Public assets that are required for ongoing service delivery can, in some cases, be used to generate additional income from non-core activities. Under this model, the assets remain firmly in public ownership, so the value derived for the public purse is sustainable and long-term in nature.
Work has already been undertaken by public bodies to pilot these ideas. The results are encouraging.
Forest Service has developed legislation and a commercialisation plan to generate additional income by partnering with leisure providers and renewable energy providers. This value will materialise through unlocking opportunities to generate additional revenue, enhance leisure provision and reduced public costs. These new opportunities will be carefully planned so that they integrate across all aspects of the Agency's business.
Similarly, the Agri-Food & Biosciences Institute (AFBI) is a public body that undertakes vital scientific work that underpins our thriving world-class agri-foods sector. AFBI is being supported in the marketing, licensing and commercial exploitation of its extensive intellectual property and this has resulted in AFBI's commercial revenues increasing significantly. This extra income can then be reinvested in developing AFBI's scientific capabilities and capacity.
We believe that more potential exists. Under this Investment Strategy all departments will be supported to assess commercialisation potential in their area and, where significant potential is found, to develop and implement appropriate commercialisation plans to help fund core service delivery.