New £50m innovation fund backs growth in the West Midlands

The Local Innovation Partnerships Fund is a ‘triple-helix’ model where academic, business and civic leaders work together to deliver projects to accelerate regional economic growth, scale up high-potential innovation clusters, and bridge the gap between research and commercialisation. In the West Midlands, three projects are expected to benefit from the initial £50m of government funding in line with the region’s Growth Plan.

Mayor Richard Parker has announced the region’s biggest ever innovation deal from government – with £50m to back a new generation of pioneers to develop and scale up new technologies to improve people’s lives, create jobs and grow the economy.

The Local Innovation Partnerships Fund will invest in the West Midlands’ world-class engineering capabilities to support the growing cohort of innovative businesses in advanced manufacturing, health and life sciences, and creative immersive technologies.

Trailblazing businesses, researchers and entrepreneurs in these clusters will get the support they need to turn big ideas into new cutting-edge products and processes.

Stuart Croft, Vice-Chancellor of the University of Warwick said: “At Warwick, we are proud to be playing a leading role in delivering this major new £50 million regional programme. Guided by our ambition to make a better world together, we take a curiosity-driven approach to collaboration to deliver real-world impact.

“We will harness our world-leading expertise, facilities and partnerships to support clusters of advanced manufacturing, health and life sciences, and creative technologies across the West Midlands, helping businesses to grow and create high-quality jobs across the region.

“By connecting Warwick’s research excellence with industry need, we are accelerating the journey from discovery to application, ensuring tangible benefits for our economy and society, and strengthening the region’s position as a globally competitive place for investment and opportunity.”

Richard Parker, Mayor of the West Midlands, said: “This record amount of funding shows government recognises what we’ve always known – that this is the home of innovation.

“You can see it everywhere. Two centuries on from Watt and Boulton’s steam engine, a new generation of trailblazers here is at the forefront of a tech revolution that’s unlocking smarter healthcare, better diagnostics and the transition to cleaner energy.

“My job is to keep that spirit alive by backing their talent and investing in cutting-edge research to turn bold ideas into real-world solutions. All while creating the jobs, opportunities and growth that will improve people’s lives across the West Midlands and beyond. That’s exactly what my Growth Plan is about and with government backing we’re making it happen.”

The Local Innovation Partnerships Fund is funded by the Department for Science, Innovation and Technology through UK Research and Innovation (UKRI), and brings together academic, business and public sector leaders to deliver projects to accelerate regional economic growth, scale up high-potential innovation clusters, and bridge the gap between research and commercialisation.

This record amount of investment in innovation in the region will support the West Midlands Growth Plan and the government’s Industrial Strategy by unlocking another £190m of private investment, creating or safeguarding 2,000 jobs, and growing the regional economy by £700m.

It comes on top of a £282m investment in the economy approved last week by the Mayor and the West Midlands Combined Authority Board.

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The Local Innovation Partnerships Fund is a ‘triple-helix’ model where academic, business and civic leaders work together to deliver projects to accelerate regional economic growth, scale up high-potential innovation clusters, and bridge the gap between research and commercialisation. In the West Midlands, three projects are expected to benefit from the initial £50m of government funding in line with the region’s Growth Plan.