Vince Cable launches Impact Acceleration Accounts at UCL spinout

The Secretary of State for Business, Innovation and Skills Vince Cable has today announced the launch of Impact Acceleration Accounts (IAAs), of which UCL is the second largest recipient, at a value of nearly £4.5 million. The grant, part of a total of £60m being announced by the Business Secretary which will be shared amongst 31 universities across the UK, is being distributed through the Engineering and Physical Sciences Research Council (EPSRC). The Accounts have been established make it easier for university research to be applied in the real world, benefiting society at large and helping to also boost the economy. The funding will be used to enable businesses and other research users engage with research projects at an earlier stage than currently, to support partnerships with small and medium-sized enterprises (SMEs) and larger companies, and also enable more research staff to be seconded to businesses. "The research we support is recognised as outstanding on the international stage," said the Chief Executive of the EPSRC Dave Delpy. "These Accounts aim to make a step change in the impact that has on society." At UCL funds will go towards supporting projects which will enable greater collaboration between researchers and industry and encourage a culture of entrepreneurship. Enabling closer working with business in general, and specifically enabling the commercialisation of research emanating from our staff, is a key priority for UCL - Stephen Caddick The grant will also go towards moves by UCL to better support East London digital enterprise hub Tech City, through developing UCL DECIDE.