The EPSRC and the Technology Strategy Board, with the Biotechnology and Biological Sciences Research Council (BBSRC), are to invest in two new innovation and knowledge centres (IKCs).

The organisations are seeking bids from universities who wish to host the new centres, which will promote the early commercialisation of emerging technologies.

The new centres will each receive £9.5m spread over five years. The EPSRC (together with the BBSRC where appropriate) will contribute £7m and £2.5m will come from the Technology Strategy Board. Further funding will come from universities, industry and other sponsors.

The IKCs will provide support for five years of intensive early stage development and commercialisation of applicable technologies.

The location of the centres is expected to be announced in September 2008.