I was recently asked to consider whether universities should measure how efficiently they convert research pounds into commercial pounds. My instinctive answer was: maybe. On reflection, however, it is probably not the most important question.
The temptation is to focus on commercial returns from licences, spinouts, consultancy, and collaborative or contract research. These are important, particularly given the pressures faced by our employers.
Universities, however, are also under growing financial pressure, alongside legitimate expectations that publicly funded research should deliver economic and societal benefit. Understanding whether we are generating sufficient value from our research base is entirely reasonable.
However, measuring outputs tells only part of the story.
The institutions that consistently create value are not those that simply produce the best research. More often, they are the institutions that have built an effective innovation ecosystem around that research. They have strong partnerships, cultures that support meaningful engagement, clear routes for knowledge to flow beyond the campus, and an external ecosystem that is ready to adopt new ideas.
In other words, they have become adept at connecting knowledge with need.
That distinction matters.
Innovation is not a manufacturing process in which research enters at one end and commercial income emerges from the other. It is a human process. It depends on relationships, trust, capability, timing, and adoption. The quality of the research is important, but it is only one component of a much larger system.
Universities have spent decades refining how they measure research excellence. Publications, citations, and grant income have become deeply embedded indicators of success. Unsurprisingly, they have also shaped behaviour.
We tend to get what we measure…
If we want more innovation, it is not enough simply to ask people to do it. We must make it visible, valued, and achievable.
That does not mean turning every academic into an entrepreneur. It means creating an environment in which more people participate in activities that translate knowledge into impact: strategic partnerships, contract research, consultancy, professional education, knowledge exchange, and collaborative problem-solving.
The opportunity is not simply to increase the number of unicorns and high-growth spinouts.
It is to increase the number of colleagues contributing to real-world outcomes.
Culture is central to this. Not culture in the abstract, but culture as experienced through everyday interactions. How easy is it for organisations to work with us? How quickly can opportunities move from idea to action? How confidently do colleagues engage beyond academia?
The most successful innovation organisations are often not those with the greatest incentives. They are those with the least friction.
This is why I believe the future lies not simply in strengthening the traditional "research push" model, but in complementing it with greater "partner pull".
Universities are exceptionally good at creating knowledge. Increasingly, we must become equally adept at understanding demand.
The most valuable innovations often emerge when researchers, businesses, public bodies, and communities work together from the outset. Adoption becomes easier because the challenge is shared rather than handed over. Impact becomes more likely because solutions are designed with users rather than for them.
This approach sits comfortably alongside the University of Bath's ambition to be recognised for excellence with impact, become a partner of choice, and accelerate high-impact innovation activity. It also reflects our growing focus on demand-led innovation, strategic partnerships, and creating pathways that translate knowledge into societal, economic, and environmental value.
So, should we measure how efficiently we convert research pounds into commercial pounds?
Absolutely. But we should view that measure as a diagnostic, not a destination.
The bigger challenge is building an institution that consistently transforms knowledge into value: one that makes partnership easy, encourages engagement, removes unnecessary barriers, and understands what the world needs from us.
The universities that succeed over the next decade will not simply produce outstanding research. They will build an outstanding innovation ecosystem around it.
If that is the challenge, then measuring research value is not the end of the conversation. It is where the conversation begins.
I'd welcome your thoughts. If you are working on university innovation, research impact, commercialisation or strategic partnerships, please get in touch. The sector needs a broader conversation about how we create more value from the extraordinary knowledge and talent that already exists within our universities.
