been four exits,comprising two acquisitions and two IPOs.Notably,Orchard

115、Therapeutics,which specialises in gene therapies for rare diseases,went public on the NASDAQ in October 2018.University of Strathclyde Since its first spinout event in 2002,the University of Strathclyde has successfully turned its research projects into 48 spinouts,with 13(27.1%)in the priority sect

116、ors.Among the spinouts,75.0%have obtained equity fundingtogether raising a total of 208m.The most significant funding round in 2023(34.3m)was secured by ENOUGH,a company specialising in mycoprotein development.University of Edinburgh There have been a total of 66 companies spun out from the Universi

117、ty of Edinburgh,of which 16(24.2%)are from the priority sectors.Of the 66 companies,there have been eight exits(12.1%),with all companies having been acquired.This includes Blackford Analysis,a developer of software that can analyse very large sets of images,such as brain scans.It was acquired by Ge

118、rman pharmaceutical company Bayer in February 2023.University of Glasgow The University of Glasgow has successfully transformed research into 35 spinouts,with 13(37.1%)in the priority sectors.Collectively,these businesses have secured 100m in equity funding,with Chemify raising a notable 36.0m in a

119、single funding round.Chemify focuses on supplying digital hardware and software solutions for chemical processing applications.University of Warwick Situated in Coventry,the University of Warwick has created 47 spinout companies,15(31.9%)of which are in priority sectors.Of the spinouts,34(72.3%)have

120、 successfully secured equity funding,which has collectively raised 246m across 120 funding rounds since 2014.Additionally,there have been three instances where spinouts from the University of Warwick were acquired.Chapter 2Funding sources21Spotlight on Spinouts21Spotlight on SpinoutsEquity investmen

121、t secured by spinouts(20142023)Equity investment in UK spinouts fell by 30.7%year-on-year,from 2.36b to 1.66b.Despite this drop,spinouts have seen robust growth over the last decade.The year-on-year decrease since 2022 aligns with a wider trend in the high-growth company ecosystem,following a period

122、 of record investment in 2021 and 2022,boosted by economic stimuli and a strong investor appetite for tech.Higher base rates have encouraged the reallocation of capital into less risky asset classes,though reasonable deal numbers indicate ongoing interest in companies commercialising university IP.B

123、eauhursts equity investment data is continuously updated to include new deals and newly identified spinout companies,leading to minor adjustments in total investment figures for past years.This years Spotlight on Spinouts report shows slight variations in annual investment and deal totals compared t

124、o previous reports.201420152016259389360371296395418296422421Amount securedNumber of deals880m520m990m20212.72b20222.36b20231.66b20201.53b20191.11b20181.53b20171.22b14.5btotal value of equity deals(2014-2023)Equity investment3,627total number of equity deals(2014-2023)22Spotlight on SpinoutsOxford Q

125、uantum Circuits Total equity raised:120mIncorporation date:05/06/2017Sector:Quantum Founded in 2017,Reading-based Oxford Quantum Circuits development of quantum optimisation technologies aims to revolutionise industries by enhancing decision-making in pharmaceuticals and finance,and driving efficien

126、cies in logistics and manufacturing.The University of Oxford spinout has raised 79.6m via two rounds of equity funding in 2023.Top investees of 2023Synthesia Total equity raised:121mIncorporation date:25/08/2017Sector:Artificial Intelligence London-based Synthesia develops AI technology designed to

127、model the human face in motion accurately.Its technology allows for rapid text generation into professional video based on these models.The University College London spinout has raised 71.4m in equity funding in June 2023.Complement Therapeutics Total equity raised:68.8mIncorporation date:12/03/2020

128、Sector:Life sciences Founded in 2020,London-based Complement Therapeutics aims to use gene and protein therapy to treat age-related macular degeneration and other conditions linked to immune system malfunction.The University of Manchester spinout has raised 63.6m in equity funding in April 2023.Tenp

129、oint Therapeutics Total equity raised:69.9mIncorporation date:07/09/2020Sector:Life sciences London-based Tenpoint Therapeutics aims to offer a single long-lasting treatment that reverses vision loss by repairing and replacing damaged eye tissue using specialised engineered cells.The University Coll

130、ege London spinout raised 53.9m in equity funding via a deal in July 2023.Perspectum Total equity raised:94.7m Incorporation date:10/06/2021Sector:Life sciences Established in 2021,Oxford-based Perspectum specialises in advanced diagnostics tools that provide non-invasive,quantitative assessments of

131、 multiple organs,facilitating better medical decision-making and personalised patient care.The University of Oxford spinout raised 45.6m in March 2023.This section highlights the top investees of the past year,showcasing the companies that raised the most equity funding for growth.Notably,three of t

132、he five companies highlighted are in the life sciences sector:Complement Therapeutics,Tenpoints Therapeutics,and Perspectum.The high values of investment raised by these companies reflect ongoing investor appetite for innovations born of university labs.Notably,all companies featured operate in one

133、of the priority sectors outlined in the governments UK Science and Technology Framework.23Spotlight on Spinouts 111%increase in average investment into spinouts(2014-2023)Average size of equity deals secured by spinouts(January 2024)201620193.49m2.90m20216.62m20225.70m20234.32m20142.05m20153.15m2017

134、3.47m20184.41m20203.90mAverage investment sizeIn 2023,the mean amount of money invested in spinouts via equity deals was 14.8%less than the previous year,dropping from 5.07m to 4.32m.This marks the second consecutive year where the average investment has decreased from the year before.However,lookin

135、g at the last 10 years,the average size of investments in new spinouts has increased,with growth of 111%from 2014 to 2023,bringing the average investment to 4.00m.Beauhursts equity investment data is a dynamic dataset that evolves as new deals surface and spinout companies are identified.As a result

136、,annual average equity investment deal sizes may vary over time.The figures in this years Spotlight on Spinouts report may differ slightly from previous years,highlighting the continuous changes in the dataset.4.00maverage investment round size(2014-2023)24Spotlight on Spinouts315119171308Parkwalk A

