The award, from the European Structural and Investment Funds (ESIF), is the biggest business and research investment ever secured by BGU.
It reflects the university’s strategy to increase its positive support for the development of businesses, communities and the economy of Greater Lincolnshire.
BGU has purchased St. Hugh’s on Newport, an iconic Grade II listed building, to provide a new home for the projects. The building is on the site of an Augustinian Friary and has been used as offices for many years.
The projects are:
- Lincolnshire Open Research and Innovation Centre (LORIC), which has a total value of £3.5 million (ESIF contribution £2.1 million)
- BGU Business Inspiration, which has a total value of £878k (ESIF contribution £527k).
The two projects will run until spring 2019 and spring 2020 respectively, and will provide support for over 130 small to medium-sized businesses (SMEs) and social enterprises and will create eight jobs.
Mark Bowen, Enterprise Development Manager at BGU, said: “The LORIC project will provide support to businesses, public and third-sector organisations across Greater Lincolnshire and position the university at the leading edge in the use of open data to support innovation.
“The Business Inspiration project is designed to develop entrepreneurial leadership, with a particular focus on innovative approaches to growing small and micro-businesses. It includes a £307k grant-making fund that will encourage businesses in using creative and innovative approaches. It will provide successful applicants with up to 100% funding as well as financial support to employ graduate interns and placements.”