Teri Willey quits as head of Cambridge Enterprise

Teri Willey, chief executive of Cambridge Enterprise, the university’s technology commercialisation arm, is leaving after five years in the job. Next month she takes up a new post in New York. Richard Jennings, currently Deputy Director will serve as Interim Chief Executive.

Willey saw the company through its incorporation as a wholly-owned subsidiary of the university in December 2006. In the three years following Cambridge Enterprise completed 878 technology transfer transactions, had a 73 per cent rise in consultancy activity, and made 17 investments in companies based on university research.

Over the same period, total income from licensing, consultancy and equity transactions exceeded £27 million, with £22 million of that amount returned to university researchers and departments.

Cambridge Enterprise also manages equity in more than 70 companies on the university’s behalf. Since 1995, spin-outs have raised more than £600 million in follow-on funding and now employ close to 2,000 people.

“Teri’s leadership has established Cambridge Enterprise as an integral part of the research activities of the University of Cambridge,” said Edward Benthall, Chairman of Cambridge Enterprise. “She has strengthened a team of committed and highly talented professionals whose advice and support is freely sought by academics in all the major research departments of the university. Her talent and her wisdom have assisted materially in the achievement of the university’s mission to contribute to society, not just over the last five years but for many years to come.”