New fund will back Norwich Research Park innovations
17:00 12 June 2013
Innovative ideas at Norwich Research Park (NRP) could be transformed into fully-fledged businesses with help from a new scheme.
The £1.82m Proof of Concept Fund will provide early investments into inventions and new projects to accelerate their journey to becoming commercial enterprises.
Backed by the NRP and the Biotechnology and Biological Sciences Research Council, the fund will give researchers the chance to apply for grants up to £30,000.
The funding, initiated by UEA, will establish an three-year programme and will help with prototype development, technical feasibility studies, commissioning market assessments, and strengthening the intellectual property position of their ideas.
Anthony Habgood, chair of the NRP, said: “The impact that this fund will have on the Norwich Research Park community and beyond could be substantial.
“It will enable more people with good ideas to turn their concepts into reality, deliver real benefits to wider society and help to build on the park’s growing reputation as a leading research hub.”
Prof David Richardson, pro-vice-chancellor for research and engagement at the UEA, said: “This huge financial injection will bolster Norwich’s position as an international centre of excellence for cutting edge research. It will help us address some of the grand challenges such as food security, the aging population and diminishing fuel reserves.”