The prestigious Massachusetts Institute of Technology has announced that it has chosen the UK as its only European base, in a partnership with Cambridge University.
The institute will aim to improve UK industry’s productivity, competitiveness and innovation.
Chancellor Gordon Brown said the institute would generate new ideas and jobs. The Government is to put £68m from its capital modernisation fund towards the cost of the institute, with the remainder to be met by the private sector.
The institute will act as a hub for the Enterprise Centres at UK universities and will allow courses developed at the institute to be offered across the country.
In the US, MIT has successfully harnessed research for the benefit of the economy. Its graduates have formed 4,000 companies.