HISTORIC PRESS RELEASE : Unlock the Potential of Science and Make Better Use of Science and Make Better Use of Public Assets, says Barbara Roche [April 1999]

The press release issued by HM Treasury on 14 April 1999.

New guidance on Trading Funds’ participation in Joint Ventures was launched today by Financial Secretary Barbara Roche to make it easier for some public research establishments and institutes to unlock the potential of science and to commercialise their research through equity joint ventures.

Speaking at a joint Treasury and Arthur Andersen conference at Islington’s Design Centre to promote the commercialisation of public sector intellectual property, Barbara Roche called for better use of public assets and for groups of public sector
research establishments to enter into partnerships through selling their services into the wider market place.

“Science is one area that offers huge potential for the development of new partnerships between public and private sectors. We need to develop ways in which they can work closer together to exploit our many under-used public sector resources.

“Links between university research and business are well advanced. But there are many research institutes and agencies run by departments and Research Councils. These institutes and the role they play is less widely understood than that of the universities but potentially very important for the economy.

“By making better use of publicly-funded research and development we can stimulate the development of leading edge British companies and high quality employment. Today’s conference marks another important step in the development of our science base.”

The purpose of the guidance note is to provide a source of reference on whether and how the operations of Government Departments financed through trading funds can be discharged through joint ventures under the terms of the Government Trading Funds Act 1973. It considers:

• the legal status of trading funds;
• the implications for joint ventures;
• some potential risks and difficulties associated with joint ventures;
• some pointers for minimising difficulties.