University offers small and medium-sized businesses support

The Northern Echo: Small and medium-sized businesses can take advantage of a £350,000 cash pot Small and medium-sized businesses can take advantage of a £350,000 cash pot

NORTH-EAST small and medium-sized businesses are being urged to take advantage of a £350,000 funding pot.

Lancaster University is looking for innovative businesses to develop products and services.

The Impact Acceleration Account, funded with £600,000 by the Engineering and Physical Sciences Research Council (EPSRC), is designed to stimulate work between universities and industry.

The scheme can be used pay for commercial exploitation of any previous EPSRC research, including advanced manufacturing, energy, chemistry, security, environment and communication technologies.

More than £250,000 of funding has already been allocated, with £215,000 distributed to Lancaster researchers to support around 40 projects.

Dr Mark Rushforth, the university's head of business partnerships and enterprise for physical science, encouraged companies to use the cash boost.

He said: “The funding allows organisations to explore a new working relationship with our researchers, gain access to expertise and facilities, and develop new products and processes that will open up new markets for businesses and bring economic growth.

“The fund is a great way for small and medium-sized businesses to be able to explore product development.”

The Impact Acceleration Account will run until October 2015.

Visit lancaster.ac.uk

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