- Funding boost will help University of Warwick researchers to create societal and economic impact from their findings
- Part of £118 million national funding from UK Research and Innovation for critical early-stage translation of UK research to transform public services and create new businesses and jobs
- The programme is in its 10th year and previous beneficiaries are now established global businesses.
Two new grant awards totalling over £2.2 million will support University of Warwick researchers in creating real-world impact from their work, as part of new national funding announced today.
The best, brightest and most disruptive ideas emerging from UK research organisations will benefit from £118 million funding from UK Research and Innovation (UKRI) to jumpstart knowledge exchange, translation and commercialisation.
The Impact Acceleration Account (IAA) supports critical early-stage translation of UK research to real impacts, transforming public services, creating new jobs, attracting private investment and forging new partnerships with business and charities.
Funding allows UK teams to unlock the value of their work, including early-stage commercialisation of new technologies and advancing changes to public policy and services such as NHS clinical practice.
The two new awards to the University of Warwick announced by UKRI today comprise a £1.8 million EPSRC Impact Acceleration Account and a £414K MRC IAA Confidence in Concept Award, both of which will drive the development of Warwick’s research impact over the next three years.
Researchers at Warwick will be able to apply for grants of up to £50,000 for projects which create societal and economic impact from their findings. The awards are part of a suite of impact funds available to researchers at the University, working in the areas of Engineering and Physical Sciences, Medical Sciences, Space Science, Biosciences, Arts and Humanities and Social Sciences.
Professor Caroline Meyer, Pro-Vice-Chancellor for Research at the University of Warwick, said: ““Our research strategy commits us to Excellence with Impact and we are passionate about applying the very best research to make real-world differences. These prestigious awards are a critical accelerator of the translation of our research from development and discovery to impact – enabling us to change the world, making lives healthier, safer, more resilient, more just and more fulfilled.”
UK Research and Innovation (UKRI), a government body responsible for delivering £8 billion research and innovation funding each year, is investing £118 million in the latest round of IAAs to translate research across 64 universities and research organisations.
The programme, now in its 10th year, provided early-stage support to projects that are now established global businesses.
UKRI Director of Commercialisation Tony Soteriou, said: “The UK is home to some of the brightest, most innovative and creative research teams in the world. They have the ideas and they have the entrepreneurial energy to create businesses and services that could turn sectors on their head.
“What they need, what every great commercial idea needs, is support in the critical early stages. The Impact Acceleration Account is the catalyst that allows projects to grow to the next level, attracting investment, forging partnerships and creating jobs.
“The breadth of UKRI allows us to work right across the UK’s world-class research and innovation system to ensure it builds a green future, secures better health, ageing and wellbeing, tackles infections, and builds a secure and resilient world."
The £118 million IAA investment over three years focuses on maximising impact, knowledge exchange, translation, and commercialisation potential within research organisations.
An important feature of the scheme is that it empowers research organisations themselves to use the funding creatively and responsively to react to emerging opportunities.
UKRI Chief Executive Professor Dame Ottoline Leyser said: "Research and innovation has the potential to improve people’s lives and livelihoods, rejuvenating communities across the UK and tackling global challenges. It is imperative that we harness that potential.
“The path between discovery and impact is not simple and so it is vital that we provide flexible support that allows talented people and teams, and world-class institutions to connect discovery to prosperity and public good.
“Our impact acceleration funding has a fantastic track-record in providing support that helps brilliant ideas become realities that make a real difference.”
The new Impact Acceleration Account (IAA) offers a UKRI-wide simplified model with a single application with centralised reporting and monitoring that aims to improve strategic planning.
Notes to editors:
About UK Research and Innovation
UK Research and Innovation (UKRI) is the largest public funder of research and innovation in the UK, with a budget of around £8bn. It is composed of seven disciplinary research councils, Innovate UK and Research England.
We operate across the whole country and work with our many partners in higher education, research organisations businesses, government, and charities.
Our vision is for an outstanding research and innovation system in the UK that gives everyone the opportunity to contribute and to benefit, enriching lives locally, nationally and internationally.
Our mission is to convene, catalyse and invest in close collaboration with others to build a thriving, inclusive research and innovation system that connects discovery to prosperity and public good.
15 June 2022