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The value of knowledge-exchange activity - which includes commercialisation of research, training, consultancy and sales of intellectual property - rose by 4 per cent year on year.

The figures, published on 23 May, show that activity benefiting small and medium-sized enterprises increased by 11 per cent to ?193 million.

Meanwhile, engagement with big business and with public and third-sector organisations rose by 5 per cent to ?663 million and ?1.29 billion, respectively.

Accounting for inflation, the value of knowledge-exchange activity grew by just 2 per cent on 2010-11 figures, slower growth than in previous years.

However, it comes on the back of a real-terms increase of almost a third since 2005-06.

Notes: Graph shows real-term figures in 2011-12 values
Source: ³ÉÈËVRÊÓƵ Funding Council for England

elizabeth.gibney@tsleducation.com