Information for Entrepreneurs
This information for Entrepreneurs is intended to explain the framework of the IPSO Entrepreneurs Programme to potential entrepreneurs themselves, to describe the university's expectations, outline the methodology IPSO use and to give the entrepreneurs a general Heads-Up based on the experience of others (feedback invited - please remember to recommend additions or edits from your own experience).
CONTEXT
- Directed Research - is that what this is about?
- Does Fundamental Research have value here?
- Why so much talk of Translational Innovation?
- Demand: Why is a Market-led approach better than a technology-led approach?
ACTION & RETURNS
- Inputs - who does what?
- Inputs - what resources do I have at my disposal?
- Inputs - who will be working with me?
- Outputs - who learns what?
- Outputs - what does the university expect from me?
- Outputs - what happens next?
- Outputs - will IPSO invest in further research, licensing projects or spin-outs?
METHODOLOGY
- How long will this take?
- What are we looking for - what questions need addressing?
- Documentation: what is recorded by whom?
- Are we just looking for spin-out opportunities?
- What if a technology is not the complete solution, needing further development or additional IP from elsewhere?
GENERAL
- Do I need to sign an NDA before I start?
- What does IPSO mean by "assess technology from a demand perspective"?
- Entrepreneurs - how does IPSO define this term here?
- How does the Programme cover a wide technology base when I can only give my narrow personal perspective?
- Any useful Dos and Don'ts?
- Will I be expected to participate in workshops, lectures and wider education on innovation?
VIEW FROM A UNIVERSITY
- Why do universities need additional industry connections?
- Industry connections already sponsor some university research projects. Is this an issue?
- Why should a university do this?
- Who selects the Entrepreneurs and how?
- What if the university doesn't get on with one of the Entrepreneurs?
- How does the university keep in touch with who is talking to whom and when?
RESULTS
CONTEXT
Directed Research - is that what this is about?
Absolutely not. We do not expect universities to change the focus or content of research as a result of the Programme but simply to benefit from a more effective method of understanding the potential of their current projects. We work alongside existing tech transfer activities.
By bringing in the industry view of a research portfolio, with the help of our Entrepreneurs who are best placed to know, we help avoid the need for academic researchers to have to attempt to assess industry’s perspective. [Back to the Top]
Does Fundamental Research have value here?
Certainly. Research may itself be of value, or may generate associated technologies of value.
Research that explores fundamental principles generates the major breakthroughs in our understanding and has led to many (or perhaps even all) of the disruptive technologies that we use. Unfortunately extraordinary breakthroughs do not happen very often but even though such definitive results are rare, fundamental research is still of great value as the researchers involved are often forced to create new tools - the picks and shovels of their technology area. Where there is fundamental research we can be sure to find new tools and, unlike the Venture Capital community, we are not only interested in the disruptive technologies. [Back to the Top]
Why so much talk of Translational research?
Government sources now talk about Translational research or translational science to describe attempts to convert research in to workable industrial application. As such, the IPSO Entrepreneurs Programme is a translational tool itself. [Back to the Top]
Demand: Why is a Market-led approach better than a Technology-led approach?
Now that ... you can, no doubt, work out for yourself. [Back to the Top]
ACTION & RETURNS:
Inputs - who does what?
IPSO will help you to work out which departments are most relevant to your own experience and then we arrange for you to go in to those departments. You meet the Professors and other Researchers, assisted by an IPSO contact. Your IPSO assistant will generate the documentation and work with you to clarify your assessment of the different technologies that you discuss. IPSO will also ensure that the work integrates appropriately with the Tech Transfer team as we are enhancing, not replacing, existing Tech Transfer initiatives. [Back to the Top]
Inputs - what resources do I have at my disposal?
We will cover your costs and expenses, as we have discussed, but the main resource you need is your own personal experience. The real asset that you bring is your knowledge of what industry needs, and your willingness to engage with academics. We will also support you with the input of one of the IPSO team members to assist you and to make relevant introductions, maintain the link with the Tech Transfer team, sort out the documentation and generally to make the Programme run smoothly. [Back to the Top]
Inputs - who will be working with me?
