The Government has allocated some £8 million to commercialise research projects and form early stage startups.
The Innovation to Commercialisation of University Research (ICURe) pilot programme will allow “commercially-promising ideas to get to market more quickly”, it said.
According to the report, the additional funding will help early-career researchers to find the right route to commercialisation and help them to develop the necessary business skills, connections and expertise.
Each startup will receive up to £35,000 to take their ideas out of the lab and establish their business.
The Government says these grants will be “competitively” awarded by Innovate UK.
A particular focus has been placed on high-tech, highly skilled industries.
In total, the pilot has engaged 160 university research teams to generate more than 11,000 business links worldwide and create 120 jobs in 44 new companies.
Business Secretary, Greg Clark said: “Britain is famous for its innovations. From the humble toothbrush to hip replacements, the ATM to the World Wide Web – these inventions have had a huge impact on our daily lives.
“Up and down the UK, some of the brightest and best talents are undertaking research which can deliver extraordinary innovations that will transform our society for the better.
“Through the Industrial Strategy, the four grand challenges, and the funding announced today, we are helping turn innovative new ideas into products and services which could help change our lives and keep the UK as a world leader in developing the products of tomorrow.”
Startups and innovative businesses can search for available funding options here.