Newsletter - Edition 26
Maximising the Returns from your Research: Addressing the Challenges in Commercialising Research
Professor Chris Leaver, chair of the University's Technology Transfer Advisory Group, welcomed attendees to this seminar held on Wednesday 9th September at St John's College.
He explained that the purpose of the evening was to describe to researchers methods by which they could commercialise the outcomes of their research and the support systems available to assist them in the process.
Dr Paul Drayson, Chief Executive of PowderJect Pharmaceuticals plc, outlined the reasons for starting a new company, the steps required, the challenges and how to overcome them based on his own experience. PowderJect was founded in 1993, based on technology developed in the Department of Engineering Science.
Dr Drayson said that by starting a company researchers might generate funding for their research. He emphasised the need for researchers to protect their intellectual property and decide their role in the company -full time manager or part time research director? Investors would be seeking a business with a clear competitive advantage; a high quality, value added product or service unique enough to command a premium price; superior management; high growth rate potential; high profitability (or potential) and international awareness and scope. Researchers should take reasonable risks and avoid "all or nothing" strategies. They should aim to build a company strong enough to withstand the inevitable set-backs. To do this they would need to build a strong management team (manage as a business not a research project), establish good financial controls (businesses can go bust while making a profit), demonstrate achievement of objectives and work to eliminate weaknesses in the company. Paul closed on a positive note - his final slide was entitled 'It Is Worth It!'.
Mr Philip Wright, European Theatre Leader, Financial Advisory Services, PricewaterhouseCoopers briefly outlined his firm's role in assisting companies like PowderJect and his firm's commitment to the sector.
Mr Richard Moon, Assistant Director, Financial Advisory Services Technology Group, then discussed the key areas that need to be addressed in raising finance. He emphasised the relatively high availability of seed capital and further round financing for start-up business. He went on to discuss the benefits that a financier could bring in terms of encouraging good housekeeping within the business and the importing of additional management talent. He stressed the need for the originator of a business idea to be clear on what he or she wanted to derive from creating a business and to be flexible about the advantages of in-filling with other talent. He talked about the likelihood of a university-based commercial innovator having international significance, and to bear this in mind in developing the market for the product. He spiced his presentation up with one or two well selected cartoons.
Mr Chris Baker, Tax Partner, Technology Industry Group, noted the importance of tax planning both from a shareholders.
Dr Tim Cook described the support available to researchers from Isis Innovation that included funding of patents, identification and negotiation with potential licensors, development funding to increase the strength of patents Isis has filed. He also described Isis' success in spin-out companies. Since March 1998 Isis had raised £3.6 million of external investment and founded three companies.
This event concluded with a panel discussion followed by cheese and wine. Isis Innovation would like to thank PricewaterhouseCoopers for its kind sponsorship of a very popular and successful evening.
Newsletter - Edition 26 Contents
- The Role of Protein Structure
- Protein Folding
- New Generation Vaccines
- Maximising the Return from your Research