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Merseyside Special
Investment Fund and Liverpool John Moores University Launch New Joint Funding
Programme May 25 2008  (picture shows: l to r Malcolm Stewart (Liverpool Ventures) Professor Michael Brown (LJMU) Chris Leyland (LJMU) Mark Fuller (MSIF) Liverpool John Moores University (LJMU) and Merseyside Special Investment Fund (MSIF) have joined forces to launch a new programme to help turn academic ideas into commercial businesses. The partnership means that new financial backing is now available for LJMU projects. It will support the commercial development of leading-edge technologies emerging from LJMU’s extensive research portfolio. Creation of high growth sustainable businesses are important to the region. Professor Michael Brown, LJMU’s Vice Chancellor said: “The availability of finance to transform research into commercial applications is critical to having a successful knowledge economy. This will have a real impact on our enterprise agenda, and cement our position in the top 25% of UK universities for company creation.” Up to £120,000 proof of concept funding will be available for each project, with a maximum of £100,000 being invested by MSIF and £20,000 by LJMU. This investment will be in the form of a loan to a new spin-out company, which will be set up for each successful project. Mark Fuller, Managing Director of MSIF’s fund management company, said: “We see this as an exciting new era of development for both the University and MSIF. Relationships, trust and understanding of interests is critical to any successful partnership and both organisations have worked hard to establish a great foundation for a long-term future” The funding will address a gap in the market for financing the early stage development of technology and new ideas, which are often seen as high risk investment propositions. Funds will be allocated on a competitive basis, with all applications initially being assessed by LJMU’s Business Development Centre. Chris Leyland, LJMU’s Deputy Director of Commercial and Enterprise Development, said: “ Each new spin out company will be set up based on full commercial principles.” Applications are expected from across the University’s diverse research and enterprise portfolio, including digital technologies, medical and life sciences, and advanced engineering. Only business ideas with an element of protectable intellectual property that will add real value to the region’s economy will be put forward to MSIF for consideration. As the venture capital experts, MSIF will make the final decision on which ideas receive financial backing. Mark Fuller continued: “We are looking to back great ideas with real potential in the real world. It is early days but the discussions we have already had with LJMU suggest that we can look forward to some very interesting opportunities in the next few months.” Spin out companies which prove their commercial potential will have the advantage of the opportunity to access further funding and support from MSIF.
Ends For further information contact Gillian Hunt at Liverpool Ventures 0151 482 5533 *Alliance Fund Managers (AFM) is regulated by the FSA in the course of investment business Back to more Liverpool Ventures news
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