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Nanoco Group 50 UNIVERSITY SPIN-OUT While in Atlanta Nigel became enthused by the start-up boom, and he used this interest to look into launching a company to address the key challenge of commercialising quantum dots. Although quantum dots had a number of potential uses, the major hurdle to their commercialisation was being able to produce large amounts of high quality material. Pickett worked in the lab in the evenings and at weekends in his 'spare time', and devised a synthesis process that could produce large quantities of quantum dots to enable the scale-up. This was based on early experience in finding that potential users needed considerable assistance to handle, adapt and make use of the materials when first introduced to them. Michael Edelman joined the company as CEO in 2004, which brought business experience to the company and enabled it to identify the best early commercial targets for the use of quantum dots. Having a CEO who combined a research and commercial background triggered early stage investment from the University's own seed fund and the regional technology fund. These investments enabled the company to establish an operating capability which led to its growth and eventual listing on the Alternative Investment Market. The proximity of the University enabled the company to punch above its weight because of access to equipment and the institution's very constructive approach to the assignment of intellectual property (IP). The University's role as an early stage investor helped to attract others. The international profile of the University and the inventors lent the company credibility in the eyes of overseas customers. Its location in the north west of England was also a great advantage as the region's heritage as a centre of the chemical industry meant that not only were premises such as the major chemical plants in Runcorn, Cheshire available but there was also a local supply chain for speciality chemicals and the customised electronics for automating production processes. The ability to manufacture gave the company a global competitive advantage in commercial rather than just research applications. Initially, laboratory operations were based in the chemistry department but these were soon relocated to the University's Innovation Centre (UMIC).