What is AgorIP?
AgorIP brings an open access, open innovation approach to the commercialisation of innovation. Focussing on making a difference to the West Wales and The Valleys regions of Wales, the initiative is keen to support innovations that have the potential to be a positive influence in terms of improved health outcomes, commercial success or a combination of both.
We aspire to enable as much innovation as possible, from a variety of sources such as Universities, Health bodies or commercial enterprises.
With the help of Welsh Government and EU structural funds, AgorIP is working to create a national asset in the form of a pipeline of commercial opportunities, which will drive cutting-edge research and innovation for Wales’ global success.
Swansea University has adopted a philosophy of enabling innovation and bringing it to life rather than cherry picking the best from the rest.
This has driven a cultural change across the organisation and has resulted in a number of commercial projects underpinned by two Welsh Government funded successful initiatives in particular; InvestorG8 (an investor readiness programme) and SHIPP (Swansea Healthcare Innovation Partnership Programme) which have shown that this approach delivers results.
The name "AgorIP" was chosen to reflect a number of aspects of the operation.
"Agor" is the Welsh for "Open" - this is an essential element of AgorIP; it's an "Open IP" approach which recognises that transformative innovation doesn't just happen "in-house", it can happen anywhere and be brought in to transform an organisation's products or services. Equally innovation can be taken out of the organisation and licensed or commercialised elsewhere. This is one of the driving principles behind AgorIP.
While reflecting the programme's Welsh roots, the word "AgorIP" also echoes the Greek word "Agora" meaning "marketplace" - another driving principle of AgorIP being to accelerate the progression of innovation from idea to commercialisation or adoption; bringing innovation to life.
The AgorIP initiative is a £13.5 million programme supporting eligible projects with Assessment, Proof-of-Concept, and Investment-Readiness, which can be used to leverage additional backing from several different sources. Investment-ready opportunities will be introduced to appropriate funders and assistance is available where required throughout any negotiation processes.
Uniquely, the Swansea University Investment Fund can follow this up with seed funding matched with independent co-investment funding.