LOCAL universities receive an income of over £100m through business and community interaction.
The recent Higher Education Business and Community Interaction Survey (HE-BCI) summary report revealed that co-operation between Northern Ireland’s universities and businesses continues to have a major positive impact on the local economy.
Speaking on the findings of the 2010/11 report, Employment and Learning Minister Dr Stephen Farry said: “Higher education is a key driver for the Northern Ireland economy. Even during this difficult economic period it is a sector that has continued to grow and, through its work with local businesses, contribute significantly to the local economy.
“This report provides evidence of the growing relationship between universities and the business sector. There is an increasing awareness among businesses and community organisations of the economic advantages that can be brought by working with our universities.”
The published results also revealed that Northern Ireland HE Institutions have out-performed their UK peers in the fields of collaborative research, income from intellectual property and the number of sustainable spin-off companies.
The minister emphasised the department’s commitment to supporting universities through the Higher Education Innovation Fund which is designed to encourage the sector to increase its capability to respond to the needs of business and the community, with a clear focus on the promotion of wealth creation.
The HE-BCI survey reports on a range of activities including the commercialisation of new knowledge through collaborative research, the delivery of professional training and consultancy and services by universities to businesses and community groups.
Two local companies which have benefited from collaborating with the universities are Williams Industrial Services Ltd and Moon Products Ltd.
Moon Products Ltd, a bespoke jewellery company based in Cookstown, collaborated with the University of Ulster’s School of Art and Design to access artistic and technical expertise to develop designs from drawings through to prototypes. Chris Campbell from the Company said: “Working with the University enabled us to make the transition from initial design concepts to a final product range that was ready for market.”