The University is one of just 12 in the country to be chosen to receive a Knowledge Transfer grant. The funding has come from the Engineering and Physical Sciences Research Council (EPSRC) as part of its Knowledge Transfer Accounts (KTA).
The University of Bath intends to use its KTA award to both accelerate and increase the impact of its research, socially and economically, by firstly increasing the internal profile of its EPSRC funded research and then deploying a range of appropriate resources in a timely manner.
Under the University's programme, funds will, for example, be utilised to enable academics to put on training modules on how to apply their research to a particular business or industry, to develop proof of concept funding to de-risk investment by potential licensees or investors, or to match fund investment in trials or further development by potential adopters of research results.
The profile of Knowledge Transfer within the University will also be raised significantly, not least by the appointment of Academic Champions and KT Fellows.
The EPSRC established the KTA programme to ensure that knowledge generated by its support helped the wider economy. It has awarded a total of £44 million to 12 institutions.
The University of Bath's proposal was co-developed by Bath Ventures, Research Development & Support Office and CPD Support & Development.
Professor Jane Millar, Pro Vice-Chancellor for Research at the University, and a provider of leadership for this Award, said: "It is fantastic news to be one of only 12 universities to be receiving a Knowledge Transfer Account.
"This Award will radically enhance the University of Bath's ability to deliver on its mission to advance knowledge through high quality research and teaching in partnership with business, the professions, the public services, the voluntary sector and other research and learning providers."
Dr Jon Hunt, Head of Research Development & Collaborations at the University, and co-author and project manager for this award, added: "This award builds on the University's reputation of working with businesses to develop ideas into opportunities that benefit the economy and the wider society. The scheme will be used to reduce the barriers preventing greater knowledge exchange between businesses and the University."