SMALL and medium size businesses in Chester are being urged to tap into a £350,000 pot of funding to exploit cutting-edge research.
Lancaster University is urging Chester businesses to take advantage of the funding dedicated to developing cutting-edge research into marketable products and services.
The university is looking for businesses interested in innovation and developing products who would like help to bridge the gap between the lab and the marketplace.
The Impact Acceleration Account – funded with £600,000 by the Engineering and Physical Sciences Research Council (EPSRC) – is designed to help university researchers and industry exploit the commercial value of EPSRC funded research.
More than £250,000 of funding has so far been allocated, with £215,000 distributed to Lancaster researchers to support about 40 projects with external partners. They are mainly small and medium enterprises (SMEs), but also large enterprises and charities.
Dr Mark Rushforth, Head of Business Partnerships and Enterprise for Physical Sciences at Lancaster University, said: “The funding allows organisations to explore a new working relationship with our researchers, gain access to expertise and facilities, and develop new products and processes that will open up new markets for businesses and facilitate economic growth.
“I’ve been impressed with the scope of the projects we have been able to fund through the Impact Acceleration Account so far. I’m really excited to see what develops in the future.
“The fund is a great way for SMEs to be able to explore product development and I would encourage businesses to get in touch to see how the funding can benefit them.”
The Impact Acceleration Account is set to run until October 2015.
More information about the fund is available at www.lancaster.ac.uk/sci-tech/business/iaa/
Businesses interested in taking part in the Impact Acceleration Account should email firstname.lastname@example.org or call 07964921891.