LONDON The third round of funding through the Public Sector Research Exploitation Fund (PSRE) has opened and applicants have until the November 4 to apply for a share of £25million to help turn innovative ideas into commercially marketable products.
Aimed at bringing blue-skies research and the latest developments in technology and innovation to commercial success, PSRE has previously supported a number of projects including the development of new medical equipment, 3D laser conservation of historical artefacts and faster DNA profiling, and the last round funded initiatives in all nine of the English regions. It is open to all public sector organisations that carry out research including Research Council Institutes, NHS Trusts, research institutions owned by Government Departments and major museums.
The Government has increased its investment in this priority area from £15milliobn in the second round and £10million in the first round. This latest round will bring a total of £50m of grants made available under this initiative.
The PSRE initiative was set up to help public sector organisations other than universities make the most of their research. Universities receive similar Government funding through the Higher Education Innovation Fund
Previous rounds of funding have seen grants being given to a whole range of organisations including museums, the Forensic Science Services, NHS Innovation Hubs and other research institutes.