15 May 2013 
Matt Sisson, Projects and Membership Manager
David Willetts announced the beneficiaries of the government’s £50m ‘catalyst fund’ for investment in growth-driving research and innovation projects at a HEPI conference today. The money has been allocated to 16 different schemes, for projects supporting the sectors of industry prioritised by the government including life sciences, advanced manufacturing, energy, and the creative industries. It is hoped that the funding will be matched by a similar amount from the private sector, and create over 500 new companies, over 3,000 jobs, and provide more than £3billion in Gross Value Added to the UK economy.
Speaking at the conference, Mr Willetts said that “‘Universities and colleges are vital to the UK’s economy. This extra £50 million will harness the potential for growth across the regions, focus on our world-class industrial sectors, and create a skilled workforce for the future. It will support cutting-edge innovation and research projects and keep us ahead in the global race.” HEFCE Chief Executive Sir Alan Langlands added that “This portfolio of projects shows the ingenuity, determination and diversity of the higher education sector’s response to supporting economic growth” and provides …”a foundation for the long-term competitiveness of the UK economy.”
Today also marks the launch of a report by the N8 Research Partnership for BIS that identifies and evidences how universities are saving billions by making use of asset-sharing arrangements for high-value resources, and the innovative use of technology. On the launch of the report, David Willetts said “by working together with other institutions and businesses, universities not only benefit from cost efficiencies, but greatly improve student experiences, from offering lectures as podcasts, to giving them the chance to work with high-performance equipment”.
Sarah Jackson, Director of the N8 and author of the report said: "UK universities are tremendous drivers of the economy and our success is crucial to the nation as a whole – the sector is spending £8bn capital on research and teaching facilities over the next 3 years, and helping to get the economy moving".
