Navigation

News and events

UCLan invites companies to apply for investment funds

02 December 2013

Lyndsey Boardman

University offers support to develop new products

The University of Central Lancashire (UCLan) is offering funding support to businesses aiming to develop innovative new products, services or processes by utilising the University’s academic expertise.

The UCLan Idea Investment Voucher scheme will provide companies with between £3,000 and £20,000 of funding to cover 50% of the cost to create new products and services by tapping into staff research and using the University’s facilities and equipment for development and prototyping.

In some cases, UCLan can contribute 100% of the project cost in return for a share of future profits derived from the new product or service.

The vouchers can be used to fund research and development, consultancy, the use of specialist facilities and equipment at the University, technical validation of a technology, innovation or technology audits and the design, prototyping and testing of new products, services or processes.

“By working collaboratively with UCLan, organisations can access specialist equipment, expert knowledge and the latest research in their sector to give their organisation a competitive advantage in their respective market.”

Peter Leather, UCLan Innovation and Enterprise, commented: “The Idea Investment Voucher allows businesses to grow and diversify. By working collaboratively with UCLan, organisations can access specialist equipment, expert knowledge and the latest research in their sector to give their organisation a competitive advantage in their respective market.”

Previous funding injections from the University have already supported businesses across the UK, providing specialist knowledge and creating innovative forward thinking solutions to projects.

Bed-making company Harrision Spinks worked with UCLan biomechanics experts to diversify its business by developing a new running shoe with pocket spring technology in the sole that will be launched in 2014 through sports retailer InterSport.

Harrison Spinks worked closely with UCLan Biomechanics expert Professor Jim Richards and colleague Melissa Sutcliffe to run intensive tests assessing whether the modified shoe reduces impact on the foot during running and its potential to reduce sports injuries and improve performance. The initial funding provided by UCLan, has helped the company to secure a Government funded Knowledge Transfer Partnership which is enabling the continued development of the product.

“The expertise and support UCLan was able to provide has played a major role in the launch of our new technology into the footwear market.”

Darren Marcangelo, Commercial Director Spinks Springs, said: “The UCLan funding provided Harrison Spinks with an ideal platform to explore the possibility of introducing an innovative idea into a new market. Working with the University to develop this idea has since led to successful project development and continued collaboration.

“The expertise and support UCLan was able to provide has played a major role in the launch of our new technology into the footwear market.”

The Idea Investment Voucher scheme is open to businesses with over 20 employees including non SMEs and Corporates from across the UK. For further details contact Jess Wells on 01772 895651 or jwells3@uclan.ac.uk for more information. Follow the UCLan Innovation and Enterprise team on Twitter @UCLanInnovate and view the Innocation website.