The impact agenda

With a backdrop of funding cuts and the need for universities to increase revenue streams from elsewhere, achieving research impact is increasingly important. The Research Excellence Framework (REF) is designed to financially reward academic research which has achieved “demonstrable benefits to the wider economy and society”.
www.hefce.ac.uk/research/ref/pubs/2011/01_11

Consequently, the impact of a piece of research is a key determinant of its value to a university department given the difference between a 3* impact rating and a 4* impact rating can mean as much as an £80K difference in its annual income. In addition, the impact element has also been fully recognised by each member of the Research Councils UK (RCUK) so the potential impact of research is now a significant factor in assessing whether a funding bid will be successful.
http://www.rcuk.ac.uk/Pages/Home.aspx

However, the benefits of impact are not just to be rewarded by the REF. The advantages from raising profiles and developing relationships with industry, policymakers and stakeholders are manifold, many of which can lead to new revenue streams which will be crucial to each institution’s survival in the changing face of higher education.