UK enterprise initiative a win-win for universities and business

The UK government has announced the launch a £10 million (US$13 million) fund to help universities develop proposals for up to 10 new Enterprise Zones across England. Ministers hope the initiative will strengthen ties between higher education and industry, generating new jobs and boosting local economies.The scheme aims to align the expertise and research of universities with the needs of local businesses, essentially getting the relevant research into the hands of the people who need it.The University Enterprise Zones (UEZ), as they are called, act as a form of “incubator” for local SMEs and startups. They provide support as well as state-of-the-art facilities and access to specialist expertise.By gaining a better understanding of the needs of business, the UK hopes to direct research specialisms and produce graduates who possess the skills needed for the modern workforce. “Our universities are recognised around the world as centres of research and knowledge. At the same time, Britain is a country brimming with entrepreneurs and innovators,” Exchequer Secretary to the Treasury, Robert Jenrick, said in a statement.