An IPSO team member will work with you, providing the essential link with Tech Transfer plus help with documentation. The IPSO Directors will add their input on demand, as will Tech Transfer, and the university will ensure that you have access to relevant contacts in the departments of interest. IPSO will work with you to coordinate this. Typically we will focus on those researchers whom we understand to be most receptive to discussions on commercialisation and, inevitably, the target list will change as your input develops. IPSO runs Workshops for academics and attendees who are typically enthusiastic about an Entrepreneur's visit ... so you may well connect first via a Workshop session
. [Back to the Top]
Outputs - who learns what?
The university gains an understanding of what current research the outside world values and the university may choose to exploit this through industry grants, commercialisation activities (spin-outs or licensing) or other cooperation as it sees fit. If you are lucky you might just learn where your next technology startup is coming from. [Back to the Top]
Outputs - what does the university expect from me?
The university expects Entrepreneurs to bring an understanding of demand and to take a highly personal view of the technology in the university pipeline specifically with respect to its short and medium term value with regard to industry needs. You have no obligation to take any further action on particular opportunities. [Back to the Top]
Outputs - what happens next?
That depends on what you conclude: individual research projects that have some demand value may require further development or addition of IP from elsewhere. They may be ready for some form of commercialisation immediately, or (more likely) will need further assessment before a clear conclusion can be reached. We will present findings to the university (with your input as appropriate) and may include a proposal for development involving IPSO Ventures. [Back to the Top]
Outputs - will IPSO invest in further research, licensing projects or spin-outs?
Possibly. We seldom invest in research projects but may well assist with licensing, or work with the university to create a viable spin-out if appropriate. Opportunities will be assessed on a case-by-case basis and there is no obligation on the part of the university to work with IPSO to provide follow-on services.[Back to the Top]
METHODOLOGY:
How long will this take?
We expect you to make 2 to 5 one day visits over an 8 to 10 week period, but the precise time input is not fixed. It is largely up to you. The Programme itself will last a number of months, and involve the work of a series of Entrepreneurs like you in a rolling programme. [Back to the Top]
What are we looking for - what questions need addressing?
We are assisting universities to identify technologies, IP, research programmes or other research that has generated results of value to industry or might be expected to do so within the next two years. There may be opportunities to create such outputs if specific further work could be completed or if specific additional IP or know-how could be combined with the technology in question. We expect that the majority of interesting technologies will only be of value in terms of demand when combined with technologies from elsewhere - inside or outside the university - and we consider the definition of "a project" to be defined by the demand and not by the university definition of a project from a single academic or lab.
Questions to address:
- what is the demand to which this technology has value, if any?
- what could limit development of the technology to its full commercial potential?
- what other technology is needed?
Note: it is important to avoid the typical Venture Capital mindset here, namely "is this a disruptive technology?". We are not looking for potential venture capital investments and will not be assessing opportunities as such. Instead we are seeking out the hidden technologies for which the demand is clear to an expert from the market. [Back to the Top]
Documentation: what is recorded by whom?
Documentation will remain the responsibility of IPSO, led by your IPSO assistant. We will collate the documentation, including details of metrics for each technology considered by an Entrepreneur to be potentially interesting. You will of course have some work to do to make sure we understand what you find but working closely with us will minimise the pain. [Back to the Top]
Are we just looking for spin-out opportunities?
Absolutely not. Few of the technologies will be suitable for spin-out, many will have potential for licensing in the near term, and others will have potential for further development. IPSO do not seek to invest in the output of the Programme per se, though we may do so on occasion, and thus your brief is to assess the technology from the point of view of industry demand, without reference to the fundability of the technology as a Venture Capital backed company. [Back to the Top]
What if a technology is not the complete solution, needing further development or additional IP from elsewhere?
We expect that in the majority of cases technologies will represent an incomplete picture or part of a solution and we will advise the university, with your input, on the nature of the missing pieces of the puzzle.
GENERAL:
Do I need to sign an NDA before I start?
