The Higher Education Innovation Fund supports knowledge exchange between higher education providers and the wider world that benefits society and the economy.
We provide funding for knowledge exchange via the £230 million Higher Education Innovation Fund (HEIF) to support and develop a broad range of knowledge based interactions between higher education providers and the wider world, which results in benefits to the economy and society.
The aim is to create and sustain a range of knowledge exchange activities in response to demand across the economy and society.
It is designed to support and develop a broad range of knowledge-based interactions between higher education providers and the wider world, which result in economic and societal benefit to the UK.
What HEIF supports
HEIF supports and incentivises providers to work with business, public and third sector organisations, community bodies and the wider public, to exchange knowledge and increase the economic and societal benefit from their work.
We commission evidence from time to time to demonstrate the value delivered by our funding. This shows that HEIF provides a strong return on investment, with £8.30 generated for every £1 of funding. Further information on this evidence work can be viewed at the University Commercialisation and Innovation Policy Evidence Unit, including an Office for Students commission looking at the key issues and methods for assessing the impact of this funding on student outcomes (PDF).
Review of knowledge exchange funding
The BEIS funding and priorities letter 2021 to 2022 included guidance on our review of our knowledge exchange funding approaches.
Our review reflects the need to take account of development of the Knowledge Exchange Framework (KEF) and the Knowledge Exchange Concordat. As well as that, it is good practice to review formula funding methods (HEIF) periodically.
We are now publishing a timetable and plans for review, taking account of latest government priorities and working with OfS.
View the publication: review of knowledge exchange funding: stakeholder engagement and evidence summary.