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www.universitybusiness.co.uk | T: @UB_UK 48 | NEWS | FINANCE AND MARKETS FINANCE AND MARKETS The latest news, views and reports on finance and legal issues in the higher education sector
Scotish Universities £7 million investment innovation
SMEs in key priority sectors have injected over £7m in innovation and RTD (Research, Technology & Development) as a result of an academic industry engagement project involving three Scotish universities. The Business Innovation
Exchange project has also supported the development of over 50 brand new products and services and the significant improvement of over 150. Business Innovation Exchange
is a partnership between the University of St Andrews, Edinburgh Napier University
and Queen Margaret University, funded by the European Regional Development Fund (ERDF) and the Scotish Funding Council, that blends the expertise of modern and ancient institutions to provide SMEs with easier access to academic know how, facilities and intellectual property. Prof Malcolm MacLeod
vice principal, enterprise and engagement, at the University of St Andrews said: “The Business Innovation Exchange
"THIS WILL ALLOW SUCCESSFUL COLLABORATIONS WITH SCOTTISH SMALL BUSINESSES IN A RANGE OF SECTORS"
Durham centre wins £10m funding
Durham University has been awarded a £10m investment from the North East Local Enterprise Partnership to help fund the first phase of a multi- million pound innovation centre. The Centre for Innovation and Growth is a research
hub which will house data handling facilities and lab space where the University and industry partners can jointly develop solutions and identify new technologies. The early phases of this project will support research
arising from the long-standing relationship between the University and the consumer goods giant Procter and Gamble (P&G). The company is growing its UK academic programme around Durham and a few other select UK universities. The investment will support the creation of 28 jobs
within the University in the short term, with further job opportunities by the time it is complete. Dr Tim Hammond, director of Durham Business and
Innovation Services at the University, said: “The centre will foster an environment of strong innovation and growth which builds on Durham’s multi-
BELOW: Prof Malcolm MacLeod
has allowed us to extend and enhance our outreach to and successful collaborations with Scotish SMEs in a range of business sectors. In the renewable and alternative energy sector we continue to work with new company Town Rock, supporting its strategic business plan through our department of Geography and Sustainable Development advising on the company’s
survey of geothermal hotspots in Scotland.”
This phase of the Business Innovation Exchange project is due to conclude in July 2014.
CAMPUS SERVICES | NEWS ON CAMPUS | 23
L-R: Tim Hammond, Director of Durham Business and Innovation Services at Durham University; Paul Woolston, Chair of the LEP; Prof Chris Higgins, Vice-Chancellor and Warden at Durham University; and Paul Varley of the North East LEP Investment
disciplinarity, its ability to build teams that deliver business partners’ needs, and its proven track-record of innovation.”
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