Four innovative UK hubs across Merseyside, East Anglia, the Midlands and North East England are set to get fresh backing to grow more spinouts.
A fresh £30m in funding will support a taskforce of world-leading universities and industry experts across the locations to take advantage of the opportunity.
This has been announced in an attempt to create new jobs, develop the industries of tomorrow and drive economic growth through the UK Government’s Plan for Change.
The investment is set to support efforts to incubate and spin out new companies to create a more attractive environment to investors and entrepreneurs.
Universities including Newcastle University and the Universities of Liverpool, Cambridge and Birmingham are all poised to benefit from the backing.
The government is also priming the public sector with first ever guidance to put fresh groundbreaking ideas on the path to investment.
With step-by-step advice, a new generation of British R&D entrepreneurs in the public sector will be equipped with the tools necessary to turn ambitious research into marketable products.
Announcing the news on a visit to Aston University, Science Minister, Lord Vallance said: “The UK is home to some of the world’s best universities, and we have deep strengths from life sciences to cutting-edge fields like quantum and engineering biology.
“But we can and must do more to unlock scientific research’s vast economic potential, and to help our innovators’ world-leading public sector labs turn brilliant ideas into businesses that attract investment and sustain jobs.
“The funding and guidance we are announcing today will reinforce those efforts – supporting our mission to grow the economy as part of the Plan for Change.”