The University of Bath has been awarded £3.4 million to help take research into business.
The University is one of just 12 in the country to be chosen to receive a Knowledge Transfer grant to help academics share their research findings with the business community.
The funding has come from the Engineering and Physical Sciences Research Council (EPSRC) as part of its Knowledge Transfer Accounts (KTA) programmes.
It will help the University to launch spin-off companies – businesses founded by university staff - as well as helping research to influence government policy.
The EPSRC established the KTA programme to ensure that knowledge generated by its support helped the wider economy. It has awarded a total of £44 million to 12 institutions.
Professor Jane Millar, Pro Vice-Chancellor for Research at the University, and providing leadership for this Award, said: "It is fantastic news to be one of only 12 universities to be receiving a Knowledge Transfer Account.
"This Award will radically enhance the University of Bath's ability to deliver on its mission to advance knowledge through high quality research and teaching in partnership with business, the professions, the public services, the voluntary sector and other research and learning providers."
Dr Jon Hunt, Head of Research Development & Collaborations at the University, and author and project manager for this award, added: "This award builds on the University's reputation of working with businesses to develop ideas into opportunities that benefit the economy and the wider society. The scheme will be used to reduce the barriers preventing greater knowledge exchange between businesses and the University."
Examples of activities will include:
- Secondments for academic staff into business or vice-versa.
- Co-designed and co-funded development projects with business, e.g. Continuous Professional Development, Knowledge Transfer Partnerships and adopting new technologies.
- Creating new spin-out companies from innovative research at the University.