Leicestershire’s three universities have joined a coalition to help supercharge entrepreneurial activity in the Midlands.
Loughborough University and Midlands Innovation are leading ‘Forging Ahead’, a partnership of 15 universities including De Montfort University and University of Leicester.
The aim is to “nurture entrepreneurial talent, grow investment readiness, and embed a culture of innovation within and beyond universities”.
The programme is backed by £9.9 million from Research England and an additional £6.1 million in matched support from the partner universities and regional stakeholders.
Midlands Innovation, a pre-existing research and innovation university partnership established in 2015, suggested that despite the Midlands being home to 11% of the UK’s high-growth companies the region receives very little investment (5% in 2020) and “talent and expertise remain fragmented.”
Forging Ahead aims to tackle these challenges through by establishing a regional talent pool, scaling successful accelerators, promoting inward investment, and supporting innovation networks and priority sectors.
Annoucning the award UK Science Minister, Lord Vallance said:
“The Midlands has been a bustling hub of innovation ever since the Industrial Revolution, and still is now – boasting diverse strengths from the creative industries, to health, and clean energy.
“The support and guidance we are announcing today will help draw out the game-changing ideas of this thriving region’s many researchers and scientists and transform them into the next generation of businesses that will draw in investment, create jobs and deliver growth, all supporting our Plan for Change.”
Professor Dan Parsons, Pro Vice-Chancellor for Research and Innovation at Loughborough University and Project Lead, said:
“We are thrilled to receive this major investment in Forging Ahead, which will supercharge innovation-led growth across the Midlands. This funding empowers us to accelerate the development of high-potential spin-out businesses, support the commercialisation of cutting-edge research, and foster a dynamic ecosystem where innovation thrives, and where talent is drawn to and stays rooted in the region.
“Forging Ahead exemplifies how collaborative leadership across Midlands universities can turn research excellence into real-world impact, boosting regional economic growth and national prosperity through innovation.”
Forging Ahead will be delivered over five years and in two phases, the first of which will focus on initiatives to nurture entrepreneurial talent, grow investment readiness, and embed a culture of innovation within and beyond universities.
The second will deliver targeted interventions in sectors including Advanced Manufacturing, Creative and Digital, Health and Med Tech, and Net Zero.