Business Secretary Vince Cable has announced £60 million of funding to help university scientists turn their ideas into commercial businesses.

The investment will see so-called impact acceleration accounts worth between £600,000 and £6 million awarded to 31 UK universities in an attempt to "bridge the gap between the lab and the marketplace".

The funding, which will be awarded by the Engineering and Physical Sciences Research Council (EPSRC), was announced by Mr Cable on a visit to Space Syntax, a company formed on the back of research at University College London.

The money is intended to help scientists and engineers develop their research into commercial propositions and take up secondments in businesses to gain first-hand experience of the challenges facing a company.

"The UK's scientists are some of the most innovative and creative people in the world, but they need support to take their best ideas through to market," said Mr Cable. "This could be by establishing a successful, technology-driven SME like Space Syntax which I visited today.

"This investment I'm announcing today will help our leading universities become centres of innovation and entrepreneurship, generating commercial success to fuel growth."

EPSRC chief executive Professor Dave Delpy said: "The research we support is recognised as outstanding on the international stage. These awards aim to make a step change in the impact that has on society: generating new business opportunities which drive economic growth, creating better, more informed, public policy."