World-changing research at The University of Nottingham could be brought to the global marketplace more quickly after the university was shortlisted for a £500,000 award.

The University has reached the finals of a prestigious competition singling out the UK's top universities in the field of knowledge transfer — the process of turning academic research into a product, service or technique that has commercial value.

The competition, run by the Engineering and Physical Sciences Research Council (EPSRC), aims to reward and celebrate innovative approaches to supporting knowledge transfer in universities, making sure that research finds its way to end-users in business and the public sector.

The winning university will receive £500,000 to progress key areas of research expertise with major potential for knowledge transfer, while the four runners-up will receive £100,000 each. The winner will be announced on November 19.

Nottingham was shortlisted because of its strong track record in successful knowledge transfer activity, which derives from the high proportion of its research activity linked with industry. It is consistently ranked in the top five UK universities for the value of industrial awards, with collaborations with blue chip partners in the major research-using sectors of aerospace, energy, food, pharmaceuticals and information communications technology.

Continuing success in technology transfer is evidenced by more than 100 license agreements in the past five years. The commercialisation of Nottingham's Nobel Prize-winning MRI research accrued more than £120m in licensing revenue with a global impact on healthcare. The Queen's Award for Enterprise, in the category of Innovation, was awarded to both the School of Pharmacy and its spin-out Molecular Profiles earlier this year.

Professor David Greenaway, Pro-Vice-Chancellor for Research, said: “In sponsoring this competition, the EPSRC is signaling the crucial importance of effective knowledge transfer to our well-being.

“The University of Nottingham has an excellent track record in knowledge transfer and innovation over a very long period of time and I am delighted that our commitment to an agenda of national importance has been recognised in this way.”

Another recent example of successful knowledge transfer, submitted as part of the application for the competition, details the achievements of spin-out company Monica Healthcare Ltd which has developed new technology the size of a mobile phone to help save the lives of newborn children.

The fetal heart monitor, developed by a team of engineers and doctors in the School of Electronic and Electrical Engineering and the School of Human Development, monitors the baby's heart for signs of potential danger. Mothers-to-be can keep a regular check on their baby's heartbeat without having to go into hospital.

The monitor arose out of 15 years of pioneering work and enterprise, funded by Action Medical Research, the EPSRC and venture capital investment. It promises to be extremely useful in the management of high-risk pregnancies, and researchers believe the device has the potential to benefit 70,000 at-risk babies a year in the UK alone.

The University of Nottingham has detailed plans to expand its knowledge transfer activities, including the recruitment of dedicated, sector-specific Knowledge Transfer Managers, the creation of a Knowledge Transfer Fellowship programme — enabling academics to work with Nottingham University Business School to develop new knowledge transfer initiatives — and a 'Technology Demonstrator' facility that will be a physical showcase aimed at improving interaction with business.

This activity would be applied to three technology areas in particular at Nottingham that have been identified as having outstanding potential for knowledge transfer: aerospace, medical imaging and monitoring, and industrial microwave processing.

Ian Pearson, Science and Innovation Minister, said: "To ensure that society reaps the benefits of scientific research, innovation has to be transformed into tomorrow's products and services.

“EPSRC's Knowledge Transfer Challenge provides an ideal opportunity for researchers to demonstrate the wider benefits of some of the great work that is carried out in British universities. The power of knowledge, ideas and innovation is key to the nation's economic health. It is crucial for us to transform knowledge into successful products and new jobs — if we are to compete in a rapidly changing world.

“The Awards provide one route to support this process, helping universities to turn their cutting-edge research into social and economic gains for everyone.”

Experts in knowledge transfer from academia, industry and government will interview representatives from the five shortlisted universities on November 19, before making their final decision. The other four finalists in the Knowledge Transfer Challenge are the Universities of Reading, Aston, Sheffield and Surrey.

More details can be found online >>