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Vince Cable Announces Funding For Tomorrow's Scientists And Engineers

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Vince Cable has announced a £60 million investment scheme which will see money spent on more than 30 UK universities to help scientists and engineers create successful businesses from their research.

The funding from the Engineering and Physical Sciences Research Council is intended to bridge the gap between the lab and market place with each establishment receiving between £600,000 and £6m depending on the amount of research they wish to carry out.

The accounts will run over three years, providing support from the very first stages of research to commercial status.

It's hoped British businesses will also benefit from earlier in the engagement as breakthroughs and knowledge are discovered.

The money will also go towards providing secondments for scientists and engineers to spend time in a business environment, improving their knowledge and skills which they can take back to the university.

The investment is part of the government's support for Global Entrepreneurs Week.

Filed by Charlie Thomas