Conclusion 14

We explored what the Department and UKRI are doing to encourage private sector co-investment in projects it funds. UKRI considers that almost everything it does is done in concert with business. It has been set a high-level objective to leverage £3 of private investment for every £1 it spends on applied research and supporting businesses. However, it thinks that parts of its portfolio will attract a considerably higher ratio of private investment. It described the example of a long-running scheme called Prosperity Partnerships where businesses must match UKRI’s investment, in exchange for co-owning the IP that is generated as a result.26 UKRI is also aiming to more effectively identify the “crown jewels” within its portfolio of investments—the parts of the UK’s research base with very high value and growth potential—and connect them to investors.27 25 Q 61 26 Q 57 27 Q 61 11 2 Making wiser spending decisions The geographical balance of research infrastructure