An initiative for spurring investment in biotechnology innovation in the North West of England led by the University of Manchester launched on Thursday, announcing three funding programmes, after receiving £5 million ($6.2 mln) in investment.

The Industrial Biotechnology Innovation Catalyst (IBIC) aims to boost job creation, collaboration, and upskilling around technology that shifts product development away from chemicals towards biological organisms.

The programme aims to help companies move away from overreliance on fossil fuels towards using more renewable natural resources.

“IBIC is all about trying to create impact within the North West … we’re thinking about building the bioeconomy – using biology to help make everyday products like food, fuels, materials and medicines,” said Aline Miller, professor of biomolecular engineering at the University of Manchester.

The scientific foundation of IBIC is based at the University of Manchester, but the programme will loop in four other universities stretching to Liverpool to connect across the region, which is a hub for chemical manufacturing, Miller told Carbon Pulse.

The government-funded Engineering and Physical Sciences Research Council invested £5 mln in IBIC. Biotechnology in the UK is forecast to hit £21.8 billion throughout the five-year period between 2024-29, according to IBISWorld.

Biotechnology can help companies transition away from using materials, such as heavy metals and solvents, towards biological substances that are better for the environment and cheaper.

For example, Manchester-based company Holiferm produces biochemicals through natural fermentation as a replacement for petrochemical-derived ingredients.

THREE FUNDING PROGRAMMES

Two-thirds of the £5 mln will focus on knowledge exchange activities, working with industry partners ranging from startups to large corporates, Miller said.

“We’re going to have several different funding calls for different programmes. We’re launching three today.” These include grants of:

• Up to £10,000 for relationship building
• Up to £30,000 for research
• Up to £60,000 for supporting academics to work in corporations for up to 18 months
• Larger sums will be available in the future for projects of up to two years in length

The other third of the lump investment will help to grow biotechnology businesses by turning research findings into viable startups.

“We’ll be looking at that growth side of companies, so raising awareness of this as an investable opportunity to give high returns for investors to allow these smaller companies to get some commercial traction,” she said.

“It’s also helping the larger companies transition into using biomanufacturing tools, and different feedstocks using biological processes instead of traditional chemical processes.”

The initial investment will last for four years, but IBIC wants to ensure it is building towards a long-term future by considering other funding sources, Miller said.

IBIC would also like to bring the biotechnology community together to lobby the government for subsidies and tax breaks.

Last year, the Nature Action 100 institutional investor initiative said it would engage broadly with its 100 focus companies across eight sectors including biotechnology and pharmaceuticals.

By Thomas Cox – t.cox@carbon-pulse.com

*** Click here to sign up to our twice-weekly biodiversity newsletter ***