The University of Glasgow has launched a fund to help support its researchers and academic staff who want to start a new venture or spinout company in the coming year.
The Innovation Cluster Development Fund is aimed at academic staff and university teams with innovative ideas or business concepts that carry commercial potential, offering the chance to secure flexible funding and accelerate the development of new ventures.
According to the university, the fund will broadly target ideas within five innovation clusters including energy and net-zero; health and life sciences; social sciences and social innovation; creative arts; and critical technologies, such as semiconductors, photonics, and quantum computing.
Applications for the first round of funding are open from today (January 13th) and must be in before the deadline of noon on February 3rd, with more information about the fund and how to apply available here.
It is anticipated that project awards will be in the region of £25,000, although larger proposals will be welcomed as long as they don’t exceed the maximum award of £50,000, with all project budgets to be delivered in full by 31st July 2025.
Bids can seek funding for wide-ranging support such as market identification and validation, customer discovery, prototype design, IP development, proof of concept, and pitch preparation, among other services designed to accelerate innovation and growth.
Although eligibility for the fund is being kept as wide as possible, projects will need to demonstrate potential for commercialisation, along with a pathway towards this, as well as evidence of an unmet need or market gap the venture looks to solve, alongside the competitive advantage the project offers.
Projects should also have the potential for intellectual property protection, have a customer-led focus, and alignment with one of the five clusters set out above.
“The Innovation Cluster Development Fund provides a valuable opportunity to support projects that have the potential for commercial development, positioning them for growth and putting them on a pathway to impact,” said Liam Middleton, deputy director of economic development at the University of Glasgow.
“As we embark on a new year, this is the perfect moment to launch a new venture, and we encourage colleagues across the University to take advantage of this unique, time-limited funding opportunity.”
Source: DIGIT