University Alliance have joined a coalition coordinated by TenU, urging government to expand a national fund that supports proof-of-concept (PoC) funding. The aim is to bridge the gap between research and commercialisation, and support academics to get their innovations ready for investment.
The coalition of organisations includes Knowledge Exchange UK, the Russell Group and University Alliance, which aim to highlight barriers to university commercialisation and economic growth, with a particular focus on ensuring that proof-of-concept funding is available across the UK.
Together the coalition represents over 120 UK universities as well as other knowledge exchange and technology transfer organisations.
Whilst acknowledging the £40m PoC fund issued by the government in their Autumn Budget, which is dedicated to supporting inventors to test and validate their ideas so they are more attractive to investors, the coalition are arguing that the first £9m tranche of the fund is significantly oversubscribed with thousands of academics to miss out.
Coming together today with all partners, the coalition are hosting an event which will bring together leading universities, investors, founders, industry experts and policy makers to explore how the potential of PoC funding can be unlocked.
TenU has also commissioned a working group, including representatives from PoC funds, national funders, investors, and industry, to devise creative ideas for the future of PoC funding.
After a series of in-depth sessions, TenU is recommending a bold development of the PoC fund in which public funding is offered alongside support from the business world to test, validate and research markets for their breakthroughs – with investors also brought in to support the application and decision-making process.
The recommendation is being released ahead of TenU’s latest event: “Pathway to Growth: Driving Innovation Further, Faster” which is being held at the British Academy on 20 May – where the working group’s chair Adam Stoten will present the findings.
Vanessa Wilson, CEO of University Alliance said:
“We need a more level playing field in supporting proof-of-concept for all universities, so that our economy and society can gain from the incredible range of talent and creativity across the UK.”
Adam Stoten, Evotec and Chair of Working Group said:
“In my work with university commercialisation experts, investors and founders, I’ve heard the same story again and again: great ideas stuck in limbo. Research funding runs out before commercial viability is established, and investors aren’t yet ready to step in. Inventors need time and resource to understand commercial potential, build a prototype or conduct a “killer experiment”. PoC funding can bridge that gap.
“With its world-class research base, the UK should be a global leader in spinouts. A more strategic and sophisticated approach to PoC funding would dramatically increase the number of successful spinouts, licences and high-growth start-ups from UK universities.”
Dr Ananay Aguilar, head of TenU, said:
“We’re bringing together leading universities — including TenU’s international members — alongside investors, founders, industry and policymakers to explore how we unlock the potential of Proof of Concept (PoC) funding.
“The Government is betting on innovation to drive growth, and spinouts are key to that. But too many breakthroughs stall without early support.
“This event highlights the breadth of support behind a renewed vision for PoC funding — and the opportunity to leverage the UK’s world-class research for societal and economic impact.”
