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Spotlight on Spinouts

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Spotlight on Spinouts Spinouts 1 Spotlight on Spinouts UK academic spinout trends January 2021 2 Spinouts Contents. 4 Foreword 31 Leadership 6 Introduction 32 Gender 33 Age Spinouts 8 Top origin universities 34 Nationalities 3 10 Local authorities mapped 11 Local authorities ranked 36 Equity stakes 12 Top sectors 37 Equity stakes methodology 13 Top emerging technologies 38 Equity stake by university 39 Equity stakes by industry 16 Investment 40 University IP policies 18 Average investment size 44 IP policy source notes 19 Top investors 21 IUK Grants 45 Methodology 46 Appendix 24 Survival 48 About the authors 26 Growth 28 Exits Foreword Dr David Cleevely CBE FREng Enterprise Committee Chair, Foreword 4 Royal Academy of Engineering “Our ambition is to understand what it takes for spinouts to thrive. ” We are delighted to publish this report academia and industry, and to have looking at the successes and trends of insight into what it takes to spinout spinouts from UK universities. There’s companies from universities. We play a wealth of information here: the a major role in national discussions on number of spinouts by university and the commercialisation of university geographic distribution, investment owned IP – producing discussion trends, grants, equity stakes and key papers, hosting roundtables and investors, the nationality and gender providing evidence for government of founders, and the numbers of inquiries. scaleups and exits. This report brings all this information together in one place for the first time. Since the establishment of the “ The stakes are high. Royal Academy of Engineering’s Spinouts contribute Enterprise Hub in 2013, we have supported over 230 researchers, a great deal to our recent graduates and SME economic prosperity leaders to start and scale their businesses. We take no stake in and if we can learn and any company and provide our improve on what we services free to the companies that use them. We are therefore do then that will help uniquely placed to provide everyone.” an independent voice whose understanding is rooted in both The report contains much that will the outcomes they lead to, we hope to interest universities, spinouts and identify best practice and incentivise policymakers. change in line with the government’s ambitions to cement the UK as a ‘science • Spinout activity is concentrated in superpower’. a few institutions. The top four – Oxford, Cambridge, Imperial and UCL – account for around one third of all spinouts. • Pharmaceuticals and medtech are We hope to identify best the largest sectors, with the UK “ showing a rapidly developing AI practice, and to incentivise sector. change in line with the Foreword • Where we had data, only 20% of government’s ambitions 5 founding teams included a female member and only 12% of spinouts to cement the UK as a have at least one female director. ‘science superpower’.” • Data is not available to examine ethnicity of spinout founders and directors, a key barrier to understanding and improving diversity. The stakes are high. Spinouts contribute a great deal to our economic prosperity • On average it takes a spinout almost and if we can learn and improve on what 10 years to exit by IPO or acquisition, we do then that will help everyone. and 41% of spinouts ceased activity between 5 and 10 years of age. This report is just a start, and the Academy has further activity in this • Spinouts raise over £1b a year, but space in the pipeline. We look forward funding is highly concentrated, to repeating this analysis in the coming with a surprisingly small number of years and improving it with each investors accounting for the bulk of investments. Woodford, the largest iteration. I would encourage anyone with of these, collapsed during 2019. thoughts or insights to get in touch with the Academy. • Grants are becoming increasingly important for spinouts. • The increase in average investment size might suggest a trend of more follow-on funding and less new investment. Through this report, we are seeking to understand the state of UK spinouts, and through annual updates we hope to be able to track progress, the impact of any changes and draw firmer conclusions. Our ambition is to understand what it takes for spinouts to thrive. By tracking investment trends and knowing more about the processes, people and decisions that power our spinouts and Introduction Henry Whorwood Head of Research and Consultancy, Beauhurst Spinouts 6 “We hope that the data presented here provides a useful basis for discussion about how more successful spinouts can be created.” Spinouts are an important means for UK the company, often in exchange for universities to commercialise research equity, although not exclusively. and are often the subjects of intensive Unsurprisingly, companies from the interest from investors, policymakers ‘golden triangle’ of Oxford, Cambridge and others with an innovation-driven and London dominate the population agenda. Yet for a subsection of the