Challenge funds foster business acumen

The government's University Challenge funds have sparked a surge in business acumen in the higher education sector, a Royal Academy of Engineering conference was told on Monday.

Ederyn Williams, director of Warwick Ventures at Warwick University, said that in five years' time many of the new spin-off companies would have grown large enough to convince even the most hardened sceptic that they could be a major source of national economic growth.

He said the 15 seedcorn funds from the government scheme had supported more than 200 projects and firms since 1999.