IP Group Signs Flagship Agreement with The University of Manchester
Source : AG-IP News
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MANCHESTER - IP Group plc, the developer of Intellectual Property based businesses, announced that it has signed a commercialisation agreement with The University of Manchester which will be operated by its technology transfer company, UMI3 Limited, according to University of Manchester press release.
The University of Manchester, a member of the Russell Group, is one of the country’s major research universities. According to the results of the 2008 Research Assessment Exercise, the University is rated third in the UK in terms of ‘research power’, behind only Oxford and Cambridge. The University has a long history of innovation, having designed and built the world's first stored-program electronic digital computer as well as being responsible for the birth of ‘aeroacoustics’ (how to minimise sound created in jet engines). It is now also the home of the BP International Centre for Advanced Materials, the National Graphene Institute and the project office of the Square Kilometre Array at The University of Manchester's Jodrell Bank Observatory.
Under the terms of the agreement, IP Group will create a Proof of Principle (“PoP”) funding facility for the identification and formation of new spin-out companies. The Group has agreed to make available an initial facility of up to £5 million to provide capital to new proof of principle projects intended for commercialisation through spin-out companies. In return, IP Group will receive equity stakes in such spin-out companies on pre-agreed terms. IP Group has the right to invest further in these companies as they progress. In addition, IP Group will provide access to its relevant experts, business building expertise, mentoring, coaching and co-investing networks, recruitment and business support.
The agreement, which is a for a minimum term of four years, or five years subject to certain conditions, covers the majority of the areas of materials and clean technology, electronics and communications and all non-therapeutic life, medical and human sciences and information technology.
Alan Aubrey, Chief Executive of IP Group, said: “Manchester has an outstanding reputation in research, ranking third in the UK, as well as an impressive track record of innovation. This agreement augments our existing partnerships while also giving the Group access to an additional source of extremely high quality dealflow. We have been impressed not only with the pipeline of opportunities at the University but also with the professionalism of the technology transfer team. We are pleased to have entered into this agreement and look forward to working with the UMI3 team and making our first investments.”
Clive Rowland, CEO of the University of Manchester Innovation Group, said: “IP Group offers excellent access to public market funding and expertise in university technology transfer developed over many years, and at a significant scale, which will be very valuable to the University in continuing to expand its spin-out activities. A far horizon of proof-of-principle and connected follow-on funding is critical to the success of university propositions, as is a deep understanding of early stage technology investing which makes IP Group an ideal partner for us. Therefore we are very pleased to see IP Group as part of the University’s enterprise community. I’m sure that this arrangement will be successful in improving the scale, quality and speed of companies spinning out from the University.”