The West Midlands has secured a \u00a350m government-backed fund aimed at supporting innovative businesses and accelerating regional economic growth.<\/p>\n
The Local Innovation Partnerships Fund will target advanced manufacturing, health and life sciences, and creative immersive technology clusters, helping entrepreneurs, researchers, and companies scale up cutting-edge products and processes.<\/p>\n
The investment is expected to unlock an additional \u00a3190m of private sector funding, create or safeguard 2,000 jobs, and contribute \u00a3700m to the regional economy.<\/p>\n
Richard Parker, mayor of the West Midlands said: \u201cThis record amount of funding shows government recognises what we\u2019ve always known \u2013 that this is the home of innovation. You can see it everywhere. Two centuries on from Watt and Boulton\u2019s steam engine, a new generation of trailblazers here is at the forefront of a tech revolution that\u2019s unlocking smarter healthcare, better diagnostics and the transition to cleaner energy. My job is to keep that spirit alive by backing their talent and investing in cutting-edge research to turn bold ideas into real-world solutions. All while creating the jobs, opportunities and growth that will improve people\u2019s lives across the West Midlands and beyond. That\u2019s exactly what my Growth Plan is about and with government backing, we\u2019re making it happen.\u201d<\/p>\n
The fund, provided through UK Research and Innovation (UKRI) and the Department for Science, Innovation and Technology, brings together business, academic, and public sector leaders to accelerate commercialisation and scale up high-potential innovation clusters.<\/p>\n
Rt Hon Greg Clark, executive chair of Warwick Innovation District and member of the UK Industrial Strategy Council said: \u201cThe West Midlands has come together to mass its unique strengths – exceptional industrial engineering capability, advanced R&D knowledge and real commercial scale – into a truly strategic programme for innovation and growth. The technologies which underpin the clusters of advanced manufacturing, health and life sciences and creative immersive technologies are deeply connected and reinforce the power of the West Midlands programme. These resonate with the priority sectors that the Industrial Strategy Advisory Council has championed. Realising their full potential means using all of our tools, like training the workforce, deploying planning powers to speed growth and actively pursuing inward investment and export opportunities. As a champion of devolution and place, I was delighted to join the recent West Midlands trade mission to India led by the Mayor, making the case for these world-class clusters, investment and trade.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The fund will target advanced manufacturing, health and life sciences, and creative immersive technology clusters<\/p>\n","protected":false},"author":266702,"featured_media":2109744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[127717],"class_list":["post-2109743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-featured-story","tag-greater-birmingham"],"yoast_head":"\n