UK of UK spinouts. The report breakdowns economy that receives much interest, the population of spinouts by origin relatively little quantitative data is institution (p. 8) and by region (p. 10). available about spinouts, particularly in the public domain. Hopefully, Pharmaceuticals is the most populated this report goes some way towards sector with 236 of the spinout addressing that paucity of information. companies having some activity in this area. This reflects the UK’s strength in The analysis in this report is based on the life sciences and the incentives Beauhurst’s data on 1,424 spinouts for successful innovation in this – both alive and dead – that have sector. Oxford-spinout Adaptimmune spun out or met one of Beauhurst’s listed on NASDAQ in 2015 with a tracking triggers since 2011. Academic market capitalisation of $1.2b, institutions share data with Beauhurst making it the largest pharmaceutical on which companies they consider to spinout IPO to date. be spinouts, as opposed to student IPOs are relatively rare for spinouts; startups. A spinout is defined by only 25 companies have raised money the transfer of research-derived via public markets since 2011. Instead, insight between the institution and spinouts are increasingly able to “Unsurprisingly, companies from the ‘golden triangle’ of Oxford, Cambridge and London dominate the population of UK spinouts. ” access large sums via the private equity investment received by a spinout in 2020 market. During the first 11 months of was a record £4.3m, up from a previous 2020, spinouts raised £1.11b via 269 high of £3.7m in 2018. This may be deals. DNA and RNA sequencing device indicative of a flight towards quality by maker Oxford Nanopore Technologies investors in the face of the pandemic and raised £163m via four deals during 2020, a growing appreciation of the types of bringing its total raised to £655m. medical innovations for which academic institutions are often responsible. An interesting picture is also emerging While there is no doubt via Innovate UK grant data. While Spinouts incomplete, the data shows that “ 7 that 2020 befitted the spinouts received a record 231 Innovate title annus horribilis, UK grants in 2020, beating the previous the pandemic has had high of 213 in 2017. However, the total some interesting and value of grants awarded to spinouts was £45m, down from the 2019 high of not necessarily negative £63m. The higher number of lower value impact on investment grants to spinouts is likely a result of the government’s efforts to incentivise and grants received by a large number of companies to tackle spinouts.” the pandemic by harnessing Innovate UK funding competitions. Speaking of incentives, the report Large pools of relatively patient and examines the equity stakes taken by private capital have made this trend founders and academic institutions by possible. The top investor by the total sector. This complex piece of analysis value of deals backed since 2011 is the has some important methodological now defunct Woodford Investment considerations that are laid out on page Management, which has backed deals 37. When academic institutions choose worth £824m. Woodford is followed to take an equity stake, they receive by Touchstone Innovations, which has almost exactly the same on average as backed deals worth £763m, and IP Group individual founders (22.0% and 22.2% with £720m. Although IP Group acquired respectively). Equity splits between Touchstone Innovation in 2017, we have founders and institutions are a single yet kept the funds separate to show their important factor in balancing incentives historical contributions (p. 20). and helping spinouts achieve success. While there is no doubt that 2020 We hope that the data presented here befitted the titleannus horribilis, the provides a useful basis for discussion pandemic has had some interesting about how more successful spinouts can and not necessarily negative impact be created. We welcome any suggestions on investment and grants received by for improvement ahead of next year’s spinouts. The average equity investment publication. received by a spinout in 2020 was a record £4.3m, up from a previous high of £3.7m in 2018. The average equity Top origin universities by total number of spinouts. University of Oxford 156 University of Cambridge 140 Imperial College London 92 University College London 68 Royal College of Art 57 University of Edinburgh 52 Spinouts 8 University of Bristol 51 Swansea University 48 ueen's University Belfast 43 University of Manchester 39 University of Warwick 38 University of Strathclyde 38 University of Birmingham 35 University of Southampton 32 University of Sheffield 31 University of Glasgow 29 University of Nottingham 24 University of Leeds 24 Newcastle University 24 Heriot-Watt University 23 Ulster University 20 University of Aberdeen 20 University of Exeter 18 University of Surrey 16 University of Dundee 16 * The Royal College of Art classifies companies as spinouts that other institutions would likely consider to be student startups.
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