Today, Michelle Donelan, Secretary of State for Science Innovation and Technology, announced a new pilot Regional Innovation Fund.
This represents a £60m commitment which will enable university initiatives, staff and facilities that support local innovation, commercialisation and economic growth.
This is new funding and to be directed at areas where they may be best served by it, with insights gained from the use of these funds over the coming year helping shape future policy and funding.
As there is an urgency to deploy these funds in support of innovation ecosystems we will publish further details of method and key terms shortly. In England £48.8m is available and universities will receive an additional allocation calculated as a percentage of their already published main Higher Education Innovation Funding (HEIF) 2023-24 allocation (available at Research England grant allocation data (Table 3)).