No. For your first meetings we do not expect academics to reveal commercially sensitive information. However if, between us, we decide to look more closely at a specific technology then it may at that point be desirable to agree terms for Non-Disclosure. We will not be able to discuss details of any technology which is intended to be patented until NDAs are signed. [Back to the Top]
What does IPSO mean by "assess technology from a demand perspective"?
We simply mean that we want you to assess what you hear about simply from the viewpoint of the current demand from industry for the innovation in question, or the expectation of demand in the near future. The critical point here is that this perspective must be based on personal experience and governs the narrow focus of your input i.e. dig out what you understand and don't worry about the rest. [Back to the Top]
Entrepreneurs - how does IPSO define this term here?
IPSO Entrepreneurs must have knowledge of industry demand for technology. As such they are most likely to have recently exited a technology company through trade sale or IPO, but may have a Venture Capital or other background that we believe gives them a unique view of industry demand. Your experience-based view is likely to be very specific with respect to industry sectors, product areas and markets. [Back to the Top]
How does the Programme cover a wide technology base when I can only give my narrow personal perspective?
The IPSO Entrepreneurs Programme provides a rolling programme of entrepreneurial expertise, introducing a series of Entrepreneurs to each university with each individual focussing on a narrow area. Together the Entrepreneurs' expertise gives a wide coverage of technology. As such, a new entrepreneur will be appointed once you complete your own study and we expect to rotate entrepreneurs on a quarterly basis in a rolling programme. [Back to the Top]
- Do assess as many technology ideas, programmes and projects as you can, applying an open mind as to the source of useful technology.
- Don't try to assess demand in areas where you do not have personal experience.
- Do look beyond the individual; researchers take an academic viewpoint and could be more interested in discussing elegant technology solutions rather than valuable ones.
- Don't expect to find a complete solution ready to go.
- Do bring your own personal viewpoint to bear; this is exactly what we value.
Will I be expected to participate in workshops, lectures and wider education on innovation?
Not if you are not interested in doing so. Our request, however, is that you attend parts of relevant Workshops simply to meet and connect with academics whom you may then visit in the labs - Workshop participants include many of the most entrepreneurial and inventive academics in each university. [Back to the Top]
VIEW FROM A UNIVERSITY:
Why do universities need additional industry connections?
"Strategies which deliver a faster, more flexible interface with business and more co-operation between actors in the innovation system seem likely to return the greatest dividends to the UK economy." Extract from the Wellings Report: IP and Research Benefits (Sept 2008). The connections we expect to make under the IPSO Entrepreneurs Programme are anticipated to be different from, but complimentary to, each university’s existing industry relationships and will be driven from a demand perspective. [Back to the Top]
Industry connections already sponsor some university research projects. Is this an issue?
No, this is not an issue as the IPSO Entrepreneurs Programme does not threaten any existing contracts between industry and the university. We do however expect that the Programme will result in the creation of a number of new collaborations from new and existing sponsors made aware of the university's appetite for translational research. This will be a valuable by-product of this Programme. [Back to the Top]
Why should a university do this?
This is not intended to create commercially focussed research. However it should:
- increase opportunities for commercialisation of existing and future research improving the exploitation of that research for the benefit of the wider community;
- bring current knowledge of industry demand into the university without having to employ experts directly, and gaining input from some of the top exponents in their individual fields; and
- demonstrate to Government that action is being taken to create value from research where possible.
Who selects the Entrepreneurs and how?
IPSO Ventures, through its association with international team builder BSG Team Ventures, seeks out the entrepreneurs after consultation with the university about the areas of particular interest to that university. It is IPSO's task to find suitable entrepreneurs but the university gets to select which of these individuals are given privileged access. [Back to the Top]
What if the university doesn't get on with one of the Entrepreneurs?
The university will withdraw access to university-owned technology if the university is uncomfortable with the contribution from a particular individual. [Back to the Top]
How does the university keep in touch with who is talking to whom and when?
This is another of IPSO's tasks, liaising closely with the technology transfer staff. IPSO will maintain a diary of all visits and meetings and the technology transfer staff will be informed before the meetings take place. [Back to the Top]
RESULTS:
What are the best success stories from the Programme so far?
See our Success Stories page.
[Back to the Top]
To be continued ...