UK finds funds for innovation in science and technology
The UK government's department of trade and industry has announced a £4 million (around 6 million euro) award to help stimulate the entrepreneurial exploitation of innovative science and research in the country. The Rainbow seed fund aims to help produce high quality business opportunities from a partnership of UK scientific and research institutes. These are the central laboratory of the research councils (CLRC), the natural environment research council (NERC) and the defence science and technology laboratory (Dstl), along with associate partners the UK atomic energy authority (UKAEA) and the particle physics and astronomy research council (PPARC). Some of the main areas which are expected to benefit are healthcare, biotechnology, eScience and instrumentation and sensors. In addition to funding, the scheme will allow for sharing of results between the partners. The fund should eventually be self-sustaining as resources from successful projects are reinvested. Commenting on the news, the CLRC's business development director, Dr Allyson Reed, said: 'The award indicates a recognition of the high quality of research carried out by the partners, and an appreciation of the huge potential for UK industry to benefit from the innovative ideas that emanate from them.'