LAUNCH OF NEW £1.25 MILLION EMERALD II FUND TARGETS COMMERCIALISATION OF UNIVERSITY RESEARCH PROJECTS

01 November 2007

University research projects with commercial potential are being offered more financial support following the launch this week of the £1.25 million Emerald II Proof of Concept Pre-Commercial Fund managed by early stage investment specialist E-Synergy.

The second Emerald Fund will provide funding and business support to projects spanning a wide range of sectors from eight of London’s universities through a consortium led by London Metropolitan University.

The London Development Agency-backed fund was formally launched at an event at 1 Whitehall Place, last night to an audience drawn from the academic, public sector and investment communities and which included showcase presentations from recipients of grants under the first scheme.

Emerald II is seeking to build on the success of the first fund which awarded grants worth nearly £800k to more than 50 proposals during its two-year lifespan. The outcome has been the formation of three new companies with a further eight in the pipeline, the filing or expected filing of 21 patents and 23 new collaborations with businesses. Eight universities were involved covering 6,500 academics and 160,000 students across a range of disciplines including strong representation in the creative sector. In addition, the first fund was earlier this year recognised as a Good Practice Case Finalist at the European Awards of University-Industry Cooperation with Regional Impact.

"We are delighted that the LDA is reinforcing the success of the first Emerald Fund by backing Emerald II and has chosen to increase the funding available by 50 per cent," said John Perry, Acting Head of Innovation and Enterprise at London Metropolitan University.

"The Emerald Fund is particularly exciting because it has opened up a huge previously untapped resource of potentially commercially exploitable ideas at eight universities specialising primarily in design, technology, creative arts, communications, social sciences and teaching who, prior to Emerald, had no access to funds to help de-risk those ideas or to provide support and access to business skills to the creators of those ideas."

Fund manager E-Synergy, which has a successful track record providing early stage finance, management support and training to entrepreneurs developing businesses with high growth potential, will contribute additional in-kind effort to assist with commercialisation with further support coming from the universities.

"We are delighted to have 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 is one of the world’s leading centres for research in areas such as science, technology, energy, medicine and the reative arts. The Emerald Fund seeks to address the challenge of turning that knowledge into viable companies that create the jobs and wealth of 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.

The Emerald II fund will distribute two levels of award to successful applicants. It is expecting to make up to 20 standard awards of up to £40,000 and up to 70 mini awards typically worth about £6,000 over the next two years. The universities benefit from eventual commercial success via licensing agreements or equity stakes.

ENDS

Notes for Editors

E-Synergy specialises in adding value to early stage high technology companies. Through a combination of seed finance, training and management and strategic support, we provide entrepreneurs and company managers with opportunities for accelerated growth and commercial success.

The Company was founded in 1999 by the CEOs of four major technology development and licensing organisations, to fill the investment gap which exists between business angel investors and conventional venture capital companies. The founding directors all have many years’ experience and success in the commercial exploitation of technology in UK and international markets. E-Synergy is authorised and regulated by The Financial Services Authority.

London Metropolitan University is the lead partner in the Emerald Consortium. The other members are City University, University of East London, University of Greenwich, Goldsmiths, Middlesex University, Ravensbourne and London South Bank University.

Contacts

John White E-Synergy 020 7583 3503
Chris Clarke Holt PR 020 8334 8355