Universities are being encouraged to partner with local businesses today, as ministers launch a multi-million pound fund to support their collaboration.
These new University Enterprise Zones will strengthen links between the research and expertise developed in universities, and ensure they further align with the needs of local businesses.
Minister for Universities, Science, Research and Innovation, Chris Skidmore, said “Our universities are among the best in the world, and when they join forces with our ambitious and innovative small businesses, they have the potential to meet the grand challenges of the future.”
UEZs are a form of ‘incubator’ that provide physical space and facilities for small businesses, where they access support, specialist facilities and knowledge.
The scheme is helping universities to better understand what employers are looking for from graduates will inform research specialisms while allowing businesses to benefit from a university’s expertise.
The move is part of the government’s modern Industrial Strategy to boost local economies by creating new jobs and harnessing the opportunities of the UK’s world-leading reputation in innovation.
Universities and Science Minister Chris Skidmore and Treasury Minister Robert Jenrick launched the £10 million fund during a visit to Nottingham University, which has successfully piloted a UEZ that is supporting start-ups and enterprises in the East Midlands.
University of Nottingham Vice Chancellor, Professor Shearer West said “We are immensely proud of what has been achieved so far at the University Enterprise Zone, and plan to build on its success by developing both the site and the services it offers in a way that benefits the world around us.”
The new scheme is funded through £5 million form the Research England Development (RED) Fund, with Chancellor P0hilip Hammond providing an extra £5 million at the 2018 Budget to allow up to 10 further UEZs to be established across England.
The UEZs will increase the link between jobs, growth and productivity through a focus on incubation, and will complement university-business engagement activities funded through Higher Education Innovation Funding, and encouraged by development of the Knowledge Exchange Framework.