The funding will seek to take advantage of the vast commercial potential in science and technology innovation developed by Cambridge researchers and follows a series of recent initiatives from the university designed to support entrepreneurial academics. These include plans for four million sq. ft of high-tech development at Cambridge West and a new Innovation Hub in central Cambridge to host spinouts, startups, and entrepreneurs.
To coincide with the funding commitment, CIC is launching a new Entrepreneur in Residence (EIR) programme, in partnership with the university, to identify IP with the potential for commercialisation and to support academic founders as they begin to build a company.
By matching experienced deep tech and life sciences executives, many of whom have achieved significant exits with their previous businesses, with academics and high-potential IP, the EIR programme will increase the number of quality spinouts and accelerate the path towards viable commercialisation of the technology.
The EIR programme, which will maintain a rolling cohort of up to six EIRs, is the latest project to support spinouts from the university.
The University of Cambridge has also launched the Founders programme to support new company creation; the Technology Investment Fund (TIF), a new proof of concept fund to de-risk world class research and enable faster commercialisation; and an additional £30 million capital to the £100 million AUM Cambridge Enterprise Ventures (CEV) fund to support increasing university investment in spinouts.
CIC is committing at least £100 million as part of the launch of Fund III, its latest £250 million early-stage venture fund focused on the Cambridge ecosystem, to invest in University of Cambridge spinouts. Companies created within the EIR programme can access the new funding to support development from inception through proof-of-concept to early-stage growth.
Full story: Cambridge Innovation Capital commits £100M to University of Cambridge spinouts – Tech.eu
