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Spotlight on Spinouts2026 1.1VC-backed spinouts in the UK since 2010091.2Spinout value ranking methodology091.3Top UK universities101.4Comparison with the rest of Europe111.5European country comparison121.6European university comparison141.7Top European exits15 2.1The value of the UK spinout ecosystem162.2Funding overview182.3Top investors202.4Grants232.5Exits242.6Conversion rates26 3.Sectors27 3.1Top sectors for UK spinouts as a percentage of UK VC-backeddeep tech273.2Spinouts as part of the UK deep tech ecosystem283.3Main sectors for UK university spinouts293.4Overview of UK university spinouts in IS-8 sectors303.5Main sectors for UK university spinouts by IP-intensiveness inspinout guidelines31 4.1Gender diversity among founders324.2Nationalities of directors33 5.1Equity stakes methodology345.2University non-cash equity stakes355.3University equity stakes39 PART 3UK spinouts – a status update52 Foreword Dr Manjari Chandran-RameshCommittee Member, Royal Academy ofEngineering Enterprise Committee was published and we continue to track theimplementation of its recommendations. However,implementation alone is not enough to address the fullrange of challenges facing UK spinouts. So, part threealso flags where progress may fall short, and wherefurther action is needed to deliver sustained, system-level impact. Past editions of Spotlight on Spinouts have establisheda robust evidence base on the UK spinout economy,bringing much-needed transparency to an area thatlacked it when this initiative began in 2021. With thatfoundation now in place, the focus can shift beyondtracking trends and towards to a clearer examinationof the value spinouts create, how they are structuredand what support helps them scale. performance across the Industrial Strategy’s eightgrowth driving sectors (IS-8) and a comparisonbetween UK and European spinout value creation. informed decision-making across the sector whichare principles that have underpinned Spotlight onSpinouts since its inception. The quantitative analysis also reveals an importantnuance in how equity stakes have been understood.The report unpicks outcomes for cases where spinoutssecured external investment before equity allocationswere made public. Previously assumed to apply inonly a minority of cases, we found that this appliedto around 30% of companies, meaning that averagestakes historically taken by universities had beenunder-reported due to earlier dilution. The University Spinout Investment Terms (USIT)guides2, published in 2023, have also driven tangiblechange. The average university equity stake hasfallen to historic low of 16%, alongside a decrease invariation. Fewer spinouts are subject to high levelsof equity taken by universities, indicating greaterconsistency in practice. This focus reflects the mission of the Academy’sEnterprise Hub to identify and support talentedentrepreneurs to drive meaningful innovation in theUK. Since its launch in 2013, the Hub has awarded £16million in grant funding, with Hub members goingonto raise £3.8 billion in additional funding and createover 6,000 jobs. UK spinouts are central to translating frontierresearch into commercial impact, with a directrole in addressing some of society’s most pressingchallenges. Over the past six years, the innovationlandscape has evolved and spinouts have remained ona clear trajectory of growth. They are now more visibleas a distinct and essential component of the UK’sinnovation economy, warranting sustained attentionfrom across the ecosystem. At the same time, attention remains on how to helpthese companies succeed with continued investmentto support research commercialisation and ongoingreforms to UK scaleup capital. The report addresses another important step inspinout company formation – the division of equitybetween founders. This is crucial in shaping roles,incentives and team dynamics, yet it is an area whereevidence is limited and practice varies widely. Parttwo is an exploratory look at how founder equity isdivided and whether greater clarity or best practiceguidance is needed to help founders establish fairequity structures. Crucially, the Academy takes no stake in thecompanies it supports. That independence,combined with robust data and direct experienceof how spinouts are formed, underpins Spotlight onSpinouts. Strengthening this evidence base enablespolicymakers, founders, universities and investorsacross the ecosystem to pinpoint where frictionpersists and to address it through an evidence-ledapproach. Our aim is to help facilitate a smootherprocess to ensure that spinouts are set up for successfrom day one. This year’s report, produced by the Royal Academy ofEngineering and powered by data from Dealroom,brings together three complimentary pieces of analysis. A major step forward has been the publication of theHigher Education Statistical Agency’s (HESA) SpinoutRegister1. This represents a significant advancein data availability and strengthens the basis for Part