The partnership of North East universities that is delivering a step-change in the translation of world-class research into sustainable commercial enterprises, has been named Innovation Champion at the North East Innovation Awards 2019.
Northern Accelerator�s win reflects the tangible results already achieved by the innovative collaboration between Durham, Newcastle, Northumbria and Sunderland universities � cultivating a pipeline of high quality businesses and credible investment opportunities. Since its inception in 2016 it has increased the number of spin-out businesses from its partner universities from an average of under 2 per year, to 10 businesses in the 2018-19 academic year alone. Funded by Research England�s Connecting Capabilities Fund and the European Regional Development Fund, it has also placed 15 talented chief executives into spin-out companies at an early stage, and allocated over �1.24million funding to 32 projects that take promising research outcomes closer to commercialisation.
While the results so far are impressive, Northern Accelerator aims to make a long-lasting impact on the region�s innovation ecosystem. Through a recently announced partnership with venture capital and social investment firm Northstar Ventures, two new investment routes for university spin-outs are being introduced. Northstar will manage Northern Accelerator�s �1.7million seed capital investment fund and embark on the creation of a much larger Northern Universities Investment Fund.
Chair of Northern Accelerator�s Strategic Advisory Board, Roy Sandbach OBE, said: �This is excellent recognition of the impact Northern Accelerator is making by bringing together world-leading and world-changing North East research with talented business executives and a host of support.
�Not only are our universities making a real-world impact, but we�re boosting the region�s knowledge economy, creating companies that deliver more and better jobs and kick-starting a much needed increase in regional private-sector research and development.�
The North East Innovation Awards are delivered by the Innovation SuperNetwork in partnership with RTC North. They shine a light on organisations and individuals that are driving innovation forward in the region. Northern Accelerator was awarded �Innovation Champion – in partnership with CPI�.
