16.11.2012 - The British government plans to invest up to £60m in British universities. The ESRC will award up to £6m to chosen institutions.
"This investment I’m announcing today will help our leading universities become centres of innovation and entrepreneurship, generating commercial success to fuel growth“, stated Business Secretary Vince Cable. He hopes that the £60m investment in UK universities will help to create successful business from their research, improve industrial collaboration and foster greater entrepreneurship.
The announcement was made during Global Entrepreneurship Week. The funding comes from the Engineering and Physical Sciences Research Council (EPSRC), the UK’s main funding agency for scientific research. They will award Impact Acceleration Accounts ranging from £600k to £6m to 31 universities across the country.
The funding will support the very early stage of turning research outputs into a commercial proposition – the valley of death between a research idea and developing it to a stage where a company or venture capitalist might be interested. It should help companies to engage with research projects at an earlier stage and benefit from research breakthroughs and the fundamental knowledge they generate. The funding will be used to support partnerships with SMEs and larger companies and take some of the risk out of their investment.
EPSRC chief executive Dave Delpy said: "The research we support is recognised as outstanding on the international stage. These awards aim to make a step change in the impact that it has on society: generating new business opportunities which drive economic growth, creating better, more informed public policy."
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