To what extent do universities' formal and informal knowledge exchange activities interact: evidence from UK HE-BCI survey

Third Mission engagement has become a necessary vehicle to transfer science and knowledge from higher education institutions (HEIs) to society. An extensive body of research has mainly focused on the determinants of research commercialization, and the consequence of knowledge exchange activities largely carried out on an individual academic level. There is a lack of theoretical and empirical evidence on the link and interaction between formal (traditionally referred to as commercialization of university research, such as patent, licensing and spin-off) and informal knowledge exchange activities (usually denoted as university community engagement activities, such as collaborative research, consultancy, facilities and equipment, continuing professional development etc.). In this article we seek to fill this gap by viewing knowledge exchange activities as an enabler and supporter of commercial activities. Against this background, we intend to provide an analysis into the relationship between informal activities and formal activities using an unbalanced panel of UK universities for the period 2005-2020. Our results reveal that while provision of continuing professional development courses, facilities and equipment, and consultancy significantly impact commercial activities such as patenting and licensing, collaborative research appears to be a strong predictor for spin-offs generation. This study offers some general implications for HEIs' policy and Technology Transfer Offices.