Prime Minister David Cameron has launched a £15 million scheme in a bid to create a new technology giant in the UK.
The money will be ploughed into three or four pilot University Enterprise Zones, where new business spaces will be built to host a range of high-tech companies in the early stages of their development.
It is hoped that these small businesses will then be able to share the knowledge and resources of the university, helping them to grow and prosper.
A competition will be held in the New Year to select the University Enterprise Zones.
“As part of our long-term plan to help secure Britain’s economic future, I want to see higher education and enterprise work hand in glove to boost growth and create even more jobs,” said Prime Minister David Cameron.
“Our world-leading universities have historically been at the heart of innovation but we need to give them the tools to be even better at cultivating the seeds of growth as well as knowledge. University Enterprise Zones will unlock the potential of so many students who will be able to move into affordable business space and start to build their own business straight after their degree.”
He added: “I want to see University Enterprise Zones help create the next Yahoo or the next Microsoft – bringing jobs and prosperity to both the local and wider economy and helping us succeed in the global race.” If the zones are successful, the government has said that it may create more in the future.
The government has already created a number of ‘Enterprise Zones’ across the UK, in places such as Northampton and Cambridgeshire, which are part of a drive to encourage economic growth in local areas.
These Enterprise Zones are intended to attract business by having superfast broadband, simplified planning rules and tax breaks for new businesses over the next four years.