UKRI unveils a new £9 million proof-of-concept fund to help convert world-class research into market-leading products and services.
The new initiative announced by the UK’s major public funder of research and innovation follows an independent review of university spin-outs, published in November 2023.
A key theme emerging from the review highlighted the need for more proof-of-concept funding for academic researchers to build confidence in commercial ventures before creating a spin-out company.
Critical early-stage support
Working across all disciplines, this new proof-of-concept funding from UK Research and Innovation (UKRI) will provide critical early-stage support to projects.
It will help researchers and innovators bridge the gap before attracting private investment, reducing the risks associated with premature market entry.
Designed to enhance the readiness of new products and services developed through research, the initiative will help set the stage for successful commercial launches.
It will help foster innovations that have the potential to significantly improve societal wellbeing and economic outcomes, supporting the translation of groundbreaking research into solutions that enhance lives and communities.
De-risking innovation and investments
Professor Charlotte Deane, UKRI’s Research Commercialisation Executive Champion, said:
Our new proof-of-concept funding bridges a vital gap in the commercialisation journey, enabling researchers to pursue their innovative ideas with significantly reduced risk. This approach not only fosters and accelerates the development of groundbreaking products and services, but also maximises potential returns for future investors and companies.
By supporting the development and translation of world-leading research into practical products and solutions, UKRI is helping to improve lives and livelihoods, bolstering the UK economy and wider society through enhanced health, sustainability and technological advancements.
