Universities in England are to receive a £50m cash boost intended to drive economic growth through “cutting-edge innovation and research projects”.
The funding, shared between 16 projects, aims to create 500 new businesses and 3,000 jobs, says Universities Minister David Willetts.
Research projects include energy, digital media, satellite technology and healthcare.
Mr Willetts said the money would “harness the potential for growth”.
This extra funding, provided through the Catalyst Fund of the Higher Education Funding Council for England, is part of a scheme that sees universities and their hi-tech research as important drivers for economic recovery.
Groups of universities and research centres, along with industries and investors, have been seen as an international model of innovation growth – such as in Silicon Valley in the United States.
Mr Willetts said the £50m investment was part of the aim to “keep us ahead in the global race”.
The groups, as well as helping ambitions for national growth, are also seen as important to local economies.
The investment also demonstrates the need to create highly skilled, graduate jobs which will be more likely to continue in a globalised economy.
A recent study into the labour market revealed that for the first time there were more jobs in the UK that call for a degree than were available to those without any qualifications.
Unskilled jobs have been declining in recent years.
Among the projects being supported is the University of Nottingham’s research into new applications for satellite technology, such as improving rail signalling and driverless cars.
Lancaster University will be funded for work in growing export markets in China in areas such as low-carbon technology and digital technology.
Improving food manufacturing skills is to be funded at Sheffield Hallam University and there is funding to support the University of Surrey’s study into the next generation “5G” mobile communication.
Sir Alan Langlands, chief executive of the funding council added: “As well as immediate growth opportunities, the projects also help to lay a trail for the long-term competitiveness of the UK economy.”
“Projects address key issues, such as encouraging more young engineers who are highly technologically literate and fascinated by the challenges of high-value and advanced manufacturing in a wide range of forms.
“They address how to make all parts of this country more economically resilient, through greater attention to innovation and high-growth potential in business.”
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