Mayor Richard Parker recently announced the West Midlands’ largest-ever innovation deal from the Government — with £50 million to back a new generation of pioneers to develop and scale-up new technologies to improve people’s lives, create jobs and grow the economy.
The Local Innovation Partnerships Fund is a ‘triple-helix’ model which encourages academic, business and civic leaders to work together to deliver projects and accelerate regional economic growth, scale up high-potential innovation clusters, and bridge the gap between research and commercialisation. In the West Midlands, three projects are expected to benefit from the initial £50 million of Government funding in line with the region’s Growth Plan.
The new funding initiative will invest in the West Midlands’ world-class engineering capabilities to support the growing cohort of innovative businesses in advanced manufacturing, health and life sciences, and creative immersive technologies. Trailblazing businesses, researchers and entrepreneurs in these clusters will get the support they need to turn big ideas into new cutting-edge products and processes.
Stuart Croft, vice-chancellor of the
University of Warwick, said: “At Warwick, we are proud to be playing a leading role in delivering this major new £50 million regional programme. Guided by our ambition to make a better world together, we take a curiosity-driven approach to collaboration to deliver real-world impact.
“We will harness our world-leading expertise, facilities and partnerships to support clusters of advanced manufacturing, health and life sciences, and creative technologies across the West Midlands, helping businesses to grow and create high-quality jobs across the region.”
Strengthening the region’s positionHe continued: “By connecting Warwick’s research excellence with industry need, we are accelerating the journey from discovery to application, ensuring tangible benefits for our economy and society, and strengthening the region’s position as a globally competitive place for investment and opportunity.”
Mr Parker said: “This record amount of funding shows that the Government recognises what we have always known — that this is the home of innovation. You can see it everywhere. Two centuries on from Watt and Boulton’s steam engine, a new generation of trailblazers here is at the forefront of a tech revolution that is 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’s lives across the West Midlands and beyond. That is exactly what my Growth Plan is about and with Government backing we are making it happen.”
The Local Innovation Partnerships Fund is funded by the Department for Science, Innovation and Technology through UK Research and Innovation (UKRI), and brings together academic, business and public sector leaders to deliver projects to accelerate regional economic growth, scale-up high-potential innovation clusters, and bridge the gap between research and commercialisation.
This record amount of investment in innovation in the region will support the West Midlands Growth Plan and the Government’s Industrial Strategy by unlocking another £190 million of private investment, creating or safeguarding 2,000 jobs, and growing the regional economy by £700 million. It comes on top of a £282 million investment in the economy approved last week by the Mayor and the West Midlands Combined Authority Board.
We can move fasterScience Minister Lord Vallance said: “This £50 million investment is backing the West Midlands to take its proud history of innovation to the next level and improve lives, from unlocking new medicines to helping businesses cut their energy bills — all while creating new jobs for local communities. By bringing together UK Research and Innovation’s R&D investments and local expertise that knows where best to invest, we can move faster from great ideas to products, jobs and growth.”
Mike Wright, independent chair of the West Midlands Innovation Board, said: “The West Midlands has been building a reputation for innovation, including as a finalist in the
European Capital of Innovation competition. As one of three regions to pilot the Innovation Accelerator model, we used £43 million to support over 1,500 businesses and attracted £78 million in private investment.
“UKRI has been bold in doubling-down on that approach, and I am delighted we are in the first wave of places in the Local Innovation Partnerships Fund. Since October, academia, business and civic institutions have worked collaboratively and at pace to target funding to our most exciting cluster R&D opportunities.”
Greg Clark, executive chair of Warwick Innovation District and member of the UK Industrial Strategy Council, said: “The 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.”