Development opportunity
A new UK £2 million Collaboration Fund is calling for applications from university projects that aim to transform scientific discoveries into industrial products. Grants of up to £100,000 are available to university-based projects that will generate revenue within two years.
The fund, being managed by regional funding organisation Finance South East, is financed by the Engineering and Physical Science Research Council (EPSRC). It is open to universities that have previously received EPSRC funding and intend to work with a commercial partner to create an industry application.
As the main UK government agency for engineering and the physical sciences, the EPSRC invests around £740 million a year in research and training. The Collaborative Fund’s commercial focus reflects a commitment to use science to boost industry and create jobs.
The EPSRC is working with Finance South East because of the regional funding organisation’s previous successes in identifying and funding businesses, having helped companies in the South East of England raise over £20 million. Early stage proof of concept funding is one of its specialist areas. This new fund will be the first time Finance South East’s expertise is available outside the South East.
The head of knowledge transfer at EPSRC, John Baird, said UK research in engineering and physical sciences is of a high quality. “Yet there’s room for improvement in how well we translate these discoveries into sustainable businesses. The Collaboration Fund is the first UK initiative to combine the expertise of a regional funding organisation with a specialist research council.”
The CEO of Finance South East, Sally Goodsell said, “Our experience of this type of proof of concept funding in the South East of England has resulted in significant growth and job creation since 2002. EPSRC’s position in the science research institutions puts them in a brilliant position to locate the most innovative discoveries, while our job is to ensure these are used to deliver visible economic value and jobs.”
For more information, and details of how to apply, visit the fund's website: http://www.financesoutheast.com/ourfunds/index.aspx?id=1312
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