A multi-million pound fund designed to help commercialise the fruits of UK research has been announced.
Innovate UK, previously the Technology Strategy Board, will provide a £50m pot to help bring research into the marketplace, while a separate £17m pot will fund 210 industrial PhD placements.
The £50m Innovate UK tranche is designed to fund work in 3D printing of human organs, drugs and ‘free power’ for electronic devices.
The funding announcement was timed to coincide with the publication of a government report into the state of innovation in the UK.
Speaking at this week’s Innovate UK 2014 conference in London, Business Secretary Vince Cable said: “Ideas are the currency of innovation and we must ensure we are doing all in our power to help our scientists transform great ideas into world-beating products.
“Science and innovation feed into almost every industry you can think of, from car production to computing. That is why we are committed to supporting it, and will be outlining our strategy in December.”
The funding for up to 210 industrial PhD placements is the result of a partnership between the Engineering and Physical Sciences Research Council and industry.
These announcements come ahead of the UK Investment Summit Wales 2014 taking place on November 21, and the Government’s widely anticipated Science and Innovation Strategy which will be published in December.
Universities, Science and Cities Minister Greg Clark said: “Our universities are renowned for producing world-beating research and fostering world-leading scientists. The announcements made today are further strides in bringing businesses and academia closer.
“This is crucial to ensure our scientists and engineers have the support and opportunities they need to unlock their research’s potential.”