New £50m innovation fund backs growth in the West Midlands
Mayor Richard Parker has today announced the region’s biggest ever innovation deal from government – with £50m 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 will invest in the West Midlands’ world-class engineering capabilities to support the growing cohort of innovative businesses in advanced manufacturing, health and life sciences, and creative immersive technologies.
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.
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 £190m of private investment, creating or safeguarding 2,000 jobs, and growing the regional economy by £700m.
It comes on top of a £282m investment in the economy approved last week by the Mayor and the West Midlands Combined Authority (WMCA) Board.
Science Minister Lord Vallance said: “This £50m 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.”
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.”
The Rt Hon Greg Clark, executive chair of Warwick Innovation District and member of the UK Industrial Strategy Council, said: “The West Midlands has come together to mass its unique strengths – exceptional industrial engineering capability, advanced R&D knowledge and real commercial scale – into a truly strategic programme for innovation and growth. The technologies which underpin the clusters of advanced manufacturing, health and life sciences and creative immersive technologies are deeply connected and reinforce the power of the West Midlands programme. These resonate with the priority sectors that the Industrial Strategy Advisory Council has championed.
“Realising their full potential means using all of our tools, like training the workforce, deploying planning powers to speed growth and actively pursuing inward investment and export opportunities. As a champion of devolution and place, I was delighted to join the recent West Midlands trade mission to India led by the Mayor, making the case for these world-class clusters, investment and trade.”
Professor Dame Jessica Corner DBE, UKRI Champion for Place, said: “Through the Local Innovation Partnerships Fund we’re supporting local experts to build on existing strengths and identify areas for investment to have significant future impact.
“West Midlands partners have been doing great recent work to develop specific programmes to meet these challenges. We look forward to our continued close working to bring these to fruition in the very near future.”