Proof-of-Principle (PoP) Programme
One of the major early hurdles to
overcome in IP commercialisation is
to find the early stage funding
needed to take a novel idea to a
demonstrable stage and thereby
validating the commercial
potential of that idea in order to
attract potential investors or
licensees. To overcome this first
hurdle the University has set up
a 'Proof-of-Principle' scheme for
projects with good potential.
The amount of money awarded
is usually around £100k but on
occasion up to £150k, often
to be spent over a twelve month
period to move the project on to the
next stage - for example, to finance
a prototype, more in-depth
market studies and/or the
generation of additional data
for a patent application. UMIP is
also very experienced in securing
PoP funding from a variety of
non-University sources.
Ideas are initially screened by
members of UMIP's Faculty teams
and then by a panel, including
members of UMIP's Investment
Committee. Applications are
assessed every three months using
criteria such as: IP situation,
applications of the idea, market
analysis, benefits and risk analysis.
A rapid and considered response is
given and successful applications can
commence immediately.
If you do things well,
do them better. Be
daring, be first, be
different, be just.
Anita Roddick
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