Training and retaining the best and brightest talent is a challenge for any business. But a new £1.3bn Government investment to grow and attract the next generation of science and innovation talent is set to have a major impact on industry as a whole.
Business Secretary Greg Clark revealed the funding for businesses and universities with the aim of developing entrepreneurs, innovators and scientific leaders who will ensure our future economic prosperity.
* £900 million for the inaugural UKRI Future Leaders Fellowship Scheme over the next 11 years, with six funding competitions and at least 550 fellowships awarded over the next three years. This will include up to seven years of funding for early-career researchers and innovators, including support for part-time awards and career-breaks, providing flexibility to researchers to tackle ambitious and challenging areas.
For the first time ever, this type of scheme will now be open to businesses as well as universities. The scheme aims to help the next generation of tech entrepreneurs, business leaders and innovators get the support they need to develop their careers.
It is open to best researchers from around the world, ensuring the UK continues to attract the most exceptional talent wherever they may come from.
* £350 million to the Royal Society, Royal Academy of Engineering, British Academy, and Academy of Medical Sciences for the prestigious fellowships schemes. This funding will enhance the research talent pipeline and increase the number of fellowships on offer for high skilled researchers and innovators.
* £50 million over the next five years for the National Productivity Investment Fund for additional PhDs, including 100 PhDs to support research into AI to ensure Britain is at the forefront of the AI revolution.
This is one of the single biggest investments in science in 40 years and can only be a positive move for British business.
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