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£10 million fund for universities will launch to help
develop proposals for up to 10 new University Enterprise Zones
(UEZs) in England
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the move will strengthen ties between universities and
surrounding businesses – boosting local economies, jobs and
growth
The rollout of 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.
UEZs are a form of ‘incubator’ that provide physical space and
facilities for small businesses, where they access support,
specialist facilities and knowledge. 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.
Treasury Minister and Universities and Science
Minister 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.
The new scheme is funded through £5 million form the Research
England Development (RED) Fund, with Chancellor providing an extra £5
million at the 2018 Budget to allow up to 10 further UEZs to be
established across England.
The Exchequer Secretary to the Treasury, , said:
Our universities are recognised around the world as centres of
research and knowledge. At the same time, Britain is a country
brimming with entrepreneurs and innovators.
We want to bring these two assets together, so that businesses
and universities can benefit from what each other has to offer.
By making sure universities are equipping graduates with the
expertise that surrounding businesses are looking for, and
entrepreneurs can operate in business-friendly environments, we
can help fire up local economies, create more jobs and boost
growth.
Minister for Universities, Science, Research and Innovation,
, 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.
Today’s investment to bring business and academics together
will not only lead to the creation of new products and
services, it will boost job creation for local areas to feel
the benefits of UK innovation which demonstrates our modern
Industrial Strategy in action.
University of Nottingham Vice Chancellor, Professor Shearer,
West:
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.
As a University, we firmly believe that our research expertise
can make a valuable contribution to progress both by using
technology and ideas to solve some of the problems we’ll face
in the future, and by creating opportunities for the partners
we work with and the people of our home city.
We have been delighted to host the two government ministers and
wholeheartedly support their efforts to grow University
Enterprise Zones elsewhere. They are an important demonstration
of the wider value universities bring to their localities.
Director of Knowledge Exchange at Research England, Alice Frost,
said:
We are delighted to be able to offer further funding to drive
forward the Government’s University Enterprise Zones goals.
This will help further local university-business links to
deliver economic growth.
These are important aspects to Research England’s contributions
to the Government’s place and commercialisation agendas,
ensuring that the benefits of research and innovation are
spread around the country.
Evidence shows that universities are major contributors to the
provision of incubators and accelerators in the UK,
particularly in areas of lower productivity and technology
development. This funding will build on these strengths to
identify and spread best practices.
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.
As part of the launch, the government has published its
prospectus setting out the criteria Universities must meet to
establish a new UEZ.
Universities interested in establishing a new University
Enterprise Zone can now submit their proposals to Research
England, with £10 million of funding available to them to help
develop these plans.
