Abstract
This paper examines the interplay between industrial and academic research and explores how innovation stimulated by the Royal Society has influenced technological development in business and industry over the past 50 years. The trend for universities to foster the creation of spin-out companies has grown significantly over the past 20 years, while universities and government simultaneously appreciated the potential value of intellectual property and increasingly formalized interaction between industry and academia. Before this the flow of ideas, discoveries and technology from universities to industry relied largely on individuals. Examples of how academics, industrialists and Fellows of the Royal Society have influenced and contributed to industrial research and the world's technology base are explored. The paper examines the supportive role played by the Royal Society through research grants, innovation awards and distinguished Research Fellowships such as the Industry Fellowships Scheme. The most recent initiative to support scientific and technological ventures shows a new direction for the Royal Society in contributing to innovation through its Enterprise Fund.
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