THE WEST Midlands has been handed £50million from the government to back a new generation of pioneers to develop and scale up new technologies to improve people’s lives, create jobs and grow the economy.
The Local Innovation Partnerships Fund is set to support the growing cohort of innovative businesses in advanced manufacturing, health and life sciences, and creative immersive technologies.
Businesses, researchers and entrepreneurs in these clusters will get the support they need to turn big ideas into new cutting-edge products and processes.
Richard Parker, Mayor of the West Midlands, said: “This record amount of funding shows government recognises what we’ve always known – that this is the home of innovation.
“You can see it everywhere. Two centuries on from Watt and Boulton’s steam engine, a new generation of trailblazers here is at the forefront of a tech revolution that’s unlocking smarter healthcare, better diagnostics and the transition to cleaner energy.
“My job is to keep that spirit alive by backing their talent and investing in cutting-edge research to turn bold ideas into real-world solutions. All while creating the jobs, opportunities and growth that will improve people’s lives across the West Midlands and beyond. That’s exactly what my Growth Plan is about and with government backing we’re making it happen.”
The Local Innovation Partnerships Fund is funded by the Department for Science, Innovation and Technology through UK Research and Innovation (UKRI), and brings together academic, business and public sector leaders to deliver projects to accelerate regional economic growth, scale up high-potential innovation clusters, and bridge the gap between research and commercialisation.
This record amount of investment in innovation in the region will support the West Midlands Growth Plan and the government’s Industrial Strategy by unlocking another £190million of private investment, creating or safeguarding 2,000 jobs, and growing the regional economy by £700million.
It comes on top of a £282million investment in the economy approved last week by the Mayor and the West Midlands Combined Authority (WMCA) Board.
Science Minister Lord Vallance said: “This £50million investment is backing the West Midlands to take its proud history of innovation to the next level and improve lives, from unlocking new medicines to helping businesses cut their energy bills – all while creating new jobs for local communities.
“By bringing together UK Research and Innovation’s R&D investments and local expertise that knows where best to invest, we can move faster from great ideas to products, jobs and growth.”
