Lancaster has received the Higher Education Innovation Funding (HEIF) from the Higher Education Funding Council for England (HEFCE) for the 2015-2016 academic year.

The award is based on the University’s annual enterprise income and the funding is weighted to reward universities’ work with SMEs – an area in which Lancaster excels.

Dion Williams, Director of Enterprise & Innovation at Lancaster University, said: “Lancaster University is strongly focused on working with business and translating our academics’ world-leading research into benefits for wider society, the economy and jobs.

“This funding will enable to continue this work supporting businesses, particularly the vitally important SME sector.”

HEFCE funds and regulates universities and colleges in England, investing to promote excellence and innovation in research, teaching and knowledge exchange. HEIF funding supports and develops knowledge-based interactions between HE institutions and the wider world, to promote economic and social benefits to the UK.

Lancaster University recently won the Educate North Commercial Engagement Award for its work to support business and the economy.