Research Councils UK (RCUK) today launches the fourth RCUK Business Plan Competition.
This hugely popular competition offers a prize of £25,000 to the researchers who
present the most commercially viable business plan to a panel of experts. Participants
receive training throughout the competition which equips them with the necessary
skills to find successful routes to market.
Last year's winners were Blackford Analysis with their 'real-time' MRI scanner.
Up until now, one in ten MRI scans was useless because of distortion, but the team
developed a complex algorithm which enables technicians to look at the quality of
images in real time. Blackford Analysis's process also means that images can be
stabilised, so that despite movements from the patient, which previously would have
made the scan invalid, the image remains static and useable. This new technology
is set to greatly reduce the number of wasted scans, saving hospitals and health
authorities millions, as well as ensuring scans produce results for patients.
Dr Ben Panter, who led the team at Blackford Analysis, said: "The competition gave
us the training to prepare a top quality business plan which has been invaluable
to us in our search for investment and the prize means that we are in a stronger
equity position than would otherwise have been the case."
If you're a researcher who thinks that your research has commercial potential but
you're not sure what to do next and want to learn more about routes to market for
your research, then the RCUK Business Plan Competition is an ideal opportunity to
take your ideas further.
Professor Dave Delpy, RCUK's Impact Champion, is excited about the coming round:
"Last year's RCUK Business Plan Competition produced outstanding finalists and I'm
looking forward to seeing an equally impressive set of entries this time round.
RCUK is delighted to support some of the most innovative research coming out of
the UK and this competition is just one of the many ways we encourage researchers
to bring their research to market."
For the first time the Arts and Humanities Research Council (AHRC) will be leading
the delivery of the RCUK Business Plan Competition on behalf of all the Research
Councils. Professor Rick Rylance, Chief Executive of AHRC, said: "This is an excellent
opportunity for researchers from all disciplines to learn about the business planning
process, make key contacts and take positive steps to commercialise the outcomes
of their research in line with Research Councils' missions. The AHRC is proud to
be leading this year's competition and we look forward with all the Research Councils
to seeing new business ideas and entrepreneurial flair coming through from the UK’s
vibrant knowledge base."
An application form and further details on how to take part in the competition can
be found
here. The closing date
for entries is 4 December 2009.
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Notes
Contact:
Chloë Somers
RCUK Press Officer
Tel: 01793 444592
About the RCUK Business Plan Competition
- The competition is designed to help entrepreneurial researchers from across
the UK find successful routes to market. Once accepted for the competition you
will benefit from training through a two day commercialisation workshop.
- If you are successful in moving through to the second phase you will receive
finance training and have access to a wide range of skilled experts with experience
of research exploitation. They will help to guide you in the preparation of
a high quality business plan the essential requirement for marketing your business
idea to potential investors.
- Prizes of up to £25,000 will be awarded to the business plans judged to
have the best potential to help turn business ideas into reality.
- To participate in the competition you need to submit a one-page outline
of your business idea by 4th December 2009.
- An application form and further details on how to take part in the competition
can be found
here
About Blackford Analysis
Blackford Analysis is a University of Edinburgh group which develops commercial
solutions based on the MOPED algorithm, originally in astrophysics but now generalised
to any problem where large sets of data must be analysed quickly. Their current
application covers medical imaging, and enables MRI for patient groups who cannot
stay still for the duration of a scan such as children and the very ill. The technology
has many uses beyond astrophysics and MRI, and Blackford Analysis welcomes enquiries.
The group is in the process of spinning out into a company, but currently is part
of the University's School of Physics and Astronomy.
http://www.blackfordanalysis.com/.
About Research Councils UK
Research Councils UK is the strategic partnership of the UK's seven Research
Councils; they invest annually around £3 billion in research, covering the full
spectrum of academic disciplines from the medical and biological sciences to astronomy,
physics, chemistry and engineering, social sciences, economics, and the arts and
humanities. www.rcuk.ac.uk.
The seven UK Research Councils are:
- Arts & Humanities Research Council (AHRC);
- Biotechnology & Biological Sciences Research Council (BBSRC);
- Economic & Social Research Council (ESRC);
- Engineering & Physical Sciences Research Council (EPSRC);
- Medical Research Council (MRC);
- Natural Environment Research Council (NERC);
- Science & Technology Facilities Council (STFC).