Turning research into commercial reality
The search is on for 'would be' entrepreneurs who want to turn their research
ideas into a successful business.
The third RCUK Business Plan Competition is launched this week (Friday 1 June
2007) and is open to researchers from across the breadth of activity supported by
the Research Councils (ranging from science and technology to the arts).
The competition provides researchers who have commercially viable ideas with
the skills, knowledge and support needed to develop a first-rate business plan.
Minister for Science and Innovation, Malcolm Wicks, said:
"It is discovery that provides the starting point for innovation, but it is in
developing the foundations for a product or service through a sound business strategy
that leads to commercial success.
"These awards will help promising researchers develop the skills needed to take
their ideas to the shop floor."
All competitors will get business training and mentoring along the way and the
winning team will also receive a cash prize to further their business idea. The
final will be held in November 2008.
Speaking on behalf of the Research Councils UK, Professor Philip Esler said,
"UK research in science, technology and the arts ranks among the highest in the
world. The RCUK Business Plan Competition is an exciting way to showcase some of
the most innovative research and help commercialise some of the best projects."
Last year's winning team Warwick Warp, a spin-out company from the University
of Warwick, scooped a prize of £25,000. They developed a highly accurate fingerprint
identification technology for use in personal ID cards, passports and access control
systems. They are now starting their second round of fund raising to further develop
the company.
The other finalists have also benefited greatly from the mentoring received during
the competition and all have enjoyed further success with their business plans.
Dr Valerie Ferro, leading the Strathclyde University team, said: "The data obtained
in constructing the business plan was extremely useful in putting proposals to companies.
We are also about to file a new patent thanks to the mentoring received whilst working
on the business plan."
- ends -
Notes for editors:
Those teams were:
- Unique software-based fingerprint identification system (Warwick University.
Warwick Warp)
- From healthcare to video gaming - unlocking the potential of 3D imaging
(Dr J Paterson, Oxford. Eykona Technologies Ltd).
- Computer animated textures for clothing and interior design (Professor M
Chantler, Heriot-Watt University. TotallyTextures Ltd).
- Oral vaccination – aiding the global fight against disease (Dr V Ferro,
Strathclyde University. Platform Technology for Oral Delivery of Vaccines).
- Easier breathing – more effective treatment for respiratory diseases (MG
Iobbi, ICSTM. Medical Device for Patients with Respiratory Disorders Dependant
on Oxygen Therapy).
- Combating the software bugs that affect the reliability of consumer products
Dr K McDonald-Maier, Essex University. Ultrasoc Technologies Ltd).
- Speeding up pharmaceutical and cosmetic testing with new biosensors (Dr
D Naseby, University of Hertfordshire. Biosense Technology).
The competition is open to researchers based in UK Higher Education Institutions
(HEI's) or Public Sector Research Establishments (PSRE) from across the whole spectrum
of academic research - from the arts and biosciences, environmental, physical and
social sciences to technology.
Postgraduates, postdocs and academic staff who have a business idea arising from
research and want to develop this further are encouraged to participate.
Full details on how to take part in the competition will be available at
http://www.rcuk.ac.uk/Publications/reports/. You can
also contact the Competition Manager for further information. Contact Sarah Cooper,
tel: 01793 444422, e-mail:
rcbpcomp@epsrc.ac.uk
About Research Councils UK
The seven Research Councils are independent non-departmental public bodies, funded
by the Science Budget through the Office of Science and Innovation. They are incorporated
by Royal Charter and together manage a research budget of over £2.8 billion a year.
Research Councils UK (RCUK) is the partnership between the UK's seven Research
Councils. Through RCUK, the Research Councils work together to champion the research,
training and innovation they support. 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 and Technology Facilities Council (STFC)
Contact:
Chloë Somers
RCUK Press Officer, Tel 01793 444592