OUI, the research commercialisation office of the University of Oxford, envisages this report as a touchstone for harmonising impact measurement and reporting amidst university innovation hubs and technology transfer offices (TTOs) across the UK.

“There are well-established standards for reporting financial and ESG performance in the corporate world, but there is no equivalent framework when it comes to the commercialisation of university Intellectual Property,” said Baroness Nicola Blackwood, Chair of Oxford University Innovation.

“Greater transparency and data on OUI’s research commercialisation efforts will help unlock a more diverse range of investors and attract crucial seed funding and later stage scaleup funding for university spinouts, startups and social ventures.”

Companies created by Oxford University Innovation amassed an impressive £730.8 million in venture investment during the past year (August 2022 – July 2023). This included £71 million for Osler Diagnostics, a revolutionary biotech company delivering the Holy Grail of diagnostics by identifying a range of diseases from a single prick of blood, and £40 million for Quantum Motion, spearheading silicon-based quantum computers.

The thriving innovation culture at the University of Oxford saw the genesis of twenty new companies within the same timeframe, escalating the total count to a UK record-breaking 300 in April of this year.

Together with partners across the Oxford ecosystem, University-led innovation activity and OUI-backed companies are helping to support the creation of over 28,000 jobs and £3.4 billion of economic impact in the UK per annum.

Fifty-eight companies spun out of Oxford University Innovation provided preliminary metrics on their social and economic impact for the inaugural report, with 90% addressing an unmet need highlighted by the UN Sustainable Development Goals.

Highlights include:

• Brainomix’s AI-guided stroke diagnostics have processed over 1 million stroke scans to guide treatment decisions in over 350 hospitals, providing swift support to stroke victims in need.
• Ultromics, a company harnessing AI to transform heart failure detection, has been used with over 100,000 patients.
• OxEd is bridging the language skill gap in England by screening half a million children, thereby amplifying the learning trajectory of 100,000 identified.
• OxCarbon is restoring faith in carbon credit projects, helping to obliterate 207,424 metric tonnes of CO2.
• OrganOx is revolutionising liver transplantation technology, facilitating 2,000+ transplants globally with a 50% reduction in organ discard rate.

OUI has used the UN Sustainable Development Goals (SDGs) as a framework to measure their impact. In the report, OUI maps Oxford companies’ commitment to delivering on the SDGs and how OUI’s work with university partners, investors and industry will support delivery.

Of 58 survey responses, 52 Oxford companies address the UN SDGs. 32 are working on good health and wellbeing; 11 are working in the area of climate action and 17 in industry, innovation and infrastructure.

The collaborative odyssey of Oxford-AstraZeneca in crafting the COVID-19 vaccine epitomises the monumental health innovation fostered at Oxford, with three billion doses administered across 180 countries by the close of 2022, averting an estimated 122.4 million hospitalisations and saving over six million lives. The vaccine was developed jointly by the University of Oxford spinout Vaccitech and the University’s Jenner Institute.

OUI has also included some preliminary impact metrics from their clinical outcomes portfolio, identifying 7.5 million patients who have been given a voice through Clinical Outcome Assessments. An analysis of OUI’s 652 consulting service agreements, building partnerships between academics, industry and government, shows Oxford academics have worked with 383 companies spanning 29 countries and 5 continents over the past year (August 2022 - July 2023).

“Our inaugural impact report provides a snapshot of the transformative social and economic impact of Oxford University-inspired innovation; there is more we can analyse and report to strengthen the opportunities we develop with our academics, investors, government partners and industry,” said Baroness Nicola Blackwood.

“The report should be considered the first step on a journey towards a more comprehensive impact reporting framework for university innovation. We look forward to building on what we’ve developed in the coming months with input from our TTO partners in the UK, US and beyond,” said Baroness Nicola Blackwood.

“The long-term aim is a transparent and measurable impact reporting framework that can inspire investment and opportunity for the UK’s world class technology transfer sector.” said Dr Mairi Gibbs, Chief Operating Officer at OUI.