£ 118 million to accelerate UK bright ideas in

The best, brightest and most disruptive ideas emerging from UK research organizations will benefit from £ 118 million funding to jumpstart knowledge exchange, translation and commercialization.

The Impact Acceleration Account (IAA) supports critical early-stage translation of UK research into real impacts, transforming public services, creating new jobs, attracting private investment and creating new partnerships with business and charities.

Funding allows UK teams to unlock the value of their work, including early-stage commercialization of new technologies and advancing changes to public policy and services such as NHS clinical practice.

UK Research and Innovation (UKRI), a government body responsible for delivering £ 8 billion research and innovation funding each year, is investing £ 118 million in the latest round of IAAs to translate research across 64 universities and research organizations.

The program, now in its 10th year, provided early-stage support to projects that are now established global businesses.

Previous IAA success stories include autonomous vehicle software leader Oxbotica that spun out of the University of Oxford research in 2014 and the leading haptics and hand-tracking firm Ultraleap.

Ultraleap founder and CEO Dr Tom Carter used IAA support to commercialize his PhD research at the University of Bristol.

The company, that pioneers touchless digital interaction, now has teams of more than 150 people across its UK, Europe and US locations and is working with major brands including PepsiCo.

Ultraleap CEO Dr Tom Carter said:

“Academic research and the priorities of start-up investors are different. To create a spin out company you need to bridge the gap between the two.

“Impact Acceleration Account funding allowed us to figure out our target market and build a business plan to complement the technology. This was key to raising funding and getting the company off the ground. ”

UKRI Director of Commercialization Tony Soteriou, said:

“The UK is home to some of the brightest, most innovative and creative research teams in the world. They have the ideas and they have the entrepreneurial energy to create businesses and services that could turn sectors on their head.

“What they need, what is the critical early stages? The Impact Acceleration Account is the catalyst that allows projects to grow to the next level, attracting investment, forging partnerships and creating jobs.

“The breadth of the UKRI allows us to work right across the UK’s world-class research and innovation system to ensure it builds a green future, secures better health, aging and wellbeing, tackles infections, and builds a secure and resilient world.”

The £ 118 million IAA investment over three years focuses on maximizing impact, knowledge exchange, translation, and commercialization potential within research organizations.

The important feature of the scheme is that it empowers research organizations to use the funding creatively and responsibly to react to emerging opportunities.

UKRI Chief Executive Professor Dame Ottoline Leyser said:

“Research and innovation have the potential to improve people’s lives and livelihoods, rejuvenating communities across the UK and tackling global challenges.

“The path between discovery and impact is not simple and it is vital that we provide flexible support that allows talented people and teams, and world-class institutions to connect to prosperity and public good.

“Our impact acceleration funding has a fantastic track record in providing support that helps make a great difference.”

The new Impact Acceleration Account (IAA) offers a UKRI-wide simplified model with a single application with centralized reporting and monitoring.

Ends

Notes to editors:

Media inquiries:

Sophie Docker, UKRI press office: [email protected]

About UK Research and Innovation

UK Research and Innovation (UKRI) is the largest public funder of research and innovation in the UK, with a budget of around £ 8bn. It is composed of seven disciplinary research councils, Innovate UK and Research England.

We operate across the whole country and work with our many partners in higher education, research organizations, businesses, government, and charities.

Our vision is for an outstanding research and innovation system in the UK that gives everyone the opportunity to contribute, enriching lives locally, internationally and internationally.

Our mission is to convene, catalyze and invest in close collaboration with others to build a sustainable, inclusive research and innovation system that connects discovery to prosperity and public good.

www.ukri.org


Disclaimer:AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.

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