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A new funding approach to help universities apply their knowledge, ideas and expertise in response to market needs has been announced by Lord Sainsbury.

A new funding approach to help universities apply their knowledge, ideas and expertise in response to market needs and for public benefit has been announced by Lord Sainsbury, Science and Innovation Minister.

A total of £238 million is being allocated between 2006-08 under the third round of the Higher Education Innovation Fund (HEIF), to increase collaboration between around 130 higher education institutions and businesses and other partners throughout the country.

The allocation, which is being jointly funded by the Office of Science and Technology and the Higher Education Funding Council for England, will support a broad range of knowledge transfer activities to produce direct and indirect benefits to the UK economy.

HEIF is moving to a new format, with three-quarters of funding distributed by formula, and the remainder through open competition. The combined total of £265 million under the first and second rounds of HEIF between 2001-2006 was allocated through open competitions.

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