Twelve universities will benefit from this funding through the Higher Education Innovation Funding (HEIF), for the 2012-13 academic year only.
The funding aims to stimulate economic growth through research commercialisation activities. The funding had been found from efficiency savings in the science and research budget.
Experts have found that every £1 invested in HEIF generates an additional £6, a proxy for impact on the economy. The highest performing universities in the area of knowledge exchange (those benefitting from the top-up allocation) generate even greater levels of impact.
In return for the release of the £6 million funding the 12 universities will outline how they will use this funding to drive growth in the economy.