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12 November 2004
The University of Strathclyde has been awarded £550,000 from the European Regional Development Fund (ERDF) and Scottish Enterprise Glasgow to give technology spin-outs more chance of success.
The Technology Talent Initiative (TTI) will pinpoint and pay for up to six months the fees of chief executive designates who will drive the formation of new companies using technology developed by Strathclyde academics, with the aim of becoming Chief Executive Officers following a successful spin out.
Stuart Mackenzie, Strathclydes Spin-out Company Development Officer, said: We recognised that building effective management teams for spin-outs was a recurring problem. TTI will allow people with suitable commercial experience to lead teams for several months within the University, prior to launching new companies.
The initiative will also allow the right people to be recruited at the right stage, which in turn will give Strathclydes range of commercially-applicable technologies the best chance of reaching the market.
Strathclyde has been successfully spinning out companies for over 20 years, including Microlase Optical Systems Ltd (now part of Coherent Inc), Diagnostic Monitoring Systems Ltd, and Propharma Ltd. Stuart continued: Im delighted the ERDF and Scottish Enterprise Glasgow have recognised Strathclydes successes in this field and the potential of this initiative. We also anticipate more entrepreneurs will be encouraged to consider lead roles in prospective spin-out companies as a way of achieving their ambitions.
The University of Glasgow and Glasgow Caledonian University will also be able to utilise the scheme.
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