The Watt Review takes a first‐principles approach to how the research and engagement inventive system should be designed for universities in a contemporary setting. Despite raising many important policy issues, the Review misses an opportunity to engage in a discussion about: changing the anachronistic teaching base‐funding formula that also funds research; introducing research brokerage and triage services; and changing the engagement culture among academics. Opportunities, currently unquantifiable, are currently being lost through a mechanistic application of intellectual property policies to translation.