last updated 17th August 05
by 4ecotips.com

Major opportunity for British inventors

Researchers are being encouraged to turn their innovative ideas into commercially marketable products by £25m in Government funding through the Public Sector Research Exploitation Fund (PSRE).

Aimed at bringing blue-skies research and the latest developments in technology and innovation to commercial success, the third round of funding has opened and applicants have until 4 November 2005 to apply.

PSRE has previously supported a number of significant projects including the development of new medical equipment, 3D laser conservation of historical artefacts and faster DNA profiling, and the last round funded initiatives in all nine of the English regions.

The Government has increased its investment in this priority area from £15m in the second round and £10m in the first round. This latest round will bring a total of £50m of grants made available under this initiative.

Lord Sainsbury, Minister for Science and Innovation says: “There are many public sector research institutes and organisations that are developing cutting edge ideas but which until now have had little chance of gaining venture capital funding to take their idea to market. This new round of funding is designed to provide the necessary bridge to develop these ideas to the point where they become commercially viable and attractive to industry.” 19163P