A £70m investment package has been launched to unlock the commercial potential of research and development (R&D) in Welsh universities.
Academic Expertise for Business (A4B), a six-year project funded by the Welsh Assembly Government and European Structural Funds, is geared to ensure Wales maximises the economic impact of its academic institutions.
A4B will support a range of activities in higher and further educational institutions to develop more effective knowledge-transfer mechanisms, to commercialise intellectual property, develop new products and processes, increase business investment in R&D and develop and exploit the research base.
The intention is to improve and accelerate the transfer of knowledge and expertise from Wales’ world-class research base into ‘added value’ for the economy.
Ieuan Wyn Jones, minister for the economy and transport, said A4B provides Wales with an opportunity to rationalise and improve the support for collaboration between academia and business.
The first Knowledge Transfer Centre to be funded under A4B is the Automatic Identification and Data Capture Centre for Wales at Glamorgan University.