137、dvisorsScottish EnterpriseMercia VenturesCambridge EnterpriseOxford Science EnterprisesFuture Planet CapitalIP GroupSyndicateRoomArchangelsCambridge AngelsDevelopment Bank of WalesBritish Business BankOxford TechnologyEpidarex CapitalBGFAmadeus Capital Partners Northstar VenturesForesight GroupTouch

138、stone InnovationsSFC Capital11711411286605655534742424241393838Top investors by number of equity deals into spinouts(2014-2023)Top investorsThe figure for Parkwalk(combined funds)includes all deals by Parkwalk funds,including those featuring elsewhere on this ranking.Parkwalk and Touchstone are now

139、subsidaries of IP Group.Parkwalk Advisors is the leading investor in spinouts based on deals since 2014,having participated in 315 deals.Furthermore,it also leads in terms of the value of its deal participation.This demonstrates Parkwalk Advisors commitment to investing in companies across all stage

140、s of development,not just in the initial funding phases.Scottish Enterprise has participated in 308 deals since 2014.This figure encompasses investments made via its various arms,including the Scottish Co-Investment Fund and the Scottish Venture Fund.These entities aim to stimulate innovation and ec

141、onomic growth across Scotland,with financial backing from the Scottish Government.The new top investors this year,such as Future Planet Capital and Forbion Capital Partners,reflects a diversifying and expanding ecosystem for spinout financing,demonstrating the attractiveness of spinouts to a broad a

142、rray of investors.Angel networks,including Archangels(60)and Cambridge Angels(56),are prominent investors in UK spinouts.These figures underscore the critical contribution of angel investors to the ecosystem,providing financial resources and expertise to early-stage ventures that might otherwise str

143、uggle to secure funding.Beyond capital,spinout founders gain significantly from the guidance,business acumen,and networks these seasoned investors can provide.25Spotlight on Spinouts1.66b1.38b1.03b1.73b498m496m569m959m650m506m397m578m419m381m514m516m412m513m411m611mParkwalk AdvisorsOxford Science En

144、terprisesIP GroupSyncona PartnersWoodford Investment ManagementAmadeus Capital PartnersMolten VenturesGoogleAlbionVC(UCL Technology Fund)Cambridge Innovation CapitalBGFScottish EnterpriseCambridge EnterpriseBritish Business BankNovoSofinnova PartnersTouchstone InnovationsF-Prime Capital PartnersForb

145、ion Capital PartnersFuture Planet CapitalTop investors by value of equity deal participations into spinouts(2014-2023)Top investorsThe above figures refer to the size of the whole deal the fund participated in,rather than the individual contribution of the fund to the deal,as this information is usu

146、ally not disclosed.Parkwalk and Touchstone are now subsidaries of IP Group.Woodford Investment Management is now defunct.Based on equity deals since 2014,Parkwalk is the top investor by the value of deals with spinouts,participating in fundraisings worth a total of 1.73b.Parkwalk has participated in

147、 several large deals,including a 42.0m fundraising round by quantum technology developer Quantum Motion in February 2023.Parkwalk was founded in 2009 and invests in spinouts across the deeptech,healthtech,and life sciences sectors.It has partnerships with several universities,including University of

148、 Oxford,University of Cambridge,and Imperial College London.Parkwalk is notable because of its Enterprise Investment Scheme(EIS)funds.EIS and the Seed Enterprise Investment Scheme(SEIS)are tax advantaged schemes for individuals to encourage investment in early-stage companies.Managed SEIS and EIS fu

149、nds allow individuals to use the schemes without having to directly manage the investment process.Foreign investors like Novo Holdings(496m)and Google Ventures(578m)rank highly in terms of investment value in UK spinouts.The engagement of significant global investors with UK spinouts underscores the

150、 value of the intellectual property held by these companies and their ability to draw international attention.Collaborations with international investors afford spinouts the opportunity to access new markets and leverage global networks,enhancing their growth potential and reach.26Spotlight on Spino

151、utsParkwalk Advisors Number of seed-stage deal participations:99Value of seed-stage deal participations:225m Parkwalk Advisors(99)has participated in the most seed-stage deals in the spinout ecosystem,with the value of these deals with a combined total of 225.8m.These deals make up close to 37.1%of

152、all deals the fund participates in,which are focused on“hard science”innovation,such as AI,cleantech,and life sciences.Angel investors Angel networks are pivotal in aiding early-stage startups,including those spinning out from academic institutions.Since angel investors utilise their personal funds,

153、they have the capacity to assume greater risks and frequently serve as the initial capital providers for nascent companies.These networks facilitate deal discovery for individual angels and allow for risk-sharing through collective investments with fellow angels.Angel networks haveparticipated in 52

154、8 fundraising rounds for spinouts from 2014 to 2023,representing 11.3%of all spinout deals completed during the period and 16.3%of all deals completed by angel networks.Independent angel investors are essential in backing companies that are bringing university research to market.In the UK,over 1,000

155、 angels hold shares in at least three spinout firms,indicating a wide interest in fostering such innovative enterprises.With their extensive networks and deep insights into business development,these angels are valuable allies for founders,especially in the formative phases of their companies.Scotti

156、sh Enterprise Number of seed-stage deal participations:98Value of seed-stage deal participations:127m Scottish Enterprise is Scotlands national economic development agency dedicated to fostering economic growth and innovation across the region.Funded by the government,it has participated in 98 seed-

157、stage deals with spinouts,with a combined total of 127.2m in value.Cambridge Enterprise Number of seed-stage deal participations:70Value of seed-stage deal participations:187m The University of Cambridge Enterprise Fund is dedicated to supporting businesses that bring the Universitys research to mar

158、ket.Given the Universitys status as a leading creator of spinout companies,the fund has engaged in the third-highest number of seed-stage deals(70),with an aggregate value of 187m.Early investorsInstitutional investors27Spotlight on Spinouts27Spotlight on SpinoutsInnovate UK grants received by spino

159、uts(20142023)Between 2014 and 2023,the value of Innovate UK grant funding awarded to spinouts saw more than a fourfold increase,from 34.3m to 142m,while the number of grants nearly doubled from 179 to 343.A record 482 grants were awarded to spinouts in 2020,totalling 101m,a surge driven by grant pro

