Quantum Dice has responded to the independent review of university spin-out companies, which examines how UK universities spin-out companies and makes 11 recommendations to ensure that university research can be turned into commercial success:
As a University of Oxford spin-out company, we read the UK Spin-out Review and its 11 recommendations with interest. The ability to commercialise research effectively is crucial for innovation and building the industries of the future. Encouraging productive spin-out ecosystems is particularly important given the UK’s aim to become a science and technology superpower.
We welcome the development of a clear and standardised template for spin-out term sheets developed by universities, investors and founders outlined in recommendation 1. This will reduce wait times during the spin-out process and enable the founding team to work on its go-to-market strategy.
We support recommendations 1 and 5, the former which details the recommended amount of university equity for both IP-intensive and less IP-intensive spin-outs and the latter which encourages government funding for proof-of-concept funds to develop confidence in the concept prior to spinning-out. Both are geared towards encouraging earlier stage VC funding and greater inward investment into the UK’s startups. These recommendations will equip founders with the confidence and courage to pursue innovation and the development of new technologies.
We are especially pleased to see the report’s focus on smaller research universities and under-represented regions. Giving founders from all institutions and particularly those that have been traditionally underfunded or overlooked, access to guidance and capital from experienced organisations is crucial in the development of a productive and self-sustaining spinout ecosystem that can rival the most innovative examples in the world.
