'Reach Out' fund launched

Citation

(1999), "'Reach Out' fund launched", Education + Training, Vol. 41 No. 9. https://doi.org/10.1108/et.1999.00441iab.001

'Reach Out' fund launched

Keywords Universities, Joint ventures, Regional development

A £51 million fund has been set up to help universities to forge stronger links with business. The Industry Minister, John Battle, and Education Minister, Baroness Tessa Blackstone, launched the higher-education "Reach Out" fund to help universities in England and Northern Ireland to work more effectively with business. The fund, managed by the Higher Education Funding Council for England, will make £51 million available over the next three years.

The fund is part of a package of measures through which the Government aims to encourage closer links between universities and business. Universities will be encouraged to come forward with new proposals which may include:

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  promoting better understanding among businesses of the skills and knowledge which universities can bring;

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  programmes to bring in staff from companies to teach students about the way in which businesses work or to arrange for specialist university staff to be consultants for companies; and

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  developing incubator units in the university to provide space and experienced business managers to help enterprising researchers to turn good research into successful business.

Mr Battle said: "It is vital for our long-term prosperity that we improve the capacity of universities to forge effective links with business. The most dynamic economies in the world have strong universities, which have strong creative partnerships with business.

"We need to create an environment where universities are key partners of business - developing people to work in and with business and collaborating with business on research or problem solving. We are looking for a change in university culture, where the value and esteem accorded to this business partnership are comparable to the recognition received for research and teaching. The Reach Out fund will help to address an important gap in core funding for universities to help to bring about this change." Richard Caborn, Minister for the Regions, commented: "The Government's regional agenda is all about encouraging this type of partnership. Higher education, business and local authorities will work together with the new regional-development agencies to help England's regions to become economic powerhouses".