Durham University has received over £800,000 as part of a scheme by the Engineering and Physical Sciences Research Council aimed at turning UK universities’ best science ideas into profitable business projects.
The scheme hopes to bridge the gap between a scientific idea being developed, and the point where a company might become involved.
“We are delighted with this ESPRC award which will help to further expand Durham University and its commercial partners’ activities, creating new avenues for knowledge exchange already recognised nationally and internationally."
– Professor Tom McLeish, Pro-Vice Chancellor (Research) at Durham
It will also allow universities to help fund the opportunity for scientists and engineers to spend time in a business environment to improve their knowledge and skills, and to gain a better understanding about how the market place works.
“This IAA grant will help us establish additional partnerships with local, national and international businesses, social enterprises and the public sector to use Durham’s knowledge and expertise for the wider benefit.”
– Professor Richard Davies, Durham University’s Dean of Knowledge Exchange and Impact
Business Secretary Vince Cable has announced that an investment of £1.4 million will be given to Newcastle University to help turn the university's best scientific ideas into successful business projects.
The funding is designed to help bridge the gap between research ideas and commercial success, and will be used to create new companies, grow industrial collaboration and cultivate more entrepreneurship at the university.
The grant is part of the Impact Acceleration Accounts (IAA) - a new £60million investment project funded by the Engineering and Physical Sciences Research Council.
It enables us to turn our world-leading research into products and solutions that improve lives and help businesses grow.
This award builds on the work of the last three years and the successful Knowledge Transfer Account which was held jointly with our colleagues at Durham University.”
– Professor Nick Wright, Pro-Vice Chancellor for Research and Innovation at Newcastle University
“The research we support is recognised as outstanding on the international stage.
These Accounts 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.”
Two universities in the region have today been awarded more money to go towards their scientific funding by the Engineering and Physical Sciences Research Council.
The UK's largest funding agency for scientific research is awarding grants to Durham University and Newcastle University as two of the thirty one universities receiving funding as part of the grant system.
It is hoped that the funding will go towards bridging the gap between the scientific lab and an increasingly competitive market place.
Newcastle University is set to receive over £1.4 million in funding, with Durham University also being given over £850,000.