The Local Innovation Partnerships Fund will provide up to £500 million in funding for those who know their community best to work in partnership with:
- local authorities
- local businesses
- local researchers and innovators
It is designed to attract a further £1 billion additional investment, including from the private sector, and £700 million of additional value to local economies.
Investing in local strengths to drive growth
The fund will:
- put local expertise in the lead, empowering local authorities, businesses and researchers to shape decisions, in consultation with their communities, so funding will make the most impact
- invest in local strengths, including those in the industrial strategy, which might include cybersecurity in Northern Ireland, semiconductors in Wales or artificial intelligence-led healthcare tech in Birmingham
- drive regional growth by helping regions and nations use innovation to support business growth, create more and better jobs, and expand access to skills training
Harnessing the power of local knowledge
Professor Dame Jessica Corner, UK Research and Innovation (UKRI) Champion for Place, said:
To support the government’s growth agenda, we must harness the power of local knowledge to invest in innovation that directly benefits communities.
Whether it’s through job creation in emerging industries, skills development, or new products and services to improve health and wellbeing, the Local Innovation Partnerships Fund will help deliver economic growth, supporting better lives and livelihoods.
Working alongside local partnerships
UKRI will work alongside these local partnerships to:
- help identify opportunities for innovation with the highest potential of creating regional growth to improve lives
- ensure local opportunities and priorities are joined up to national priorities, including those in the industrial strategy, to maximise the benefits
- share best practice and lessons learnt from other UKRI programmes and from industry experts to increase impact at a local level
Research investment drives growth and jobs
Every £1 invested in research and development generates up to £7 in benefits to the UK economy, including private sector investment.
Businesses that get research and development grant funding typically see jobs and turnover go up by over 20% in the following years, providing a major boost to the UK economy.
Research and development is also at the heart of around three million jobs in the UK, with the power to create many more as discoveries advance.
Building on what works
The Local Innovation Partnerships Fund builds on decades of investment by UKRI to create jobs, support businesses and improve health and opportunity across the UK.
Past and current programmes include:
- the Strength in Places Fund, which has helped create thousands of jobs in sectors like semiconductors, advanced ceramics and media
- Innovation Accelerators in the Glasgow City Region, Greater Manchester and the West Midlands, which support fast-growing industry clusters
- Local Policy Innovation Partnerships, which bring together the public sector, local businesses and local communities to drive sustainable and inclusive economic growth and reduce regional disparities
Fund structure
The fund will operate UK-wide through:
- at least £30 million for each of 10 regions across the UK, including one in each of the devolved nations
- competitive awards for innovative projects and businesses in other regions
Further information
UKRI will publish further details in due course.
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