More than 1,700 jobs could be created across the East Midlands through a \u00a320m innovation funding package aimed at accelerating business growth in advanced manufacturing and clean energy.<\/p>\n
The Local Innovation Partnerships Fund (LIPF) investment is expected to support the creation of up to 1,775 jobs and generate as much as \u00a3340m for the regional economy over five years, according to the East Midlands Combined County Authority (EMCCA).<\/p>\n
Announced on 13 October, the programme will also attract at least \u00a336.1m in private sector investment, with funding directed towards four projects designed to strengthen the region\u2019s industrial capabilities and help businesses commercialise new technologies.<\/p>\n
The partnership brings together EMCCA, industry representatives and the universities of Derby, Nottingham, Nottingham Trent and Loughborough. It is backed by East Midlands Mayor Claire Ward.<\/p>\n
The four projects will focus on helping businesses access opportunities in the nuclear supply chain, developing new aviation technologies, supporting small and medium-sized enterprises (SMEs) to enter new markets and supply chains, and accelerating the growth of clean technology companies.<\/p>\n
One strand will receive an additional \u00a33.2m through the East Midlands Investment Zone initiative to help regional SMEs take advantage of supply chain opportunities.<\/p>\n
Claire Ward, Mayor of the East Midlands said: \u201cThe East Midlands is a region of innovators and has been for hundreds of years: we are the birthplace of the modern factory, an innovation that powered the Industrial Revolution and reshaped the world.<\/p>\n
\u201cOur ambitions for the innovators of today are just as high, but with a different focus: clean energy, advanced manufacturing, and inclusive growth. This funding will ensure that ambitious businesses with the power to change the world can establish, grow, and thrive here. They will develop cutting-edge products, design new manufacturing processes, and start new companies: building an economy which is grounded in what this region needs for the future.\u201d<\/p>\n
The investment forms part of a UK-wide \u00a3500m government programme delivered through UK Research and Innovation (UKRI).<\/p>\n
The fund is intended to bring universities, businesses and regional authorities together to turn research and innovation into commercial opportunities, productivity gains and employment.<\/p>\n
Professor Sir Ian Chapman, UKRI chief executive, said: \u201cThese projects in the East Midlands are all excellent examples of what can be achieved when world-leading researchers, innovative businesses and regional partners come together around a shared ambition.<\/p>\n
\u201cBuilding on local strengths and previous UKRI investment, they will create high-quality jobs, attract investment and deliver tangible benefits for people and communities across the region.<\/p>\n
\u201cThrough the Local Innovation Partnerships Fund, UKRI is supporting partnerships across the UK to build on their distinctive strengths, translating innovation into impact that advances knowledge, improves lives and drives growth.\u201d<\/p>\n
The region\u2019s universities will play a central role in delivering the programme, drawing on existing research expertise and relationships with industry.<\/p>\n
Loughborough University will also contribute through its research in engineering, advanced manufacturing and clean energy.<\/p>\n
The partners are now working with UKRI to prepare the projects for delivery, with formal launches expected in the coming months. The programme aims to translate the region\u2019s research strengths into business expansion, new supply chain opportunities and skilled employment over the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Advanced manufacturing and clean energy businesses are set to benefit from a five-year investment programme<\/p>\n","protected":false},"author":266702,"featured_media":2115949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[127717],"class_list":["post-2115948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-derbyshire","tag-featured-story","tag-leicestershire","tag-lincolnshire","tag-northamptonshire","tag-nottinghamshire"],"yoast_head":"\n