The development will support economic growth in Bedfordshire and the UK by bringing together academia, SMEs and other life science companies to drive technology transfer.

A special ceremony has been held to mark the start of construction work on The Exchange - a new open innovation centre at Colworth Science Park.

The development, by Unilever and leading research and business space provider Goodman, will see the IfM taking up space in the new centre.

The ceremony, organised by global property group, Goodman, featured representatives from funding partners Unilever and the East of England Development Agency (EEDA), as well as the IfM's Dr Letizia Mortarta (pictured in red), leading figures from IFR Extra, Cranfield School of Management.

Contractor Kier is carrying out the construction work and the development is expected to be completed in January 2011.

The development will support economic growth in Bedfordshire and the UK by bringing together academia, SMEs and other life science companies to drive technology transfer. This has been made possible following the investment of £13.7 million from the Goodman:Unilever joint venture and the East of England Development Agency (EEDA).