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The UK government has committed £40m ($50m) to proof of concept funding over the next five years. How should the money available be deployed? One idea — inspired by the Flemish approach — is to set up investment committees of industry, VC and university experts to allocate the money.
But is it enough money? Andrew Williamson, managing partner of venture fund Cambridge Innovation Capital, says he was delighted by the announcement because he was told by the government initially that there was no money at all, and then that they would provide £20m over three years.
The commitment remains small by international standards. Paul Van Dun, general manager of KU Leuven Research and Development, says the five universities in Belgium’s Flanders region have access to five times as much money. Anne Lane, chief executive of UCL Business, the tech transfer arm of University College London, was able to build an internal pot of £7.5m thanks to a successful spinout exit but the university still needs more money to fund every opportunity.
Andrea Taylor, chief executive of Edinburgh Innovations at the University of Edinburgh, says it is even harder in Scotland, where the government’s formula isn’t as generous when it comes to higher education innovation funding.
For Russell Schofield-Bezer, chief executive of consultancy RSB Advisory, proof of concept funding ought to be part of the country’s industrial strategy: if the UK wants more quality spinouts, it has to put money into the proof of concept stage necessary to create commercially viable businesses.
This podcast was recorded at the TenU summit at the Tate Modern in London last week.
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