'Assessing the economic impacts of the Higher Education Innovation Fund: A mixed-method quantitative assessment' was commissioned from Tomas Coates Ulrichsen of the Centre for Science, Technology and Innovation Policy at the University of Cambridge, to evaluate the economic impacts arising from HEFCE’s funding for knowledge exchange (KE) through the Higher Education Innovation Fund (HEIF). It presents new estimates of the return on investment of HEIF using income as a proxy for impact on the economy and society (£7.30 per £1 of HEIF), and a novel calculation of some additional non-monetised benefits (£2.40). It sets out the evidence that the benefits delivered by HEIF are additional, non-substitutable and likely to be significantly higher than the economic impacts identified so far.
'Evaluating the non-monetised achievements of the Higher Education Innovation Fund' was commissioned from Public and Corporate Economic Consultants and uses a qualitative approach to examine the nature and degree of non-monetised achievements and benefits from HEIF. It describes positive feedback from businesses and social and community groups on the benefits they have received from working with universities. Businesses feel that universities have become much more willing to engage, and that higher education KE delivers value for money. Benefits for business include developing and spotting student enterprise and talent. There are also wider benefits from HEIF for local economic development and from technology spillovers.