£16m scheme aims to keep university spin-outs in the region

A coalition of 15 Midlands university partners has launched a new initiative that they say will “revolutionise how research and innovation are translated into real-world impact” across the region.

Forging Ahead – led by Loughborough University and Midlands Innovation – aims to “enhance the commercialisation ecosystem, supercharging entrepreneurial activity, scaling innovation and creating dynamic new pathways for academic ideas to become high-growth ventures”.

The scheme will be delivered over five years in two phases, first focusing on launching and expanding initiatives to nurture entrepreneurial talent and grow investment readiness

In its second phase, the programme will deliver targeted interventions to accelerate innovation in ectors including advanced manufacturing, creative and digital, health and med tech, and Net Zero.

The initiative is backed by £9.9m from Research England’s Connecting Capability Fund, with an additional £6.1m in matched support from the partner universities and regional stakeholders.

Minister of State for Science, Research and Innovation, Lord Vallance, said: “The Midlands has been a bustling hub of innovation ever since the Industrial Revolution and still is now – boasting diverse strengths from the creative industries, to health, and clean energy. The support and guidance we are announcing today will help draw out the game-changing ideas of this thriving region’s many researchers and scientists and transform them into the next generation of businesses that will draw in investment, create jobs and deliver growth, all supporting our Plan for Change.”

Professor Dan Parsons, pro vice-chancellor for research and innovation at Loughborough University and project lead, said: “We are thrilled to receive this major investment in Forging Ahead, which will supercharge innovation-led growth across the Midlands. This funding empowers us to accelerate the development of high-potential spin-out businesses, support the commercialisation of cutting-edge research, and foster a dynamic ecosystem where innovation thrives, and where talent is drawn to and stays rooted in the region.”