UK enterprise initiative a win-win for universities and business

04 Mar 2019

The UK government has announced the launch a £10 million (US$13 million) fund to help universities develop proposals for up to 10 new Enterprise Zones across England. Ministers hope the initiative will strengthen ties between higher education and industry, generating new jobs and boosting local economies.

The scheme aims to align the expertise and research of universities with the needs of local businesses, essentially getting the relevant research into the hands of the people who need it.

The University Enterprise Zones (UEZ), as they are called, act as a form of “incubator” for local SMEs and startups. They provide support as well as state-of-the-art facilities and access to specialist expertise.

By gaining a better understanding of the needs of business, the UK hopes to direct research specialisms and produce graduates who possess the skills needed for the modern workforce.

The @UniofNottingham with its UEZ (University Enterprise Zone) has transformed a former industrial site into a centre for World-leading research & innovation, making a difference to Nottingham’s economy. Universities across England can apply for funding: https://t.co/iJenJrybgR pic.twitter.com/RwTHhpLAWV

— HM Government Midlands (@HMGMidlands) February 28, 2019

“Our universities are recognised around the world as centres of research and knowledge. At the same time, Britain is a country brimming with entrepreneurs and innovators,” Exchequer Secretary to the Treasury, Robert Jenrick, said in a statement.

“We want to bring these two assets together, so that businesses and universities can benefit from what each other has to offer.

“By making sure universities are equipping graduates with the expertise that surrounding businesses are looking for, and entrepreneurs can operate in business-friendly environments, we can help fire up local economies, create more jobs and boost growth.”

Incubators have gone from strength to strength in the UK, injecting commercial business growth and dynamism into the British economy. The UEZ scheme hopes to expand on this by giving students and fresh graduates the resources to branch out and work for themselves.

The initiative is part of the government’s wider Industrial Strategy, launched in April 2018, to boost local economies by harnessing the opportunities of the UK’s world-leading reputation in innovation.

At the end of February, they also announced a nationwide programme of industry-funded artificial intelligence (AI) master’s degrees – all including work placement training – as well as the building of 16 dedicated centres across UK universities to train the next generation of AI specialists.

Thank you @UniofNottingham fantastic to see how your world class talent in a hugely successful University Enterprise Zone is transforming blue sky research to drive future UK economy #ForNottingham #Midlandsengine pic.twitter.com/TkS0xKLu4C

— HM Government Midlands (@HMGMidlands) February 28, 2019

The government intends to invest up to £110 million (US$143 million) in the AI-programme, with additional funding coming from industry.

One university already reaping the rewards of their own enterprise zone is the University of Nottingham, who plan to build on that success in the future.

“We are immensely proud of what has been achieved so far at the University Enterprise Zone, and plan to build on its success by developing both the site and the services it offers in a way that benefits the world around us,” said University of Nottingham Vice Chancellor, Professor Shearer.

“As a University, we firmly believe that our research expertise can make a valuable contribution to progress both by using technology and ideas to solve some of the problems we’ll face in the future, and by creating opportunities for the partners we work with and the people of our home city.”