The University of Lincoln has been tasked with delivering the UK's arm of a EUR 3.7 million research project, with the aim to support business development across the continent.
Of those that applied to the project only 7% of applicants were successful.
Selected universities based across Europe will help support business development and innovation through the project titled "The Role of Universities in Innovation and Regional Development (RUNIN)".
As a result of its participation the University of Lincoln will receive around £500,000 and will work in partnership with Lincolnshire County Council, partner institutions, and economic development agencies across Europe.
The project will last for four years and Lincoln University will employee two new PhD researchers to help identify policies and practices already in place, which could be adopted by universities, businesses and regional stakeholders to improve innovation.
The funding comes from part of the European Commission's Horizon 2020 programme and is being overseen by the University of Stavanger, with five other partner universities and nine regional development organisations.
According to professor David Charles from Lincoln International Business School, the project will help to address a core concern of policy makers in Europe, namely how regions can prosper in the rapidly changing global economy. It's argued that universities will have a key role in the project by transmitting knowledge to firms, policy-makers and the general public as well as helping to provide a highly skilled workforce.