Bids requested to help transform British scientists' ideas and discoveries into commercial successes08 April 2001 UK's Trade and Industry Secretary Stephen Byers invites applications for bids to help transform British scientists' ideas and discoveries into commercial successes for the UK. A fund of GBP 40 million has been made available as a result of the Science and Innovation White Paper for this purpose.
Under the initiative universities and laboratories across the UK have until July
to bid for financial support to help develop new products, build up links
between universities and business, and improve the commercial exploitation of
research.
In the past scientific discoveries by UK scientists have not always commercially
benefited UK business. Fibre optics, liquid crystal displays, and even computers
were all the result of UK science but have been most effectively exploited by
other countries.
The Government has now set aside:
- GBP15 million to improve product development - paid out under the Government's
University Challenge Fund, this will provide researchers with access to 'seed'
funding for products in the early stages of development;
-GBP15 million to build up links between businesses and universities - the
Science Enterprise Challenge funding will help to establish new centres and
expand the twelve existing science enterprise centres set up at universities in
Bristol, Cambridge, Durham, Glasgow, Imperial College, London Business School,
Nottingham, Oxford, Sheffield, Ulster, UMIST and Warwick to promote a culture of
enterprise and facilitate the commercial exploitation of scientific research;
and
- GBP10m to support the commercial exploitation of research at public sector
laboratories under the Public Sector Research Exploitation Fund.
Announcing the funding boost Stephen Byers said: "This is about ensuring that
British ideas help create British jobs.
"The UK has a history of producing interesting, and often visionary ideas, but
then failing to take commercial advantage of them.
"Our universities and laboratories are overflowing with talent and this
investment will ensure that the UK's scientific discoveries are turned into new
products in this country, creating jobs and boosting our economy.
"This GBP40 million will help to ensure that our scientists' bright ideas are
turned into business successes for the UK."
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