North East academic entrepreneurs set for funding boost with £1.7m investment

A new £1.7m investment fund has been launched to support university spin-out businesses in the North East.

Northern Accelerator is today launching the Seed Investment Fund to support academic entrepreneurship at a range of the region’s universities.

Comprising Durham, Newcastle, Northumbria and Sunderland Universities, Northern Accelerator aims to boost business innovation through its new fund.

Durham University vice-chancellor Professor Stuart Corbridge commented: “The launch of the Seed Investment Fund will be a catalyst for change in the North East and builds on four years of success in converting academic innovation into successful enterprises that boost the region’s economy.

“There is a high degree of collaboration between our region’s universities and a wealth of untapped potential demonstrated in a promising pipeline of innovation that builds on our research strengths.

“The new fund will unlock that potential, not only impacting the economy but also allowing more of our great research and innovation to make a real-world impact.”

Newcastle University vice-chancellor and president, Professor Chris Day added: “Our region’s universities are converting more and more academic research and innovation into successful businesses.

“This is helping the economy by creating new highly-skilled jobs and drawing investment to the region. It also helps to move research from our region to make an impact around the world.

“The launch of the Seed Investment Fund will help to develop more viable businesses and accelerate growth.”