£60 million boost for science innovation

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Business Secretary, Vince Cable announces a £60m investment in 31 UK universities to help pioneering scientists and engineers create successful businesses from research, improve industrial collaboration, and foster greater entrepreneurship.

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Vince Cable MP - Secretary of State for Business [VC]

What we're launching is a £60 million programme whereby the government, through Research Councils UK, will be putting money into high growth businesses linked to universities. Thirty one universities are involved. We are taking some of the ideas that come out of universities, and we have world class universities in this country, and applying them in business so that jobs are being created and wealth is being created.

Professor Peter McOwan - Vice Principal for Public Engagement, Queen Mary, University of London [PM]

This money will give people the opportunity to actually find the time and resources to be able to work with industry and academia, to make ideas work.

Professor Stephen Caddick - Vice-Provost (Enterprise), UCL [SC]

It's a really exciting initiative, it provides a unique opportunity for us to get ourselves back up in the economic power houses of the world and to make a difference, which is what we in universities want, to do for people, for our economy and for academics.

Professor Tim Stoner - Managing Director, Space Syntax [TS]

Any funding that helps make connections from one direction to the other, both from universities into practice and vice versa, is going to facilitate a greater amount of really good research and science applications.

[VC]

What we are increasingly realising is that wealth creation and business, depends on new ideas. Many of these news ideas come out of universities but the jump between doing academic research and running a successful business is difficult and so we call this the valley of death. It is difficult to get money out of banks and other investors and so the government needs to help with that process otherwise businesses find it difficult to get running.

Timothy Barnes - Director, Enterprise Operations & UCL Advances [TB]

Once you've completed a piece of academic research you often know something, you know how to do it, and you might have been able to test it in a lab or show that it works. But there is a really big gap between doing that in a lab environment and getting it out there into a form that can be used, scaled and available to people and this sort of funding allows us to bridge that gap.

[VC]

The hope is that Britain's world class universities will provide a source of growth and stimulus to the British economy, because we have some very brainy people doing very clever things and what we want to do is to turn that into jobs in the real economy.