Recognition of British universities’ efforts to develop new ideas and take them to the market place has seen 13 institutions awarded a total of £750,000.

As part of the 2012 Fast Forward Competition, the awards, which were made by Baroness Wilcox, intellectual property minister, are provided to those projects that are helping turn the UK’s ‘intellectual property’ into economic prosperity.

Wilcox comments, ‘I am delighted to reward these projects for their role in helping hubs of innovation in UK universities to harness the intellectual property derived from their leading research and to collaborate with our most innovative and responsive industries.’

Bridging the gap between innovation and industry is key, says Wilcox, and vital for the UK’s continued growth.

Topping the pile of recognised UK universities is Bristol University, which has been awarded £80,000 for project Bloodhound@University, a land speed record project which is set to create new technologies and processes in its goal of reaching a land speed record of 1000 mph.

Swansea University and Exeter University are also the recipients of £80,000 each following work involving intellectual property and innovation management. Ten other higher education establishments saw cash bonuses awarded for work completed.

On the back of the maiden 2011 competition, the 2012 Fast Forward Competition provided individual projects with funding ranging from £10,000 to £90,000.