160、grammes specifically designed to support SMEs during the COVID-19 pandemic.Since 2021,there has been an increase in awards and total value each year.Spinouts secured 34.0%more investment by value in 2023 compared to the year before.The increase in the number and total value of grants secured by spin

161、outs reflects the importance of public funding,especially in the face of a more challenging private funding environment,as highlighted on page 21.2014201520162017201820192020202120222023106m142m101m59.3m34.3m65.6m80.6m40.6m92.5m24.3m482268282262241313224132343179Amount receivedNumber of grants747mto

162、tal value of IUK grants(2014-2023)Innovate UK grant funding2,726total number of IUK grants(2014-2023)The data visualised on this page uses Beauhurst spinout data and Innovate UK grant funding data.The grant data includes grants to spinouts to made until December 2023,accessed from the 8th March 2024

163、 version of“Innovate UK Funded Projects Since 2004.”(https:/www.ukri.org/publications/innovate-uk-funded-projects-since-2004/).Innovate UK state that additional grants made in 2023 may be disclosed in subsequent versions of the file.Chapter 3Survival,growthand exits29Spotlight on Spinouts29Spotlight

164、 on SpinoutsOut of the 1,880 university spinouts in the UK,355(18.9%)have ceased operations,highlighting the challenge involved in commercialising new technologies.While failure is often seen as a challenging but natural part of the ecosystem,a more troubling and less acknowledged phenomenon is the

165、prevalence of“zombie”companies.Of the active spinouts,70(5.31%)are classified as zombie companies.This not-insubstantial part of the population operates at minimal capacity but draws in capital and people.The dilemma for these companies is whether it is more beneficial to face outright failure or to

166、 find pathways to rejuvenate and achieve meaningful growth.Lifespan of now-dead spinouts(January 2024)19891994199920042009201420192024Individual companiesIncorporation date/Death date Survival rates7.69 yearsaverage age of UK spinouts at death(2014-2023)30Spotlight on Spinouts30Spotlight on Spinouts

167、Failure ratesNone0-1m1m-5m5m-10m10m-50m50m94.9%87.5%96.6%73.4%93.0%94.8%12.5%26.6%6.98%5.23%3.37%5.13%Alive spinoutsDead spinouts201420152016201720182019 202020212022 20232632214344737104311Spinout companiesProportion of alive versus dead spinouts by total equity investment raised(2014-2023)Spinouts

168、 cessations by year(2014-2023)Analysis of the 1,118 spinouts that have raised equity investment shows that well-capitalised spinouts generally have higher survival rates,suggesting that funding can improve the odds of success.However,distinguishing whether funding success is due to more resources or

169、 the inherent qualities it signifies,such as strong IP,team,and leadership,is complex.A separate analysis by the Academy and Beauhurst shows that there is a relationship between the equity stake taken by a university and spinout outcomes,with larger stakes associated more with failed companies.5 Aga

170、in,the causality is unclear,although anecdotally,investors are more reticent to invest in companies that have reduced upside for founders due to large university equity stakes.In the UKs governments Independent Review of University Spin-out Companies published in November 2023,the authors recommend

171、an expansion and targeting of support for founders to improve spinout outcomes.Specific recommendations include training on entrepreneurship and commercialisation,support for business-building activities,and access to professional service advisors.5 Angus Baker,Daniel Robinson,and Ethan Yip,“Mapping

172、 Equity:A Closer Look at University Stakes in Academic Spinouts since 2011,”Enterprise Hub Blog,Royal Academy of Engineering,20 November 2023,accessed Mar 11,2024,https:/enterprisehub.raeng.org.uk/enterprise-hub-blog/mapping-equity.31Spotlight on SpinoutsStage of evolution of active spinouts(snapsho

173、t January 2024)*36270711267SeedVentureGrowthEstablishedGrowth stagesAs of January 2024,the UK boasts 1,248 active spinouts,with 707(56.7%)of them in the seed phase,a figure closely aligned with the 56.5%recorded in January 2023.This consistency indicates a steady influx of new,innovative firms at th

174、e initial stage of development,which could evolve into key players for future expansion.Overall,the number of companies in the venture(362),growth(112),and established(67)stages remains similar to last years cohort.This includes Oxford Photovoltaics,a developer of solar cells that can be printed on

175、glass,such as building windows.Based in Oxfordshire,the University of Oxford spinout was incorporated in 2010 and has since received 119m in equity investment.56.7%active UK spinouts at the seed-stage(January 2024,excludes zombie stage of evolution)1,248active UK spinouts(January 2024,excludes zombi

176、e stage of evolution)*Excludes zombie stage of evolution32Spotlight on SpinoutsAlloyed CAGR(turnover):135%Turnover(FYE 2023):6.68m Headcount(FYE 2023):15Sector:Materials technology Alloyed designs,develops,and manufactures alloy components for a range of use cases,including electrical and medical co

177、mponents.The company spun out of the University of Oxford in 2017.To date,it has raised 45.2m in equity investment via four rounds and received 7.19m in grant funding.PhoreMost CAGR(turnover):92.3%Turnover(FYE 2023):473k Headcount(FYE 2023):N/ASector:Life Sciences Spun out from the University of Cam

178、bridge,PhoreMost is developing technology for discovering targetable sites on cells or microbes that are involved in diseases.Founded in 2014,the Cambridgeshire firm has raised 51.1m via five rounds of equity funding and received 1.74m in grant funding.Fastest-growing spinoutsThe academic spinouts h

179、ighlighted on this page have exhibited the largest Compound Annual Growth Rates(CAGRs)in their turnover or headcount as reported in their financial accounts for the past three years.Alloyed and PhoreMost exhibited the greatest turnover growth,having grown their revenue by a CAGR of 135%and 92.3%resp

180、ectively.Meanwhile,Abselion and MoniRail demonstrated the greatest increase in CAGR by headcount,both having increased by 71%.All four of these companies have demonstrated the ability to grow rapidly,having significantly expanded their operations over the past three years.Abselion CAGR(headcount):71

