This priority aims to improve the region’s capacity to translate innovation into commercial outcomes that result in a step change in business productivity and performance. A particular focus will be on the region's high class science base, notably its universities and research institutions. The aim is to:
• raise levels of business investment in research, development and innovation;
• increase levels of knowledge transfer between these institutions and businesses;
• improve opportunities for skilled people, students and graduates to contribute to increased economic activity via innovation; and
• improve levels of commercialisation of ideas for new business ventures with the establishment of demonstrator projects
Supported by £98m, the direction of Priority 1 is aligned with the existing regional partnership established for innovation, the Innovation and Technology Council, with a focus on five priorities relating to a sub-set of the business clusters with potential for significant growth through innovation, namely:
• health and medical technologies;
• energy;
• advanaced materials and nanotechnology;
• digital media (and ICT); and
• transport technologies.
Details of how the priority will be delivered are summarised in an Investment Framework, which is located in the 'Related Documents'.
Additional information on the management of this priority is available within the Partnership and Governance section.