19 November 2012
Vince Cable, Secretary of State for Business, Innovation and Skills announced the launch of Impact Acceleration Accounts (IAAs), of which UCL is the second largest recipient, at a value of nearly £4.5 million.
Visiting Space Syntax, the architectural and town planning company which grew from the UCL Space Group in The Bartlett School of Graduate Studies and helped to redesign Trafalgar Square, Dr Cable said, “We need to build up Britain’s capacity to turn brilliant ideas which are generated in our world-class universities into businesses and jobs and this is what this programme’s designed to do.”
The Accounts have been established make it easier for university research to be applied in the real world, benefiting society at large and helping to also boost the economy. The funding will be used to enable businesses and other research users engage with research projects at an earlier stage than currently, to support partnerships with small and medium-sized enterprises (SMEs) and larger companies, and also enable more research staff to be seconded to businesses.
The grant, part of a total of £60m being announced by the Business Secretary will be shared amongst 31 universities across the UK, is being distributed through the Engineering and Physical Sciences Research Council (EPSRC). “The research we support is recognised as outstanding on the international stage,” said the Chief Executive of the EPSRC Dave Delpy. “These Accounts aim to make a step change in the impact that has on society.”
Professor Stephen Caddick, Vice-Provost for Enterprise at UCL said, “Enabling closer working with business in general, and specifically enabling the commercialisation of research emanating from our staff, is a key priority for UCL,”
“We have a long standing commitment to ensuring that UCL's research is used to shape policy, and the IAA fund we’ve received will further strengthen that aspect of our enterprise activities,” he added.
An ITV interview with Dr Cable at Space Syntax can be viewed on the ITV YouTube channel.