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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.
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.
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.
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.