Navigation Links
£60 million boost for science innovation
Date:11/15/2012

Business Secretary Vince Cable today announced a 60m investment in UK universities to help our most pioneering scientists and engineers create successful businesses from their research, improve industrial collaboration, and foster greater entrepreneurship.

The announcement was made, during Global Entrepreneurship Week, at a visit to the London studios of university spin-out company Space Syntax, an SME which uses advanced urban modelling techniques to design better cities and public spaces such as the redevelopment of Trafalgar Square in London and the replanning of Jeddah in Saudi Arabia.

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 600,000 to 6m to 31 universities across the UK.

It will help support universities' best scientists and engineers to deliver greater collaboration with industry, bridge the gap between the lab and the marketplace, and help them become better entrepreneurs.

The Business Secretary said: "The UK's scientists are some of the most innovative and creative people in the world, but they need support to take their best ideas through to market. This could be by establishing a successful, technology-driven SME like Space Syntax which I visited today.

"This investment I'm announcing today will help our leading universities become centres of innovation and entrepreneurship, generating commercial success to fuel growth."

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 will also allow universities to fund secondments for scientists and engineers to spend time in a business environment: improving their knowledge and skills and returning to the lab with a better understanding of the way companies operate and the challenges they face.

EPSRC chief executive Professor 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 has on society: generating new business opportunities which drive economic growth, creating better, more informed, public policy."

They will 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.

Some of the university impact acceleration projects will include:

Entrepreneurs in Residence

Queen's University Belfast: Visiting entrepreneurs can come from diverse fields and will have already successfully delivered societal or economic impact from a research-related knowledge/skills base. Teaming up experienced entrepreneurs with research teams early, will allow researchers to accelerate the time between the discovery of knowledge and identifying a market opportunity.

Supporting London's Tech City

Tech City is the growing technology hub based around Shoreditch in East London, consisting of over 3,200 firms and its on-going development is a national public policy objective. UCL will use its Account to develop a unique service helping innovative digital London SMEs to test their new products and services, gain customer feedback and ensure its technical feasibility, by offering access to UCL as the world's largest "living-lab" for digital and media content.

Public Policy Hub

Engagement between university research and public policy remains a significant challenge for both academics and policymakers, despite the importance of ensuring that the development of public policy is informed by robust evidence. UCL are creating a public policy hub to enhance the impact of research on public policy. It will include a Centre for Engineering Policy, Transport Policy and Practice Initiative, and a Green Economy Policy Commission.

Impact Secondments

Through its Impact Secondments, the University of Southampton will directly support SMEs like Covesion, an innovative photonics manufacturing company, based in Hampshire, which successfully spun out of research from the University's Optoelectronics Research Centre. The Southampton Impact Secondment will provide Covesion with access to facilities and intellectual expertise brought directly into the company to quickly bring their ground-breaking laser crystal technology to new global markets


'/>"/>

Contact: EPSRC Press Office
pressoffice@epsrc.ac.uk
01-793-444-404
Engineering and Physical Sciences Research Council
Source:Eurekalert

Related biology news :

1. NIH awards Penn scientists $10 million over 5 years for innovative research on single cells
2. £39 million for UK energy efficiency research to cut carbon use
3. Tom Bowman seeks to engage 30 million small businesses in climate response
4. Smithsonian launches global marine biodiversity project with $10 million donation
5. Feinstein Institute receives $1 million grant to study impact of World Trade Center attacks on responders
6. Emory receives $20 million NSF grant for chemistry center
7. Pitt biologist receives $2 million to study genetic diversity of plants worldwide
8. The George Washington University Researcher received $1.7 million to study solar cement
9. Wayne State receives $2.8 million grant from US Administration for Children and Families
10. Rice to take part in $10.8 million study of hemoglobin toxicity
11. Einstein researcher receives $10.8 million grant to study toxic blood reactions caused by hemoglobin
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/21/2016)... 21, 2016 NuData Security announced today that ... of principal product architect and that Jon ... customer development. Both will report directly to ... moves reflect NuData,s strategic growth in its product ... customer demand and customer focus values. ...
(Date:6/9/2016)... June 9, 2016 Paris ... Teleste,s video security solution to ensure the safety of people ... during the major tournament Teleste, an international ... and services, announced today that its video security solution will ... to back up public safety across the country. The system ...
(Date:6/2/2016)... Perimeter Surveillance & Detection Systems, ... Infrastructure, Support & Other Service  The latest ... comprehensive analysis of the global Border Security market ... of $17.98 billion in 2016. Now: In ... in software and hardware technologies for advanced video surveillance. ...
Breaking Biology News(10 mins):
(Date:6/23/2016)... , ... June 23, 2016 , ... ... release of its second eBook, “Clinical Trials Patient Recruitment and Retention Tips.” Partnering ... retention in this eBook by providing practical tips, tools, and strategies for clinical ...
(Date:6/23/2016)... , June 23, 2016 A person commits ... the crime scene to track the criminal down. ... U.S. Food and Drug Administration (FDA) uses DNA evidence to ... Sound far-fetched? It,s not. The FDA has ... to support investigations of foodborne illnesses. Put as simply as ...
(Date:6/23/2016)... , June, 23, 2016  The Biodesign Challenge ... envision new ways to harness living systems and biotechnology, ... Art (MoMA) in New York City ... 130 participating students, showcased projects at MoMA,s Celeste Bartos ... Paola Antonelli , MoMA,s senior curator of architecture and ...
(Date:6/23/2016)... Durham, NC (PRWEB) , ... June 23, 2016 , ... ... Odense University Hospital in Denmark detail how a patient who developed lymphedema after being ... (fat) tissue. The results could change the paradigm for dealing with this debilitating, frequent ...
Breaking Biology Technology: