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University Commercial Evaluation Service Pilot

University Commercial Evaluation Service Pilot

A new service to appraise commercial opportunities arising from university research in the region was trialled in October as a potential further addition to YABA's portfolio of business activities.

The aim of the new Commercial Evaluation Service is to co-ordinate discussions about specific new technologies, products and services between business angels, the academics and the University's commercialisation managers.

Says YABA Manager Barbara Greaves: "We hope to show that this is an ideal partnership which will forge closer links to university technology transfer offices. The region's universities have a steady flow of potential business opportunities, and this new service offers both support to business development managers in their decisions about the commercial potential of new business ideas, as well as an opportunity for investors who might like to become involved at an earlier stage in the commercialisation process."

The first Assessment Forum was hosted by Leeds Metropolitan University on 25 October at Old Broadcasting House in Leeds. Two research projects, from the University of Hull and Leeds Metropolitan University, were presented and discussed with a panel of four business angels.

Feedback from the event was entirely positive. Andrew Raby, Business Development Manager at Leeds Metropolitan University, said: "The panel's experience was highly relevant to the research project we presented and they offered valuable and specific advice and information, both to the academic and to me, in terms of how we might best proceed with this project. We were pleased to hear that we were on the right track and to have the extra input as to what our next steps could be and how these could be taken forward. They also suggested further areas of commercial potential that we'd not foreseen, which was great. There's always an element of risk when working with early stage products that may have commercial potential, but the evaluation service initiative will be useful in helping to put us on a more solid footing as to the direction and best markets to head for."

Presenting at the event was Hilary Hamer, Industry Liaison Manager of an innovative digital technology developed at the University of Hull which tracks food consumption in controlled environments such as hospitals, care homes and prisons. Both Hilary and co-inventor Matthew Taylor believe that the evaluation service could become a very popular offer from YABA. Hilary said: "It's highly unusual for researchers with a fledgling business proposition to have the opportunity to discuss ways forward with exactly the right industry experts. We all want to know 'is there really a commercial application here? Can it be profitable?' and for us, this event managed to condense what would have taken a protracted period of investigation and market research into a morning's discussion. This is hugely important as this sector moves quickly and if we're to capitalise on our research outcomes then we need to make some decisions in a short timeframe."

A second event is being planned which may be hosted by the University of Huddersfield. Says Barry Timmins, the University's head of Business Development & IP Commercialisation: "It'll be great to meet and build relationships with sector experts and angel investors in the region – this is something that I can see becoming a very valuable aspect of YABA's service".

Angel View: Neil Smith

Already a volunteer mentor for a 'Business Buddies' community scheme which helps unemployed people start up their own businesses, Neil Smith from Clear Image MMS Ltd was delighted to be invited onto the panel.

"I thoroughly enjoyed the event and would definitely take part again. I initially got involved because I like helping young businesses get on the right track, and I was intrigued to see what early stage innovations might be presented by universities that broadly matched my experience. Amazing products can arise from blue skies research but I think it's important for academics to be clear about the best and most lucrative potential markets for innovative research as early as possible, otherwise progress can quickly become unfocused. This is where I think the panel were able to add most value to the academics, advising them in particular to concentrate on who would buy the product, rather than developing a product or service – however innovative and brilliant – that doesn't have a defined customer base. I wouldn't want to stifle research for research sake, but having an end game is key if you want to commercialise. As YABA members, we see many investment opportunities through the Investment Forums and intranet that have thought out their commercialisation direction, so to see them at a pre-investment stage is really interesting."

Angel View:: Mike Booth

"I thought this was an extremely worthwhile event and, from talking to the academics, they agreed. For the panel, there was a 'feel-good factor' in offering objective and constructive feedback, to help crystallise thoughts about where embryonic businesses need to go and what they need to do to get there. I particularly enjoyed the open discussion format, which allowed the parties to talk freely and sparked constructive ideas. I think it is also useful to involve panel members from non-related sectors, as a bit of lateral thinking can have a really positive effect.

It's not often we see pre-investment propositions like this and, from an investor's point of view, it offers a very different and interesting opportunity to get involved with early stage ventures. The benefit to the enterprise is that the business experience of the panel can help to steer it in a commercially viable direction, avoiding some of the pitfalls which can only too easily hamper the development of a young business.

I think this service could be a valuable addition to YABA's portfolio of services supporting the region's business community, I'd like to see it continue and I would happily take part again. The medium to longer term benefit is that it's adding to the pipeline of investable local companies."

For further information about the Commercial Evaluation Service, please contact Barbara Greaves on barbara@yaba.org.uk or 01423 810149

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