More than 20 university enterprise zones have been set up to help universities share knowledge and innovation with businesses and to promote local growth and skills.
The Department for Business, Innovation and Skills (BEIS) invested £15 million of capital funding in 2015 to establish four pilot zones, in Nottingham, Liverpool, Bradford and Bristol.
The zones are specific geographical sites where universities and businesses work together to increase local growth and innovation.
The zones in the pilot aimed to:
- encourage universities to strengthen their roles as strategic partners in local growth to engage with local enterprise partnerships, building on existing capabilities and partnerships
- stimulate development of incubator or grow-on space for small businesses in locations that encourage businesses to interact with universities and to innovate.
A further 20 university enterprise zones have since won awards through £5 million funding from BEIS and £16 million from Research England, through the Research England Development Fund.