The University of Leeds is to receive more than £2 million in government funding to help its cutting-edge research deliver benefits to business.
The money comes from the Engineering and Physical Science Research Council (EPSRC), a leading public funding agency for scientific research. They are awarding Impact Acceleration Accounts ranging from £600,000 to £6 million to 31 UK universities.
Leeds £2.3 million award will help support innovation in some of the Universitys most active research areas, including energy, medical technology, and the digital economy.
It will fund market research to establish the commercial potential of academic ideas and the vital early work needed to make technology attractive to business.
The award, which runs for three years from October 2012, will also allow the University to fund secondments for researchers to work in industry, University placements for industry staff, and fellowships to allow academics to take time out to develop innovations.
Andy Duley, Director of Commercialisation at the University of Leeds, said: The University has a proud record in delivering jobs and innovation from its research. More than 100 spin-out companies have been created since 1995. This award will help us ensure we continue to generate new business opportunities.
Business Secretary Vince Cable said the Government wanted to help the country's top scientists and engineers work with industry.
He said: This investment will help our leading universities become centres of innovation and entrepreneurship, generating commercial success to fuel growth.
Chris Bunting, Press Officer, University of Leeds; phone 0113 343 2049 or email firstname.lastname@example.org