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Investing in excellence, delivering impact for the UK (PDF)
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Details
This evaluation conducted by EPSRC staff allows a unique insight into REF 2014 data.
Key findings include:
- 86% of the REF impact case studies in the engineering and physical sciences (EPS) units of assessment (UoA) involve EPSRC supported research or researchers
- the impact case studies cite ~£1.1 billion of investment by EPSRC combined with an additional ~£1 billion research funding from other sources including government, EU and industry
- there is evidence of at least £5 billion invested for further development and commercialisation
- the majority of the impact case studies which refer specifically to support from Innovate UK (and predecessor organisations) also cite EPSRC funded research or researchers
- in addition to a broad range of policy, environmental and societal impacts the quantified impacts cited include:
- £16.2 billion cost savings
- 394 new businesses created of which 87% are active; collectively these brought about ~47,000 jobs and a contribution of ~£4 billion to the economy
- revenue from additional sales and other economic activity worth £61.1 billion.