Oxford to receive £7 million to turn bright ideas into global opportunities
The University of Oxford has been awarded more than £7 million, the highest amount of funding given to organisations across the UK, in the latest round of UK Research and Innovation’s (UKRI) Impact Acceleration Account (IAA) funding – aimed at fueling the best, brightest and most disruptive ideas from Uk research institutions.
The award follows Oxford’s recent top ranking in the UK for generating spin-out companies and its success in the Research Excellence Framework (the national research assessment exercise), which showed Oxford’s submission had the highest volume of world-leading research.
Today’s news means the University has been awarded the largest amount of IAA funding in the UK, to jumpstart knowledge exchange, translation and commercialisation of research across all disciplines.
Professor Patrick Grant, Pro-Vice Chancellor for Research at the University of Oxford says: ‘We are delighted to receive this funding from across the UKRI research councils. Many thanks to the researchers and professional services staff involved in supporting the applications that have led to this award.’
‘This vital, flexible support across a wide range of disciplines enables our talented people and teams to explore ideas related to pressing societal challenges and exciting technological opportunities. I look forward to following progress as we use these funds to connect research discoveries to prosperity, social and cultural benefits, public policy and public good.’
The Impact Acceleration Account (IAA) supports critical early-stage translation of UK research to real impacts, transforming public services, creating new jobs, attracting private investment and forging new partnerships with business and charities.
This funding will allow Oxford researchers to unlock the value of their work, including early-stage commercialisation of new technologies and advancing changes to public policy and services such as NHS clinical practice.
Professor Chas Bountra, Pro-Vice Chancellor for Innovation at Oxford says, ‘IAA funds have enabled several hundred of my academic colleagues to build new partnerships, exchange ideas and knowledge, and create new social and commercial enterprises. The university is now filing more new patents and creating more new spin-outs than any other university in the UK.
‘In recent months, the world has seen how Oxford produced a new vaccine, identified new treatments for COVID, developed new diagnostics and recommended mask wearing. We continue to work with industry, government organisations, charities, schools, hospitals, and citizens to tackle some of the greatest challenges facing all of us, and our planet.’
The programme, now in its tenth year, has provided crucial early-stage support to Oxford start-ups that are now established global businesses.