Nominet, the .uk registry, announced it is creating the Nominet Foundation, a charitable organisation that will fund education, research and development initiatives in the UK Internet industry. The initial funding in year one for the foundation will be five million pounds. The foundation intends to launch in the summer of 2008.The foundation had been rumoured for some time, and this week it was announced the board and members approved the foundation’s establishment. Money used for the foundation will come out Nominet’s surplus, a somewhat controversial use of the surplus among some such as domainers who would rather a reduction in the price of domain names.Lesley Cowley, Chief Executive, Nominet comments: “Over the last few months, we have consulted with our members and wider stakeholders and received very positive feedback on the idea of creating the first foundation to fund research and educational initiatives in the UK Internet arena. We have already received some interesting suggestions for how the money could be used.”At the heart of our decision is the fact that Nominet is a not-for-profit organisation. We believe any surplus income should be used for the benefit of the UK Internet community. We now have a growing, successful .uk registry and the ability to fund worthwhile projects. We are extremely excited about the types of work the Foundation will be able to fund.”Alun Michael MP says: “As Nominet has already taken a leading role in promoting best practice in the UK Internet industry, it is very encouraging to see Nominet now taking this new initiative by creating a Foundation for the UK Internet. I strongly support the creation of the Foundation. I am sure it will strengthen the trust and confidence of users in the online environment and support the industry’s role in addressing the needs of users, businesses and society. This investment and engagement with the industry will make a real contribution to enabling the UK to remain a global leader in the fast paced world of the Internet.”