The research, published in the journal Industry and Innovation, calls into question increasing pressure on universities to act as drivers of economic growth, and suggests that policy-makers focus on more vocational FE colleges instead. The new study, carried out by Dr Ross Brown, found that pressure on universities to act as generators of high-tech start-ups has largely failed. Dr Brown, a lecturer in the University's School of Management, said: "While very much the received wisdom that universities are good for business and good at creating businesses, unfortunately the reality doesn't quite match these expectations.

"The strongly engrained view of universities as some kind of innovation panacea is deeply flawed. As occurred in the past when inward investment was seen as a "silver bullet" for promoting economic development, university research commercialisation has been granted an equally exaggerated role in political and policy making circles. Universities are not quasi economic development agencies."

While previously perceived as bodies which undertake teaching and 'blue-skies' research, Dr Brown says that universities are now operating in a new environment with a 'third mission' to help promote economic development. However, his study found that despite considerable expenditure committed towards research commercialisation in Scotland, the returns have been relatively minor in terms of numbers and growth of university start-ups, and levels of licensing agreements with Scottish SMEs (small and medium-sized enterprises).