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.
– Professor Nick Wright, Pro-Vice Chancellor for Research and Innovation at Newcastle University
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 Dave Delpy, Chief Executive of ESPRC
“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.”