Researchers are being encouraged to turn their innovative ideas into commercially marketable products by £25m in Government funding launched today through the Public Sector Research Exploitation Fund (PSRE).
Aimed at bringing blue-skies research and the latest developments in technology and innovation to commercial success, the third round of funding opens today and applicants have until the 4 November 2005 to apply.
PSRE has previously supported a number of significant projects including the development of new medical equipment, 3D laser conservation of historical artefacts and faster DNA profiling, and the last round funded initiatives in all nine of the English regions.
The Government has increased its investment in this priority area from £15m in the second round and £10m in the first round. This latest round will bring a total of £50m of grants made available under this initiative.
Lord Sainsbury, Minister for Science and Innovation said:
"There are many public sector research institutes and organisations that are developing cutting edge ideas but which until now have had little chance of gaining venture capital funding to take their idea to market. This new round of funding is designed to provide the necessary bridge to develop these ideas to the point where they become commercially viable and attractive to industry.
"It is vital for the success of the UK economy that we stay at the cutting edge of science and innovation. In a world in which we have to compete with industries in countries that have a fraction of the operating costs that we have here in the UK, the public sector has a valuable part to play in maximising the economic opportunities available. The PSRE funds are one of many initiatives that the Government is employing to make the UK a nation of commercially successful innovators".
The PSRE initiative was set up to help public sector organisations other than universities make the most of their research. Universities receive similar Government funding through the Higher Education Innovation Fund
Previous rounds of funding have seen grants being given to a whole range of organisations including museums, the Forensic Science Services, NHS Innovation Hubs and other research institutes.
The competition for funding will run from 3 August 2005 until 4 November 2005 and is open to all public sector organisations that carry out research including Research Council Institutes, NHS Trusts, research institutions owned by Government Departments and major museums.
Notes to Editors
- Public Sector Research Exploitation Fund (PSRE) The PSRE imitative was set up four years ago and the first round of funding was allocated in October 2001. Bids for the second round were invited from July to October 2003.
- Applications for the third round can be found at http://www.ost.gov.uk/enterprise/knowledge/index.htm
- Successful bidders from the last round of PSRE funding include:
- NHS Innovation Hubs covering 7 of the English regions
- National Museums Liverpool
- The Forensic Science Service
- Defence Science and Technology Laboratory
- 3 of the Research Councils