181、%Turnover(FYE 2023):N/A Headcount(FYE 2023):15Sector:Nanotechnology Spun out from the University of Cambridge,Abselion develops nanotechnology,which is used in biosensors and aims to provide quick detection for medical and hygiene issues.Founded in 2017,the Cambridge company has raised 3.05m via two

182、 rounds of equity funding and received 331k in grant funding.MoniRail CAGR(headcount):71%Turnover(FYE 2023):N/A Headcount(FYE 2023):5Sector:Analytics,insight,tools MoniRail develops an inertial measurement unit and data analysis tool for the rail sector.The University of Birmingham spinout aims to p

183、revent faults by measuring train conditions and performance.Since its incorporation in 2018,MoniRail has raised 960k via seven equity deals.33Spotlight on Spinouts33Spotlight on SpinoutsExits by spinouts via IPO or acquisition(20142023)19891994199920042009201420192024Incorporation date/Exit date Exi

184、ts in 2023Exits 2014-2022Individual companiesExit volumesBetween 2014 and 2023,a total of 188 spinouts achieved successful exits,either through acquisition or by going public via an IPO.The majority,or 84.0%,of these exits occurred through acquisitions,while the remaining 16.0%took the IPO route.In

185、2023,there were 14 exits,marking a slight increase from the 13 recorded in 2022,with acquisitions accounting for all of the exits.This trend towards acquisitions over IPOs may be due to companies opting to hold off on going public,possibly in anticipation of more favourable market conditions.Notable

186、 among the 2023 exits was the University of Edinburghs spinout,eoSurgical,a developer of surgical training simulators,which was acquired by the Bristol-based Limbs&Things.158exits by spinouts via acquisition(2014-2023)30exits by spinouts via IPO(2014-2023)34Spotlight on SpinoutsTop exitsZiyloGyrosco

187、pe TherapeuticsMiroBio588m356m259m280m623m320m315m103m85m58m39m64m28m28m30m40m23m24m31m21mNaturalMotionBase GenomicsInivataHeptaresOxitecQuetheraAtopixProcess Systems EnterpriseCobalt Light SystemsVocalIQPermasenseCambridge CMOS SensorsHaemostatixFlussoThe FloowBloomsbury AICizzle BiotechTop IPOs un

188、dergone by spinouts by market capitalisation(20142023)Top acquisitions of spinouts by company value or consideration paid(20142023)ExscientiaOxford Nanopore TechnologiesOrchard TherapeuticsImmunocoreAdaptimmuneIntelligent EnergyCircassiaAchilles TherapeuticsAutolusFreeline TherapeuticsMeiraGTxArctur

189、is DataKainos2.38b3.38b498m806m639m950m304m529m476m225m772m581m136m164m55m80m63m78m66m75mOxford BioDynamicsXerosAbzenaDiurnalOncimmuneMirriadRedx PharmaLeadershipChapter 436Spotlight on Spinouts36Spotlight on SpinoutsActive spinouts by gender of founders(January 2024)44.9%51.5%3.59%Mixed genderAll m

190、aleAll femaleGender of founders and directors75.4%16.0%8.57%Mixed genderAll maleAll femaleMost active spinouts have founder or director teams comprised entirely of men.This is also true of the broader population of high-growth companies,where 74.9%of companies have teams of only male founders and 59

191、.3%have all-male directors.The prevalence of all-male founder and director teams is remarkably similar across the spinout and broader high-growth company populations.High-growth companies are more likely to have all-female founding teams compared to spinouts,with 13.0%of high-growth companies having

192、 only female founders compared to 8.57%for spinouts.While this may seem concerning,the overall proportion of companies that have at least one woman founder is comparable between the two populations:24.6%for spinouts compared to 25.1%for high-growth companies.As a result,spinouts are more likely to h

193、ave mixed-gender founding teams(16.0%)compared to the general high-growth population(12.1%).Since last year,there has been a slight increase in the proportion of companies with all-female founder and director teams.However,the overall data indicates that women are underrepresented as part of founder

194、 and director teams for both spinouts and the high-growth company population more generally.The analysis excludes companies where one or more founder or director genders are unknown(18.5%of all spinouts by the gender of founders and 27.7%for directors).Active spinouts by gender of directors(January

195、2024)37Spotlight on Spinouts37Spotlight on SpinoutsGender of founders over timeThe following charts compare the changes in gender diversity of active spinout founders from companies incorporated in 2017 and 2022.A significant rise in the share of founding teams composed entirely of women is observed

196、,increasing from 7.37%in 2017 to 13.3%in 2022.This reflects a growing presence of female entrepreneurs in the sector,alongside a slight uptick in the percentage of founding teams with both male and female members,from 17.9%to 18.3%.The trends suggest a positive movement towards greater gender divers

197、ity among spinout founding teams,although there remains potential for further progress.This analysis reflects the companies for which founder gender diversity data is complete;spinouts where one or more founder genders were unknown were excluded from the analysis(30.1%of spinouts in 2017;26.8%in 202

198、2).74.7%17.9%Mixed genderAll maleAll female7.37%Spinouts by gender of founders(spinouts incorporated in 2017)68.3%18.3%13.3%Mixed genderAll maleAll femaleSpinouts by gender of founders(spinouts incorporated in 2022)38Spotlight on SpinoutsGender of directors over timeThese figures compare the changes

199、 in the gender diversity of active directors of spinouts incorporated in 2017 and 2022.Similar to the findings on the gender diversity of founders,there has been a noticeable increase in female representation within directorship roles.The percentage of directorship teams entirely composed of women r

200、ose from 2.38%for spinouts established in 2017 to 7.27%for those established in 2022.This growth in female-only directorship teams coincides with a reduction in the percentages of mixed-gender and all-male directorship teams.Although this shift marks progress towards more diverse boards,it indicates

201、 that the pace of change at the directorship level is more gradual compared to that within founders.This analysis reflects the companies for which director gender diversity data is complete;spinouts with one or more directors of unknown gender were excluded from the analysis(38.2%of spinouts in 2017

202、;32.9%in 2022).58.3%39.3%2.38%Mixed genderAll maleAll femaleSpinouts by gender of directors(spinouts incorporated in 2017)34.6%58.2%7.27%Mixed genderAll maleAll femaleSpinouts by gender of directors(spinouts incorporated in 2022)39Spotlight on SpinoutsAge of foundersAge of founders of spinouts(snaps

