Professor Stephen Holloway: “This will help our researchers engage with industry at an earlier stage so research breakthroughs can be capitalized on by both small and large businesses”
The University of Liverpool has been awarded funding to accelerate science and engineering research into industry and facilitate better collaborations.
The `Impact Accelerator Accounts’ (IAA) funded by the Engineering and Physical Sciences Research Council (EPSRC) will address the gap that exists between the generation of fundamental knowledge and its successful exploitation by industry. The IAA will take forward early stage research outputs into viable commercially-ready propositions which industry can evaluate and can take forward.
Step change in research exploitation
Professor Stephen Holloway, Executive Pro-Vice Chancellor for Science and Engineering, said: “This is great news for the University’s scientists and engineers which will bring about a step change in our exploitation of EPSRC-funded research. It will help our researchers engage with industry at an earlier stage so that research breakthroughs can be capitalized on by both small and large businesses. The funding will give researchers a better understanding of what the end-users in industry are looking for in terms of new applications and products.”
The IAA funding will support both short and long-term secondments from the University to industry and from industry into academia. Spending time in a business environment will give science and engineering researchers a better understanding of the way companies operate and the challenges they face.
A follow-on fund will also be available to support the work needed to ensure research is at a stage where it is ready for industry to evaluate and exploit. This is particularly significant when potential commercial solutions bring together technologies from a number of disciplines. The IAA fund will support the development of prototypes which can be developed with industrial collaborators.
Business Secretary, Vince Cable MP visited the University’s School of Engineering in October, and took a turn on the flight simulator
Business Secretary, Vince Cable MP, who announced the funds, 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
Outstanding on the international stage
The University already benefits from £40m research funding from the EPSRC in the areas of molecular engineering, advanced manufacturing and sensors and monitoring which are multi-disciplinary and highly complementary areas. They have a tangible route to market and a broad range of application areas.
EPSRC Chief Executive, Professor Dave Delpy, said: “The research we support is recognised as outstanding on the international stage. These Accounts aim to make a step change in the impact that has on society: generating new business opportunities which drive economic growth, creating better, more informed, public policy.”