E-Synergy to manage new Emerald Fund for university research projects
Early stage investment specialist E-Synergy has been appointed to manage the new £1.25 million Emerald II Proof of Concept Fund to support London university research spin-outs.
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The fund will look at projects from nine of London’s universities, and follows the success of Emerald I, which over the last two years has awarded nearly £800k to more than 50 proposals with strong commercial potential for the creative and technology industries.
E-Synergy was chosen from a number of bidders by the Emerald Fund management board overseeing the awards, which is financed by the London Development Agency along with the consortium of universities led by London Metropolitan University (LMU). The fund’s purpose is to bridge the funding gap between the completion of a research programme and commercial exploitation.
“We are looking forward to working with E-Synergy once more on the Emerald Fund and building on the great successes to date,” said John Perry, acting head of innovation and enterprise at LMU.
E-Synergy has a record of providing early stage finance, management support and training to entrepreneurs developing businesses with high growth potential. As part of its role it will contribute around £250k in in-kind effort and support to the Emerald II Fund during its two-year lifespan.
“We are delighted to have been chosen to manage the Emerald II Fund and welcome the opportunity to continue working in this exciting environment and with these universities which have made such a strong commitment to supporting spin-out companies,” said John White, director of E-Synergy and co-ordinator of the Emerald Fund.
“London’s universities are responsible for much world-leading research in a wide range of areas including science, technology, medicine and the creative arts. The pre-commercial phase is a critical time because of the constant challenge of taking academic research and turning it into a commercial reality to give the products, jobs and economic wealth we will all benefit from in the future.”
E-Synergy will provide key elements of commercial and entrepreneurial support including proof of concept planning, business mentoring and specialist advice in areas such as technology and market validation and IP and copyright protection. It has already proven successful in identifying and developing those ideas with commercial potential through its management expertise and wide industry contacts.
As well as supporting the pre-company stage of university propositions through Emerald, E-Synergy manages a range of other investment funds including early growth and sustainable technology funds that can go on to provide investment support at all stages through to eventual exit.
The Emerald II fund will distribute two levels of award to successful applicants: mini-awards typically worth around £6,000 and standard awards of up to £40k. The universities benefit from eventual commercial success via licensing agreements or equity stakes.
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