203、hot January 2024)20-2930-3940-4950-5960-6970-7980+24.5%22.1%26.7%17.9%3.75%4.10%1.01%The analysis compares the ages of active founders in academic spinouts with those in the wider high-growth company sector.Founders aged between 40 and 49 are the most prevalent in both categories,making up 26.7%of s

204、pinout founders and 22.9%of those in high-growth companies.Notably,academic spinouts feature a larger share of younger founders,with 22.1%in the 30-39 age group,slightly higher than the 17.5%seen across all high-growth companies.Additionally,the data reveals that 3.75%of spinout founders are aged 20

205、-29,slightly higher than the 3.04%observed among high-growth company founders.This suggests that academic settings offers a conducive environment for young entrepreneurs to innovate and commercialise new ideas,leveraging the supportive network and resources available.48.0median age of active spinout

206、 founder49.1mean age of active spinout founders40Spotlight on SpinoutsNationalities of directorsIn UK spinouts,foreign directors are most frequently from the United States,with 307 directors representing 15.1%of all spinout directors with a non-UK nationality.The appeal for US citizens may stem from

207、 the shared language and cultural connections with the UK,enhancing the UKs attractiveness for American students and professionals.Significant numbers within the international director community in UK spinouts also hail from European nations,including Ireland(111),Germany(86),and Italy(66).The geogr

208、aphical closeness of these countries to the UK plays a role,but a key factor is also the opportunity these individuals likely had to engage in research at some of the UKs globally recognised universities.Additionally,the UKs robust business ecosystem and regulatory environment can encourage internat

209、ional entrepreneurs to create and grow ventures within the country.Top 20 nationalities by number of directors of spinoutsexcluding UK(snapshot January 2024)IrelandGermanyItalyFranceChinaAustraliaSpainNetherlandsIndiaCanadaGreeceSwitzerlandSwedenNorwayDenmarkSouth KoreaPolandMalaysiaJapan30755863556

210、446336664211115153114161621121212United StatesBelgium1,223directors of UK spinouts with foreign nationality(January 2024)3,026directors of UK spinouts with UK nationality(January 2024)Equity stakes andIP policyChapter 542Spotlight on SpinoutsEquity stakes methodologyThe dataset analysed for the equi

211、ty stakes section of the report comprised 1,880 spinout companies tracked by Beauhurst since 2011.Of these 1,880 companies,390 were removed as the company was incorporated prior to 01/01/2010,and 624 were removed because no university entity held an equity stake.A further 58 businesses were omitted

212、because the university held a stake 50%,leaving 808 analysable spinout companies.Some key methodological considerations are outlined under the headings that follow.Institutional holdings versus captive funds When an academic institution and its technology transfer office own shares in a company,thei

213、r shareholdings have been counted in aggregate as being the academic institutions equity stake.The stakes held by captive funds,such as Cambridge Innovation Capital(CIC),have been excluded because those stakes are received in exchange for external investment.Reliance on confirmation statements UK co

214、mpanies are required to file a confirmation statement once a year with Companies House.The confirmation statement provides a snapshot of a companys shareholders at the time of filing but does not necessarily account for changes to shareholdings that occur between filings.For example,a company could

215、spin out,split equity between founders and the academic institution,and raise dilutive external investment in the space of a year.While in practice this may only apply to a maximum of 27%of spinouts,these cases would make the founder and institutional stakes smaller in the first confirmation stateme

216、nt than the stakes had actually been at the point when the company spun out.Spinouts without university shareholders An academic institution does not necessarily have to have an equity stake in a company for the company to be considered a spinout(please see page 53 for a definition of a spinout).An

217、academic institution may choose to license IP to a company without taking equity.Out of the cohort of spinouts tracked since the beginning of 2011,there are 624 that do not appear to have had an academic institution as a shareholder and have been excluded from the analysis.Exclusion of majority inst

218、itutionally owned companies In the case of 58(3.09%)companies out of the 1,880 businesses analysed in our sample of spinouts,the academic institution holds more than 50%of the equity.For newer spinouts,this may be due to the time lag between a company spinning out and filing a subsequent confirmatio

219、n statement where the institutional stake has been reduced to below 50%.Because these companies are nominally subsidiaries of the institution,they have been excluded from this analysis.This figure is different from last year,when 3.20%of companies were excluded for this reason.No provision for optio

220、n pools The equity stakes in this analysis do not account for option pools that may exist at the spinout.The stakes we have used represent the present truth of the companys capitalisation table,but if an options pool exists,the technology transfer office and founders will likely anticipate this dilu

221、tion.Founder equity split calculation The founders equity splits were calculated from the entire founding teams figures instead of analysing individual founder statistics.This is because founder teams can differ in size,causing their stakes to vary considerably.As such,assessing these stakes individ

222、ually would not present the whole picture.43Spotlight on SpinoutsUniversity and founder stakesThis report analyses average and median equity shares held by founders and universities at the time of spinout formation.The results for this year closely mirror those from last years report despite incorpo

223、rating data from 81 additional companies that have either recently submitted shareholder confirmations or have been newly recognised as spinouts.The data has a symmetrical distribution,which accounts for the similarity between the mean and median stakes for both founders and universities.Since this

224、analysis is based on Companies House filings,theres an inherent delay in capturing any shifts in equity distribution practices among spinouts.Nevertheless,the consistency in data across the two years indicates that the approach to dividing equity in spinouts across the UK has remained stable through

225、out 2022 and 2023.Average university equity stakes for 809 companies tracked since 01/01/2011 and incorporated since 01/01/201014.4%standard deviation in mean stake taken in the year of spinning out22.8%mean stake taken in the year of spinning out20.2%median stake taken in the year of spinning outAv

226、erage founder equity stakes for 809 companies tracked since 01/01/2011 and incorporated since 01/01/201023.4%standard deviation in mean stake taken in the year of spinning out54.1%mean stake taken in the year of spinning out54.0%median stake taken in the year of spinning out44Spotlight on SpinoutsUn

