Major £50 million boost to create new jobs and grow the economy in the West Midlands
A major £50 million boost to create new jobs and grow the economy in the West Midlands has been announced.
The Local Innovation Partnerships Fund will invest in the West Midlands’ engineering capabilities to support innovative businesses in advanced manufacturing, health and life sciences, and creative immersive technologies.
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Trailblazing businesses, researchers and entrepreneurs in these clusters will get the support they need to turn big ideas into new cutting-edge products and processes.
West Midlands Mayor Richard Parker 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.
Mike Wright, independent chair of the West Midlands Innovation Board, said: “The West Midlands has been building a reputation for innovation, including as a finalist in the European Capital of Innovation competition.
“As one of three regions to pilot the Innovation Accelerator model, we used £43m to support over 1,500 businesses and attracted £78m in private investment.
“UKRI has been bold in doubling-down on that approach, and I’m delighted we’re in the first wave of places in the Local Innovation Partnership Fund.
“Since October, academia, business and civic institutions have worked collaboratively and at pace to target funding to our most exciting cluster R&D opportunities.”
