Rapid roll-out of new fund aims to grow University’s innovation clusters
Published: 13 January 2025
Innovation Cluster Development Fund is aimed at researchers and academic staff with innovative ideas that carry commercial potential, or any team considering launching a new business venture.
The University of Glasgow has launched a new fund to help support its researchers and academic staff who want to start a new venture or spin-out company.
The Innovation Cluster Development Fund offers an excellent opportunity for University teams, with innovative ideas that carry commercial potential, to secure flexible funding and accelerate the development of their business venture.
Applications for support are sought from today (January 13) and before the deadline of noon February 3.
As this initiative is part-funded by UK Government in partnership with Glasgow City Council, there is a requirement for monies to be allocated by the end of March 2025.
The fast, agile fund will broadly target the emerging innovation clusters within the institution and emerging entrepreneurial campus, and they are:
- Health & Life Sciences
- Critical Technologies (e.g. quantum, semiconductor, photonics and wider digital enabling)
- Energy & Net Zero (including engineering)
- Creative Arts
- Social Sciences (including professional services) & Social Innovation
The early-stage fund will enable staff and projects to focus on the development of ideas that may have potential for a spin-out venture or are worthy of exploration through other commercialisation routes.
It is anticipated project awards will be in the region of £25,000. Larger proposals are welcomed but cannot exceed the maximum Fund award of £50,000.
Bids can seek funding for wide-ranging support measures such as: Market identification and validation studies / customer discovery exercises; prototype design; data collation; platform design; diagnostics; IP development; proof of concept; pitch support; academic time buy-out; regulatory / compliance preparation; etc.
The Fund will be open to all academic staff at the University of Glasgow and prospective University spin-outs (where incorporated but have not yet undergone an investment raise).
Eligibility is wide, with projects needing to demonstrate the following broad criteria:
- Clear ambition to commercialise an idea or product or create a spin-out venture – with a potential pathway to realise this
- Customer-led focus
- Some evidence of a solution that meets an unmet need or market gap (however early) and has potential for competitive advantage
- Potential for intellectual property protection (could be unpublished data/know-how or patent filing)
- Alignment with one of the 5 eligible clusters, as set out above
Liam Middleton, Deputy Director of Economic Development, at the University of Glasgow, said: “The Innovation Cluster Development Fund provides a valuable opportunity to support projects that have the potential for commercial development, positioning them for growth and putting them on a pathway to impact.
“Its structure and eligibility reflect the strength and breadth of the University’s clustered innovation expertise, with a funding approach which helps build scale and visibility at pace.
“As we embark on a new year, this is the perfect moment to launch a new venture, and we encourage colleagues across the University to take advantage of this unique, time-limited funding opportunity.”
Anyone interested in finding out more information about the fund and how to apply can visit here.
First published: 13 January 2025