Cash in on knowledge, Welsh institutions told

All Welsh universities and colleges should draw up plans to commercialise knowledge, a report from the Institute of Welsh Affairs says this week.

Under the report's proposals, the Welsh Assembly would earmark £50 million a year for institutions to devote to spin-off companies. This would be part of the core grant and would replace schemes to encourage business creation. The report also calls for a single £50,000 payment to help each institution develop a strategic plan for developing new businesses.