Available funding sources

Proof-of-Principle Programme

One of the major early hurdles to overcome in IP commercialisation is to find the early stage funding needed to take a novel idea to a demonstrable stage and thereby validating the commercial potential of that idea in order to attract potential investors or licensees. To overcome this first hurdle the University has set up a ‘Proof-of-Principle’ account for projects with good potential.

The amount of money awarded averages £50,000 to be spent over a 9/12 month period to move the project on to the next stage, for example, a prototype, more in-depth market studies and/or the generation of additional data for a patent application.

Ideas are initially screened by members of UMIP’s Faculty teams and then by a panel, including members of UMIP’s Investment Committee. Applications are assessed every three months using criteria such as: IP situation, applications of the idea, market analysis, benefits and risk analysis. A rapid and considered response is given and successful applications can commence immediately.

Development Funding

Through UMIP, sources of further funding exist to give follow-on support to exceptional projects with outstanding commercial potential which have successfully completed ‘Proof-of-Principle’ (POP). These investments are usually in the £100K to £750K range and are used to maintain momentum in a licence project or spin-out or to “gear-in” seedcorn funding beyond the POP phase. Funding requirements for spin-outs tend to be much higher than for licence projects.

UMIP has a regular dialogue about its deal flow and POP projects with the UMIP Premier Fund (UPF) and other "seed" funds. UPF operates mainly in the late seed stage (£250K to £750K) with an ability to invest up to £3M in any spin-out. It is an independent fund, managed by MTI Partners and has an office on campus. The website is www.theupf.com