227、iversity stakes by company typeMedian university equity stakes for companies tracked since01/01/2011 and incorporated since 01/01/2010 by company type21.2%median stake taken in life sciences companies in the year of spinning out21.7%median stake taken in hardware companies in the year of spinning ou

228、t20.0%median stake taken in software companies in the year of spinning outThe Independent Review of University Spin-out Companies recommends that universities,founders,and investors develop guidance on spinout equity distribution based on whether the company operates in hardware and engineering,soft

229、ware,or life sciences.6 The Review suggests universities should take lower equity stakes in spinouts in less IP-intensive areas such as software.7 Examining the data for the cohort of companies with known university shareholders shows a consistent approach to university equity allocation across comp

230、any types.This finding suggests most universities employ a similar approach to equity distribution regardless of the specific resource demands or IP-intensiveness that different types of companies may have.While the mean figures show more variation than the medians,the figures are close to the overa

231、ll mean of a 22.8%equity stake taken by universities,suggesting only modest variation by company type.Life sciences has the highest mean university stake of 24.1%,followed by software at 23.1%,and hardware at 21.4%.Notably,the mean and median university stake taken has remained consistent over the p

232、ast decade;this underscores a stable approach in equity allocation practices among universities.Number of companies tracked since 01/01/2011 and incorporated since 01/01/2010 by company type390hardware companies545software companies586life sciences companies6 Irene Tracey and Andrew Williamson,Indep

233、endent Review of University Spin-Out Companies(London:Department for Science,Innovation and Technology and HM Treasury,2023),6,accessed March 13,2024,https:/www.gov.uk/government/publications/independent-review-of-university-spin-out-companies.7 Tracey and Williamson,Independent Review,6.45Spotlight

234、 on SpinoutsEquity stakes of universitiesSpinout equity stakes taken by academic institutions tracked since 01/01/2011 and incorporated since 01/01/2010Academic InstitutionMeanMedianStandard deviationEligible spinoutsTotal spinoutsUniversity of OxfordUniversity of CambridgeImperial College LondonUni

235、versity College LondonUniversity of ManchesterUniversity of Bristol20.4%19.4%13.7%11121011.8%10.0%9.54%6114921.1%10.9%17.2%5412415.9%11.7%12.4%369330.8%30.0%10.0%398619.6%18.1%15.5%2976Royal College of ArtUniversity of Edinburgh 6.30%5.00%3.12%157213.8%15.0%6.79%2166University of StrathclydeSwansea

236、University17.0%15.0%6.47%215714.2%20.0%7.87%1648University of WarwickUniversity of SheffieldUniversity of NottinghamUniversity of LeedsUniversity of GlasgowNewcastle University27.4%29.4%14.6%284725.0%25.4%11.9%144526.9%25.0%18.4%183943.3%49.0%8.38%213832.1%30.7%11.2%193830.6%32.8%12.5%2038University

237、 of BirminghamUniversity of Exeter29.4%33.9%14.6%163415.5%17.4%7.61%1326University of UlsterUniversity of Aberdeen Kings College London28.9%25.0%11.3%132527.6%26.0%12.4%92322.9%20.3%10.5%1118Queens University Belfast32.7%33.3%11.9%2756Although the Royal Academy of Arts placed seventh on this ranking

238、,it has been excluded from this analysis as there is a lack of data available for its spinouts.46Spotlight on Spinouts46Spotlight on SpinoutsMean stake taken by universities in spinouts(20142023)The mean stake taken by a university during spinout formation increased from 19.1%in 2022 to 22.2%in 2023

239、.The 2022 annual mean remains the lowest for the decade.Despite the slight increase in mean stake in 2023,the annual mean stake has decreased by 17.5%over the last decade from 26.9%to 22.2%.The growing attention on spinout equity distribution between founders and universities may be altering univers

240、ities attitudes towards equity allocation.Beauhursts spinout shareholder dataset is dynamic,frequently updating as new spinouts and shareholder data from Companies House become available.Consequently,average equity stake figures for previous years may exhibit minor fluctuations.The average stakes in

241、 this years Spotlight on Spinouts report differ slightly from earlier editions,highlighting the datasets constantly evolving nature.201420152016201720182019202020212022202326.9%26.9%20.9%22.6%22.6%22.9%21.3%22.2%21.3%19.1%14.213.815.913.712.915.613.415.513.2Mean%stakeStandard deviation14.722.8%mean

242、stake taken by universities in spinouts(2014-2023)Average university stakes17.5%decrease in the mean equity staketaken by universities(2014-2023)47Spotlight on SpinoutsUniversity IP policiesThis summary outlines the intellectual property policies of selected universities,as highlighted in this repor

243、t,demonstrating the diverse strategies these institutions adopt.For example,Imperial College Londons Founders Choice scheme allows academic founders to maintain up to 95%of the founding equity.Meanwhile,the Royal College of Art employs a bespoke negotiation process,customising equity shares accordin

244、g to each companys specific circumstances and the contributions of its founders.Other universities opt for a uniform approach,implementing standard equity share practices across all their spinouts.The data presented is sourced from the universities official websites,their published IP policies,and,i

245、n some instances,through direct communication with the university.The IP policy sourcebook can be found on page 51.University of Oxford Oxford University Innovation is the University of Oxfords technology transfer and innovation arm,responsible for negotiating equity with researchers in new spinout

246、projects.Starting in September 2021,the university began implementing a new equity-sharing policya change made to streamline the negotiation process and make spinout formation more straightforward and transparent 1.Under the policy,and in most cases,the founding researchers will receive 80%of the eq

247、uity share in the spinout company,with the University receiving the remaining 20%.However,in a few cases,the researchers will receive 90%of the companys equity,and the university will receive 10%2.University of Cambridge The University of Cambridge initiated its seed funding program as part of Cambr

248、idge Enterprise in 1995 and has since been involved in over 145 spinout deals 3.The entity outlines equity distribution between the founding researchers and external management to be negotiated on an individual basis with Cambridge Enterprise.Various elements,such as the type of technology being lic

249、ensed and the number of founders,play a role in determining the final agreement 4.Imperial College London Imperial College London supports the commercialisation of the institutions technology transfer through its Enterprise team.Prior to this,technology transfer was handled by Imperial Innovations,w

