Translating research into thriving businesses
Image: Shutterstock.com/NicoElNino
Three universities in the West Midlands area of the UK have received significant funding to launch an initiative aimed at redefining how universities translate research into thriving businesses.
Coventry University, in collaboration with Birmingham City University and the University of Wolverhampton, secured the investment from UKRI Research England. Known as DigiSpin WM, it will focus specifically on the advanced manufacturing and digital innovation sectors within the West Midlands Investment Zone. Another initiative of the West Midlands Combined Universities (WMCU) collaboration it will see the universities work together to drive economic growth and innovation across the region.
This six-month pilot programme, set to launch in November 2024, will look to create a dynamic ecosystem where innovation flourishes and spin-out companies thrive. DigiSpin WM is poised to become a national blueprint, empowering universities across the UK to accelerate the commercialisation of their research and drive economic growth.
The West Midlands is a hotbed of research talent, but groundbreaking discoveries often struggle to break free from university labs and reach their full commercial potential. DigiSpin WM aims to change that.
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An example would be of a researcher developing a revolutionary new advanced manufacturing process with the potential to transform an industry. DigiSpin WM aims to provide access to the expert guidance, streamlined processes, and crucial resources needed to turn their idea into a thriving business, creating jobs and boosting the regional economy.
Albi Lamaj, IP Associate Director at Coventry University, said: "DigiSpin WM represents a new era of collaboration across universities in the West Midlands. "I'm incredibly excited to be working with Birmingham City University and the University of Wolverhampton to combine our efforts and build a future where innovation can flourish, and technology can reach the market with greater speed and efficiency.”
Professor Dame Jessica Corner, Executive Chair of Research England, added: “We received an exciting range of proposals to our Connecting Capability Fund (CCF) programme call for pilots of diverse, innovative models of sharing. These pilots will provide value-for-money insights, helping us deliver on the economic growth agenda and address financial sustainability pressures on higher education.”
Recognising that each university has its own unique strengths and established processes, DigiSpin WM aims to complement and enhance these existing capabilities through knowledge sharing, streamlined processes, and a focus on collaborative innovation.
Over the next six months, the pilot will explore its potential to create a scalable and replicable framework for universities across the UK. This collaborative approach seeks to empower universities to maximise their impact and contribute to economic growth through successful spin-out creation.
