THE University of Nottingham is to become one of the first University Enterprise Zones in the UK.
The move is expected to help create dozens of new high-tech businesses and hundreds of new jobs in the city.
As part of the award of University Enterprise Zones (UEZ) status, the university will receive £2.6m of government funding to build a new Technology Entrepreneurship Centre at its Innovation Park, which will provide accommodation and intensive incubation support for non-university business start-ups and early-stage small and medium enterprises.
A £5.2 million centre is planned on Triumph Road next to the new £18 million GSK sustainable chemistry laboratory and new research and development facility for gearbox specialists Romax Technologies.
The centre will focus on supporting businesses working in sectors of key local and national importance, such as big data and digital, advanced manufacturing, aerospace and energy.
Companies based in the new complex will be able to take advantage of the university's centres of excellence and the ready supply of postgraduate students.
University vice-chancellor Professor Sir David Greenaway said: "We already work closely with many small and medium-sized companies, but gaining UEZ status will enable us to accelerate the work we are doing to foster business start-up, innovation and growth.
"The new centre will provide space for start-ups and early stage businesses. Entrepreneurs will be able to access expertise from across the university, which will help them develop innovative new products and services and give them a crucial competitive edge."
Although the UEZ is not a formal enterprise zone like that centred on the Boots site in Nottingham, talks between the university and the city council could lead to a business rates holiday for firms.
The centre will also form the new home of the Haydn Green Institute for Innovation and Entrepreneurship's Enterprise Laboratory, the university's centre of excellence in enterprise education, which is part of the Nottingham University Business School.
Construction is expected to begin early next year ready for occupation in early 2016.