250、hich was established in 1986 and became listed on the London Stock Exchanges Alternative Investment Market in 48Spotlight on SpinoutsUniversity IP policies2006 5.In August 2023,Imperial College London announced significant enhancements to its Founders Choice program.Academic founders now have the op

251、portunity to retain up to 95%of founding equity with favourable terms such as low fixed royalty rates and simplified IP development planning.Imperial will take a limited equity stake in new spinouts,offering both non-dilutable and dilutable equity options.Royalties on sales exceeding 50m are set at

252、fixed rates,with sub-licensing royalties fixed at 10%6.University College LondonUniversity College London University College Londons technology transfer office,UCL Business(UCLB),was established in 2006 to support the commercialisation and formation of spinouts.UCLB has introduced a new IP scheme,na

253、med Portico Ventures,with the aim of creating a straightforward framework focused on founders for licensing non-patentable IP 7.The programme provides a founder-centric option where the University retains a 5%stake once the company has received 1m in equity investment.Founders requiring more support

254、 will cede a 10%fully diluted equity stake to the University in exchange for UCLBs assistance 8.University of ManchesterThe University of Manchester offers commercialisation support through The Innovation Factory.The equity stakes held by the university and the founders depend on several factors,inc

255、luding the method used to commercialise the IP and the amount of proof-of-concept funding received.However,the default equity division would cede the University 35%of shares,with founders retaining 50%9.University of BristolThe University of Bristol offers a comprehensive spinout formation policy ou

256、tlining the expected equity shares based on the Universitys and researchers contributions 10.This process is overseen by the Universitys commercialisation arm.The policy concurs that,in cases where no development has taken place,and no University support is necessary,the University will hold a 15%st

257、ake,while the rest will go to the founders.On the other hand,if there have been development activities and additional support is needed,the University will hold a 45%share of the company,with the researchers retaining the remaining 55%.Royal College of Art The Royal College of Arts portfolio of spin

258、outs is overseen by its centre for entrepreneurship,Innovate RCA 11.Where a company is formed to bring the institutions IP to the market,the equity share granted to the founders is determined through individual negotiations on a case-by-case basis 12.The decision is based on multiple considerations,

259、including the current stage of the project and the investors contribution.University of EdinburghThe University of Edinburghs commercialisation arm,Edinburgh Innovations,provides support to academic spinouts across the institution.Further support opportunities may also be provided through the Univer

260、sitys in-house venture fund,Old College Capital 13.The University expects to hold an equity position equal to that of the founders;however,the final equity 49Spotlight on SpinoutsUniversity IP policiesstakes will be determined based on various factors such as the IP,involvement of individual researc

261、hers,and investment in the project prior to the formation of the company 14.Swansea University Swansea University has spun out 57 companies since starting to create spinouts at the beginning of 2011 15.These spinouts have been able to raise a significant amount of capital,amounting to 51.9m via 65 d

262、ifferent funding rounds 16.As a standard practice,the University claims to take a 5-20%stake in these spinout companies 17.Queens University BelfastQueens University Belfast manages its portfolio of spinouts through its commercialisation officeQUBIS 18.QUBIS initiates equity negotiations with an ini

263、tial concept of equal distribution between the University and the spinouts founders.However,this is subject to further revision based on factors such as the teams previous and projected contributions,as well as the existence of any valuable know-how or patented IP 19.This approach aims to establish

264、a framework that acknowledges and rewards value-generating efforts.University of StrathclydeThe University of Strathclydes technology transfer office,Strathclyde Inspire,has been facilitating the commercialisation of research since 2002.Strathclyde Inspires commercialisation program outlines that th

265、e University will hold a 20%equity stake after seed round funding,regardless of the seed round valuation 20.This stake encompasses,among other things,both support provided by the University before its creation and cash awarded at the time of spinning out.University of WarwickWarwick Innovations comm

266、ercialises innovations produced at the University of Warwick 21.The entity oversees the research and innovation output of the institution and determines the distribution of ownership in spinout companies.When making this decision,factors such as the creative effort of the founders and the investment

267、 in terms of time,expertise,and resources are taken into consideration for the commercialisation of the IP 22.Falmouth UniversityFalmouth Universitys Launchpad Venture Studio has been operational since 2013.It focuses on the development of startups,with a requirement that they be headquartered in Co

268、rnwall for a minimum of five years after incorporation 23.The universitys IP policy states that students generally retain ownership of intellectual property generated during their studies,except in cases where they are university employees or involved in sponsored research projects 24.The policy doe

269、s not reference an approach to equity in spinout companies.University of Sheffield The IP and Impact team in Research Services at the University of Sheffield manage spinout company creation,with equity distribution based on founder contributions to the IP,patent costs,industry 50Spotlight on Spinout

270、sUniversity IP policiesexpectations,and the founding IPs value 25.Generally,the University of Sheffield holds a 15%-20%share 26.Sheffield is a founding university of Northern Gritstone,an investment company that aims to boost the commercialisation of university spinouts in northern England 27.Univer

271、sity of Southampton Since 2000,the University of Southampton has spun out multiple companies and has since taken an equity position in 35 of them 28.The Research and Innovation Services manage the Universitys commercial endeavours and determine the equity distribution to the founders of spinouts.The

272、 compensation method and extent are decided individually and are expected to be fair and balanced based on specific circumstances 29.University of Nottingham The University of Nottingham oversees its portfolio of spinout companies through its subsidiary,Nottingham Technology Ventures.Upon the format

273、ion of a commercially successful spinout,the initial equity distribution awards the founders with 50.1%ownership of the business,while the University retains a 49.9%share 30.These shares can be altered in certain circumstances,such as when the founders are granted additional equity options for their

274、 role in the companys growth.University of LeedsThe Research and Innovation arm at the University of Leeds is responsible for evaluating and managing IP.Since 1995,it has enabled the institution to spin out over 110 companies,converting academic research into commercial success for many businesses.T

275、he University outlines two methods for determining the initial equity division in spinout companies before external funding.If the spinout is based on IP,the founders will receive less than a 40%stake.If the spinout company provides services,founders will receive a stake between 40%and 60%31.Univers

