Despite the benefits of universities having a venture fund they can draw on to invest in companies they help commercialise, they are still a rarity in places with mature venture capital sectors like Europe and the US.

We look back at some of the highlights of season 3, which featured many a discussion about university incubator and accelerator programmes, including insights from Jim Shaikh (The Greenhouse at Imperial College London), Paul Devlin (Cardiff University), Brandon Paschal (LaunchLab at Stellenbosch University), and Duncan Johnson and Miles Kirby (NG Studios powered by Deeptech Labs).

Andy Shenk, the chief executive of Auckland UniServices, the commercialisation subsidiary of the University of Auckland, knows that collaborating with the Māori people is important. He also knows that big data and AI offer great opportunities, but tells me about some of the challenges too.

Setting up a venture fund in 2020 was a “huge paradigm shift” for Stellenbosch University in South Africa, because, for the first time, the executive leadership at the institution became interested in spinouts, says Anita Nel, the chief director for innovation and business development, because they understood that academic research had commercial value and a way to build, for example, local pharmaceutical expertise (the country had to wait six months longer than the northern hemisphere for a covid-19 vaccine because there were no vaccine developers or drug discovery companies in all of Africa).

Immigrants are profoundly entrepreneurial people: they leave behind everything they know for a new country and new opportunities, often at a financial risk. This willingness to embrace change and build a new life from scratch means it should not be a surprise that in the US alone, 43% of Fortune 500 companies have been founded by immigrants.

Commercialising social sciences research is such a new area of technology transfer that when you spin out a company “you might be the first to do that type of deal,” says Paul Devlin, the head of research commercialisation and impact at Cardiff University.

Last month, EMV Capital, a fund management subsidiary of British investment firm NetScientific, took over Martlet Capital, a Cambridge, UK-focused investor that had been the corporate venture arm of aerospace and defence company Marshall Group for nine years until 2021. The decision was the natural conclusion to EMV’s earlier decision to become an investor in Martlet and allows the investor to further tap into the Cambridge cluster, NetScientific CEO Ilian Iliev says.

Universities, by their very nature, have always been strong centres of innovation. Scientific discoveries are routinely made in university research labs – but spinning those discoveries out into an operational business comes with numerous hurdles.

Duncan Johnson argues that spinout founders in the north of England need to learn to think bigger. That’s not just a question of access to capital (his investment firm Northern Gritstone has £312m at its disposal) but also of infrastructure to mentor and nurture these founders.

Some of the most innovative clean energy and climate technologies originate in the labs of the world’s research universities. At Imperial College London’s climate innovation accelerator, The Greenhouse, startups address solutions in niche areas such as bio-textiles, waste management and green hydrogen.