29.11.07
The research councils have been looking at ways they can measure the impact of research on the wider economy. They get £2.8 billion, but what does the public get for the money?
In conjunction with PA Consulting they have put together a report detailing eighteen case studies, each of which attempts to measure the impact of a single piece of funded research.
Although these case studies don’t on their own constitute a baseline that would allow the research councils to find a mechanism to properly measure the impact of investment, there are some interesting figures.
Engineering
The Engineering Doctorate Programme for instance costs the ESPRC £12 million. Research Engineers themselves benefit in that they can earn up to £300,000 more during their careers as a result of participation on the programme, but the major benefit is in new products and processes. One Research Engineer for example co-founded a major enterprise that is now alone worth £100 million.
The Surrealism Centre
The arts case study is on the Surrealism Centre, which is run in collaboration by the University of Manchester, the University of Essex and the Tate. The AHRC puts in £866,530 while a single spin-off event such as the “Undercover Surrealism” exhibition at the Hayward Gallery produces benefits that have been conservatively valued at £1 million.
Further information
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