More than 70 businesses are to be spawned in the north of England in the next two years as part of an Incubation Partnership between the science and technology departments at the University of Manchester Institute of Science and Technology, Manchester University, Manchester Metropolitan University and Salford University.
These universities will contribute Pounds 1.5 million of funds, and the European Development Fund has allocated Pounds 3 million. Additional funding will be provided by investment agency Midas.
James Keaton, chairman of the Incubation Partnership and deputy chair of the Manchester Science and Enterprise Centre, said that the scheme would allow universities to contribute to the region's economic regeneration.