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Home > News > News Archive > £9.5M Boost For Yorkshire`s Education Business

£9.5M Boost For Yorkshire`s Education Business

Published: 18/05/06

Innovative schemes by the Universities of Leeds and Sheffield that will give Yorkshire firms a chance to share in a £150 billion global health market, or develop new processes for manufacturers, are among projects that will share in over £52 million for higher education institutions, Trade and Industry Secretary Alistair Darling announced today.

The awards are made under the competitive part of the third round of the Higher Education Innovation Fund (HEIF) to help build closer ties between business and higher education and turn ideas into enterprise.

In Yorkshire and Humber funding of £4,731,000 has been awarded to the University of Leeds which is leading the White Rose Health Innovation Partnership, and funding of £4,792,054 has gone to the University of Sheffield and its Centre of Excellence in Customised Assembly (CECA).

Secretary of State for Trade and Industry Alistair Darling said:
"Innovation and science are the keys to UK economic growth. Figures show that university spinouts floated on the stock market over the last two years were valued at more than £1 billion. Exploiting the wealth of knowledge in higher education and translating them into real business opportunities is, therefore, vitally important for the UK economy.

"The Higher Education Innovation Fund brings together university research with private sector investment, and stimulates a culture of entrepreneurship within higher education institutions.
"Innovation is key is our future economic prosperity and it is encouraging to see so many universities such as Leeds and Sheffield working with business to translate new ideas into improved productivity and job opportunities."

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