276、ity of GlasgowThe University of Glasgow actively oversees and supports spinout ventures through its commercialisation armResearch Strategy and Innovation Office.The University has recently updated its equity policy,taking a more flexible approach to equity division.The University never takes more th

277、an a 30%founding stake.The University of Glasgow also protects the right of founders to negotiate to reduce the Universitys equity stake 32.Newcastle University The Business Development and Enterprise unit at Newcastle University supports the decision-making and management of IP licensing within the

278、 institution and has aided multiple spinout companies in commercialising their research 33.The Universitys IP policy states that the University will typically hold a 40%equity stake in any spinout at formation,with the founders being awarded the remaining 60%.51Spotlight on SpinoutsIP policy sourceb

279、ookThe University of Oxford1 Oxford University Innovation-Equity Sharing 2 Oxford University Innovation-Equity Sharing The University of Cambridge3 University of Cambridge Enterprise-Seed Funds4 University of Cambridge-Ordinances Chapter XIIIImperial College London5 Imperial Innovations-Imperial Col

280、lege London takes entrepreneurship to next level6 Imperial Enterprise-Founders ChoicesUniversity College London7 UCLB-UCLB News8 UCLB-Non-patentable IP:Portico VenturesUniversity of Manchester9 The University of Manchester-Intellectual Property Policy University of Bristol10 University of Bristol-Po

281、licy on Spinout Company FormationRoyal College of Art11 Royal College of Art-Innovation RCA12 Royal College of Art-Policy on Ownership,Protection and Exploitation of Intellectual Property RightsUniversity of Edinburgh13 Edinburgh Innovations-Old College Capital14 University of Edinburgh-Spinout Supp

282、ort GuideSwansea University15 Beauhurst Data16 Beauhurst Data17 Freedom of Information request-WhatDoTheyKQueens University Belfast18 QUBIS-About Us19 Queens University Belfast-IP PolicyUniversity of Strathclyde20 University of Strathclyde-Intellectual Property and Commercialisation PolicyUniversity

283、 of Warwick21 Warwick Innovations-About22 University of Warwick-Intellectual PropertyFalmouth University23 Falmouth University-Regulations,Policies&Procedures for Students24 Falmouth University-Intellectual Property(IP)University of Sheffield25 University of Sheffield Governance documents,Intellectu

284、al Property policy26 University of Sheffield Andrew Hogben,Head of Impact and Intellectual Property27 University of Sheffield Northern GritstoneUniversity of Southampton28 University of Southampton-Spinouts29 University of Southampton-Intellectual Property RegulationsUniversity of Nottingham30 Unive

285、rsity of Nottingham-IP PolicyUniversity of Leeds31 The University of Leeds-IP PolicyUniversity of Glasgow32 The University of GlasgowNewcastle University33 Newcastle University-Intellectual Property for EmployeesAppendix53Spotlight on SpinoutsBeauhurst tracks all spinouts deemed to have spun out on

286、or after 1 January 2011.Spinning out from an academic institution is one of our eight triggers(outlined on the right)that we believe suggests a company has high-growth potential.More detail on Beauhursts tracking triggers is available via our website.Companies that spun out of an academic institutio

287、n prior to 1 January 2011 may still be included in this report if they achieved one of the other seven triggers after 1 January 2011 and then were subsequently determined to be a spinout.Equity investment To be included in our analysis,any investment must be:Secured by an academic spinout(defined be

288、low)Some form of equity investment Secured by a non-listed UK company Issued between 1 January 2014 and 31 December 2023Beauhursts equity investment dataset is constantly updated with historical deal activity,causing slight fluctuations and minor discrepancies between annual investment and deal tota

289、ls in the Spotlight on Spinouts reports.Academic spinouts We define an academic spinout as a company that meets condition 1 and at least one condition out of 2-4:1.The company was set up to exploit IP developed by a recognised UK university or research institution(this is broadly in line with the Hi

290、gher Education Statistics Agencys(HESA)definition of a spin-off)2.The institution owns IP that it has licensed to the company3.The institution owns shares in the company4.The institution has the right(via an options or warrants contract)to purchase shares in the company at a later date Innovation gr

291、ants and equity stakes Beauhursts spinout shareholder and grant datasets continually update with new data from Companies House and newly discovered spinouts or awards.Consequently,average equity stakes,total grant figures,and grant numbers for previous years exhibit minor fluctuations.Full methodolo

292、gyEquity investmentScaleupsAccelerator attendancesMBOs/MBIsVenture debtAcademic spinoutsHigh-growth listsMajor grant recipientsHigh-growth tracking triggers 54Spotlight on SpinoutsContact 4th Floor,Brixton House385 Coldharbour Lane London SW9 8GL+44(0)20 7062 The Royal Academy of Engineering is the

293、UKs national academy for engineering.We are harnessing the power of engineering to build a sustainable society and an inclusive economy that works for everyone.In collaboration with our Fellows and partners,were driving innovation and building global partnerships,influencing policy and engaging the

294、public,and growing talent and developing skills for the future.The Enterprise Hub supports the UKs brightest technology and engineering entrepreneurs to realise their potential.Our goal is to encourage creativity and innovation in engineering for the benefit of all.Contact Prince Philip House3 Carlt

295、on House TerraceLondonSW1Y 5DG raeng.org.uk Beauhurst is a searchable database of the UKs high-growth companies.Our platform is trusted by thousands of business professionals to help them find,research and monitor the most ambitious businesses in the UK.We collect data on every company that meets ou

296、r unique criteria of high-growth;from equity-backed startups to accelerator attendees,academic spinouts and fast-growing scaleups.Our data is also used by journalists and researchers who seek to understand the high-growth economy,and powering studies by major organisationsincluding the British Busin

297、ess Bank,HM Treasury and Innovate UKto help them develop effective policy.For more information and a free demonstration,visit About the authorsEditor Henry WhorwoodProduction Dan Robinson,Advone Katsande,Blanca Valencia,Bila Turay,Harry Walker,Justin TsuiDesign Freya Hyde,Evangeline Luckhurst Beauhurst 2024