TWO organisations at the forefront of taking research out of the laboratory and turning it into businesses have developed a partnership.

The tie-up between NETPark, near Sedgefield, County Durham, and venture capital firm IP Group should help the drive to turn ground-breaking research, such as that carried out in North-East universities, into commercial ventures with the potential to create hundreds of jobs.

The IP Group was appointed by One North East a year ago to manage the £25m North-East Technology Fund, which aims to support more than 60 high-growth companies in the region in the next five years through packages of between £50,000 and £1.25m.

This ties in with the aims of NETPark, which provides incubator space for new science, engineering and technology firms looking to commercialise their research and development, along with larger facilities for when they are ready to expand.

Its successes include Durham University spin-out firm Kromek, which has become a world leader in airport security devices, IP Group investment manager Nick Edgar is to become a resident expert in NETPark Net’s finance zone and will also hold regular clinics at the technology park.

NETPark Net is the online equivalent of the park, where companies can open a virtual office and access support on a range of relevant subjects, including routes to market, innovation management, access to finance and marketing and legal advice.

Mr Edgar said: “NETPark has strong tie-ins with the region’s universities and NETPark Net links it in with businesses across the region and beyond.

“It recognises the vital importance of start ups, as well as working with larger businesses.

“There is a very close alignment with what we are trying to do over the long term and what they are trying to do.”

Mr Edgar, who will hold his next expert clinic at NETPark on February 1, said there was a mixture of businesses ready for investment to expand and those at an early stage that simply wanted to “kick some ideas around”.

Stewart Watkins, managing director of the County Durham Development Company, which operates NETPark on behalf of Durham County Council, said: “For entrepreneurs working within the science, engineering and technology sectors, accessing the investment needed to get their ideas off the ground is a daunting task.

“Having an expert of Nick’s quality and the backing of the IP Group could significantly boost the future prospects of our member firms as they establish themselves and grow.

“This will be a real help to many of the innovative businesses that are rising out of NETPark, and will help put the region firmly on the science and technology map.”