||<p><strong> </strong></p><p>The Research Councils’ collective ambition is to ensure
the UK remains the best place in the world to do research, innovate and grow businesses
for the benefit of society and the economy. Each Research Council publishes an annual
impact report. The Research Excellence Framework is a periodic, selective assessment
of the quality and impact of research produced by UK universities derived from a range
of funding sources including Research Councils, Government bodies, industry and charities.
It assesses both the excellence of the research and of the impact that excellent research
has had on the economy and society. In 2014, 44% of submitted impacts were judged
outstanding (4*) and a further 40% judged very considerable (3*).</p><p> </p><p>Innovate
UK has evaluated the impact of its interventions showing that on average, for every
£1 it has invested, there is a return of between £6.40 and £7.30 in GVA to the economy.
It has supported innovation in 7,600 organisations, creating around 55,000 new jobs.
Innovate UK grant support is shown to substantially increase UK firms’ innovation
performance, with significant impacts noted for SMEs (with 10 to 250 employees) and
large firms (with more than 250 employees).</p><p> </p><p>As many Catapults are still
in the earlier stages of implementation, it is too early to fully assess the performance
of the Catapult network. Key performance indicators are in place to help assess Catapult
performance. Innovate UK will publish evaluation frameworks for Catapult centres this
financial year.</p><p><strong> </strong></p>