Businesses in the Sheffield city region and nationally are set to be the major beneficiaries of a new venture to promote innovation during the credit crunch.

Business Advantage is a partnership initiative between Sheffield Business School and the Management School at the University of Sheffield, launched with the strategic aim of building regional competitiveness by developing future leaders and establishing innovative models of engagement between higher education institutes and businesses.

With the support of £3.5 million funding from the Higher Education Funding Council for England, the Business Advantage programme will begin by targeting business managers who are yet to engage with higher education, demonstrating its benefits, and those of life long learning as a whole, to individual and organisational development.

The project will also seek to develop further lasting relationships between the two universities and businesses that could lead to future collaborative working, ensuring that organisations integrate such activities into their growth strategies.

Professor Mike Smith, Pro-Vice Chancellor for Research and Knowledge Transfer at Sheffield Hallam, said, 'Business Advantage is about the two universities in our city working together to meet the demands from business for improved skills and business innovation.

'With the demand being led by business, the project provides an exciting opportunity for a real step change in the relationship between higher education and industry to benefit the region's economy and its future development.'

John Cullen, associate dean at the University of Sheffield's Management School, added, 'This is a great opportunity for the two universities in Sheffield to build on their complementary skills for the benefit of the region's organisations.'

For further information, please contact the Sheffield Business School on 0114 225 2820 or e-mail sbs@shu.ac.uk.