The Local Innovation Partnerships Fund (LIPF) is a new £500 million UKRI-led programme. It empowers innovation leadership through local ‘triple helix’ partnerships between civic institutions, business and universities, delivering impact, at scale.
The Local Innovation Partnerships Fund (LIPF) aims to unlock regional economic growth.
At least £30 million of funding is earmarked to each of the seven Established Mayoral Strategic Authorities in England:
- Greater Manchester
- West Midlands
- South Yorkshire
- West Yorkshire
- Liverpool City Region
- North East
- Greater London
Plus one equivalent region in each of Scotland, Wales and Northern Ireland to be agreed with devolved governments.
A competitive funding opportunity opportunity of up to £20 million per place will be available for high-potential innovation clusters not covered by an earmarked award.
LIPF invites applications from ‘triple helix’ partnerships between civic leadership institutions, businesses and universities. Through co-creation with UKRI, these organisations will identify and assemble a compelling portfolio of activities that draw upon local research and innovation strengths and support the high-potential ‘innovation clusters’ within their region, empowering innovation leadership and delivering impact, at scale.
LIPF is built on the premise that the ability to realise opportunities across places in the UK is dependent on:
- strong local leadership
- effective collaboration between civic institutions, businesses and universities
- the ability to deploy significant investment
Driving regional economic growth
Innovation clusters bring together these strengths and represent an integral means of driving economic growth. They combine enterprise, research, entrepreneurship, skills and private investment. The UK has a strong foundation of innovation across sectors, but realising the full potential of its clusters requires local coordination, directing investment towards the right opportunities.
This fund invites places, through their local partnerships, to put forward propositions for investment. In turn, these will enable established clusters to do one or both of the following:
- scale and deepen their impact
- support the growth and maturing of emerging clusters which have significant potential to drive future economic value through new dynamic sectors
At this stage, LIPF remains subject to business case approval. However, previous experience has proved that sharing information iteratively is valuable in supporting places to respond to funding opportunities.
All applicants will be required to complete an early readiness check.