Swansea University and xénos, the Wales Business Angel Network are celebrating the second anniversary of a pioneering joint initiative which is helping to create more new commercially viable businesses in the Swansea area.
The results over the last two years have been encouraging. Since spring 2012 nearly 50 ideas have been assessed leading to 18 spin-out companies being formed, 14 patents filed, 6 intellectual property licenses negotiated and over £1 million of further research and development funding leveraged.
The initiative brings the commercial expertise of xénos investors or ‘business angels’ together with the ideas and research of Swansea academics. By introducing xénos angels at a very early stage to evaluate business proposals, the University is able to identify and support work that has strong potential for commercialisation and the prospect of becoming high-growth companies.
Dr. Gerry Ronan, Head of Intellectual Property Commersialisation in the Department of Research and Innovation at Swansea University started the ‘Angel Clinic’ project in 2012 alongside Dr. Colin Lucas of xénos and business angel Peter Brooks of Ashgrove Management.
Dr Ronan explains
“To have created 18 spin-outs in the last two years is a great achievement and the University has now established activities like market assessment, proof of concept, company formation, administration, financial management and investment readiness to create a clear path for research with commercial potential to follow. I consider it to be a great success and a credit to the xénos team.”
Dr. Lucas of xénos who helped develop the initiative and was also involved in earlier pilots of the project, said:
“Swansea University has shown a strong desire to provide real benefit, advice and support to its academic members of staff. Working together has allowed us to demonstrate the value that our angel network can bring to the commercial development of ideas and intellectual property, and to the creation of new businesses."
xénos’ initiative with Swansea University joins a growing list of co-investment partnerships led by Finance Wales, including MoUs with Fusion IP for Swansea and Cardiff University and the recent MoU with Swansea University’s Institute of Life Sciences.
To read the full article please visit:
- Tuesday 10 June 2014 11.27 GMT
- Tuesday 10 June 2014 11.50 GMT
- Department of Research and Innovation, Tel: 01792 606410