Any assumption that there are straightforward correlations between funding and discovery and between discovery, application and the generation of wealth worries scientists. “History provides ample evidence to the contrary,” says Dr Peter Williams, the executive chairman of Oxford Instruments and chairman of the Particle Physics and Astronomy Research Council. “There is an equation involving cash and discovery but it is a non-linear one.”Nevertheless, companies whose prospects rest on the quality of their scientific research have reason to investigate benchmarking. “It’s important to learn how to evaluate R&D but there is no commonly agreed way to do it,” according to Dr Robin Fears, director of science policy at SmithKline Beecham pharmaceuticals, who organised a conference on the subject last November. Royal Society initiatives, such as the City Science and Technology Dialogue and the Science Project, aim to promote understanding between the science and business communities and to increase funding of the former by the latter.
The transfer of the Office of Science and Technology from the Cabinet Office to the Department of Trade and Industry implies greater emphasis on “relevant” scientific research. Its Technology Foresight programme aims to prioritise areas for funding. The research councils are beginning to appraise proposals for their potential for wealth creation as well as scientific merit.
The issue of the commercial accountability of scientific research even lies at the heart of Blinded by the Sun, a play by Stephen Poliakoff that opened at the National Theatre last week. That may just point the way to a wholesale exit from building Either way, shareholders can only benefit Stick with the shares.. Suddenly, science means business.
In part, this is down to some significant bolt-on acquisitions. Building, however, has not seen a substantial deal since the Solvay purchase two years ago. Could it be, even, that building is out of fashion with the Williams management?The company has already said it is looking to sell its seven home improvements companies. Sell.Williams Holdings (363.5p) has been tarred with the same brush as Hanson and BTR. And since early last year, its performance has been uninspiring Yet in the last few weeks it has begun to outperform. What is up?For one, the market is probably catching on to the fact that as a conglomerate, Williams is hardly in the same category as Hanson and BTR.
