The five universities in the development region of the North East of England were awarded £8.9 million by Research England. This funding will further accelerate their efforts to commercialize such impactful research. The investment will help Northumbria, Newcastle, Sunderland, Durham and Teesside universities to commercialise ideas and create new technology firms. They want to make truly valuable IP that increases the wealth of their communities and our country.
The funding forms the basis of a wider initiative of which Research England awarded a total of £21 million to 12 different universities in England. This initiative supports organizations to develop their research findings into commercially sustainable products and services. In doing so, it sets free their scientific genius.
Science Minister Lord Vallance commented on the significance of this funding, stating, “The UK is home to many of the world’s best universities. More needs to be done to unlock scientific research’s vast economic potential.” His comments serve to underscore the importance the government is placing on supporting innovation and economic development through academic research.
As Andy Long, a senior administrator from one of the winning campuses, said in support of the initiative. He continued, “It’s very important to develop intellectual property … our goal is providing that through the formation of new technology based companies. This proclamation is a sign of the universities’ commitment to the effort to connect discoveries made in research labs with the innovations they can deliver in the marketplace.
The funding awarded will help propel innovative collaborations between academia and industry. Through this effort, we’ll help develop a culture that allows bold new ideas to thrive. By harnessing their research capabilities, these universities aim to contribute significantly to regional economic development while addressing societal challenges through technology.
Northumbria University, Newcastle University, Sunderland University, Durham University and Teesside University are all poised to kick-off vibrant new initiatives. These initiatives will enhance their workforce development research capacity and help strengthen their relationships with local and regional businesses and industries.
