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Three funds merged into one. Politicians hope that it will now forge links between research and business, and create jobs
A new innovation fund is to promote growth and support companies with new solutions from the world of research. This is after a deal between the Danish governing coalition with opposition parties.
The new fund will be created by uniting three already existing funds – The High Technology Fund, The Fund for Strategic Research and The Danish Council for Technology and Innovation.
“The decision to unite the three funds will make the new innovation fund simpler and more effective,” says Jens Henrik Thulesen Dahl, a Danish People’s Party member of The Research, Innovation and Further Education Committee.
The fund will be responsible for grants to research, innovation and technology development that focus more on society’s and companies’ needs and challenges.
“The huge amount of money must secure that investments in research and development will turn into concrete solutions that creates growth and jobs,” says Jens Henrik Thulesen Dahl.
The new fund is to make councils, funds and boards within the research and innovation system more uniform in the way they distribute grants.
The fund will be led by an independent board that will distribute and prioritize the funding.
“The new fund means fewer granting organs and a simpler system. It is a result of recommendations in that area,” says Morten Østergaard, Minister for Science, Innovation and Higher Education.
The new fund will start in 2014.
”By creating one united fund we will bring together excellent researchers and innovative companies. It will […] transform concrete challenges in society and innovation needs into real projects and partnerships. In the end it will come up with solutions that will benefit growth and employment in Denmark,” says Morten Østergaard.
Jens Henrik Thulesen Dahl points out that the fund should benefit all companies, large and small.
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