University of Bath cash injection for business plan
The University of Bath is to receive a share of a £60 million investment in turning the country’s best science ideas into businesses.
The funding has been announced by business secretary Vince Cable and is designed to create successful new companies, grow industrial collaboration and build entrepreneurship.
Bath will get a total of £1.36 million from the Engineering and Physical Sciences Research Council (EPSRC) and is preparing to release details about the successfully funded projects over the coming months.
Professor Jane Millar, pro vice chancellor for research, said the money would allow the university’s best scientists and engineers to collaborate more closely with the industry, bridging the gap between the laboratory and the marketplace.
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She said: “Being awarded significant Impact Acceleration Account funding by the EPSRC is testament to the high level of cutting edge research carried out at the University of Bath.
“We have invested heavily in our research portfolio, employing outstanding research staff at the forefront of their given fields, and providing well-equipped, purpose-built facilities to enhance and support the cutting-edge work being carried out.
“The university is home to a diverse range of research that makes a real difference to society.”
Bath is one of 31 leading research universities across the UK to be allocated the funding.
Mr Cable said the money would allow universities to fund secondments for scientists and engineers to spend time in a business environment so they can improve their knowledge and understanding of the way companies operate and the challenges they face.
He said: “The UK’s scientists are some of the most innovative and creative people in the world, but they need support to take their best ideas through to market.
“This investment I’m announcing today will help our leading universities become centres of innovation and entrepreneurship, generating commercial success to fuel growth.”