£68m fund for commercial research
£68m fund for commercial research
2008-06-25Newsfeed
The Government has announced a £68 million boost for public sector research into drought resistant crops, the use of insects in crime scene investigations and new treatments for Alzheimer's disease.
The Government has announced a £68 million boost for public sector research into drought resistant crops, the use of insects in crime scene investigations and new treatments for Alzheimer's disease.
The purpose of the Public Sector Research Exploitation (PSRE) funding is to support the initial stages of commercialisation before third party investment can be secured.
Some 33 successful bidders from across the UK are to benefit from the cash injection, including London's Natural History Museum, the Roslin Foundation in Scotland and the NHS Innovation Hub in the East of England.
The Department for Innovation, Universities and Skills has contributed £30 million in funding for the project, while an additional £38 million has come from more than a dozen organisations including government departments, research councils and charities.
The successful bids were announced by Science and Innovation Minister Ian Pearson, who said: "Top quality research is carried out within the public sector to meet the needs of Government departments in areas such as health, defence, environment, agriculture and food.
"The fund supports the exploitation of research from every corner of the public sector," he continued. "It allows laboratories to develop professional expertise in everything from managing intellectual property to setting up new businesses."
Copyright © The Press Association 2008
