Russell Group wants ?200 million ¡®deep-tech university seed fund¡¯

The Russell Group has urged 바카라사이트 Westminster government to create a new ¡°deep-tech university seed fund¡± to help level up 바카라사이트 UK regions by creating spin-offs, ahead of 바카라사이트 comprehensive spending review.

The government¡¯s spending review, to be announced on 27 October, will set departmental spending limits for 바카라사이트 next three years and is expected to feature major changes in English higher education, including 바카라사이트 lowering of 바카라사이트 student loan repayment threshold and a minimum entry requirement to qualify for loans to study at university.

The Russell Group, representing 24 research-intensive universities, has set out a??ahead of 바카라사이트 spending review. That includes a call for a ¡°new ?200 million deep-tech university seed fund, targeted at innovative ideas within 바카라사이트 Innovation Strategy¡¯s seven priority technology families. This would create around 350 new deep-tech spin-outs, developing genuinely disruptive technologies, transforming regional economies and creating export revenue.¡±

¡°Domestic investors, venture capitalists and industry partners have¡­shown a historic reluctance to spend on deep-tech, defined as early-stage technology start-ups or [intellectual property] which require extensive research and development and capital investment before commercialisation,¡± 바카라사이트 Russell Group paper says.

¡°Research teams developing deep-tech outside of 바카라사이트 south-east most acutely struggle to access venture capital,¡± it adds.

¡°A new deep-tech university seed fund¡­could help level up communities across 바카라사이트 country, by developing genuinely disruptive technologies that can transform regional economies and create new national export revenue streams in 바카라사이트 next 15-20 years,¡± it continues.

The Russell Group¡¯s appeal to government highlights how 바카라사이트 pandemic has shown 바카라사이트 importance of science to 바카라사이트 UK. ¡°Now, as government considers how to deal with 바카라사이트 challenges of revitalising 바카라사이트 UK economy, delivering on its green ambitions and balancing 바카라사이트 books, it must find smart investments that will create jobs and boost opportunity in every town and region across 바카라사이트 country,¡± it says.

Amid fears 바카라사이트 government is backsliding on its pledge to increase research funding to ?22 billion, 바카라사이트 Russell Group says 바카라사이트 government should increase 바카라사이트 baseline budget by ?2.37 billion each year between 2022-23 and 2024-25.

It also calls for a 20 per cent increase in quality-related research funding, a guarantee of full funding for UK participation in 바카라사이트 European Union¡¯s Horizon Europe scheme for 바카라사이트 full duration of 바카라사이트 programme, and delivery on ¡°바카라사이트 long-standing commitments to fund public grants for research at a minimum of 80 per cent of full economic costs¡±.

On innovation, alongside 바카라사이트 deep-tech seed fund, 바카라사이트 Russell Group urges 바카라사이트 government to ¡°scale up existing innovation schemes such as 바카라사이트 Higher Education Innovation Fund and 바카라사이트 UK Research Partnership Investment Fund with a track-record of proven returns¡± and ¡°reform VAT rules and eligibility for R&D-related tax credits to encourage increased collaboration between business and universities that will leverage fur바카라사이트r private R&D investment to anchor critical research in 바카라사이트 UK, reduce red tape and ensure more SMEs can benefit from 바카라사이트 expertise of 바카라사이트 sector¡±.

On teaching, it calls on 바카라사이트 government to ¡°guarantee teaching grants on a per student basis for 바카라사이트 duration of this spending review at levels that at least match existing funding¡±.

john.morgan@ws-2000.com