It is widely recognised that there is an ‘innovation gap’ between the early stages of an invention or idea and the point when it is mature enough to be commercialised through a license or spin-out company. The new initiative aims to raise up to £5 million to create a self-sustaining fund to help develop inventions based on research at Oxford University to the point when they can attract commercial investment.
“Many university-based inventions lack well-developed product prototypes and vital experimental data to help them succeed, and obtaining funds for such work from venture capital providers or research funders is still a problem,” said Tom Hockaday, Managing Director of Isis Innovation. “The aim of this fund is to support the work needed to make even more Oxford inventions attractive propositions for licensing or investment.”
“The Oxford Invention Fund provides the opportunity for donors to the university to see their donations used to support innovation and enterprise in Oxford, and to see a return to the university from successful new business ventures,’ said Bernard Taylor, Chairman of Isis Innovation.
Isis Innovation has managed the Oxford University Challenge Seed Fund (UCSF) which, since it was first launched in 1999, has awarded £5.7 million, financing 102 projects and prompting the formation of 31 spin-out companies and the completion of 51 commercial deals.
The new Oxford Invention Fund is modelled on the UCSF, with returns from its investments re-invested in further projects so that it can continue to support innovation at Oxford for many years to come.
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