The Spinout Support Framework
The Spinout Support Framework is open to Graduates, Postgraduates, Researchers, Academics and individuals or existing companies developing new projects in conjunction with the university.
Key Criteria
- The enterprise must have a link to the university which is mutually beneficial and ongoing. The nature of the link is open to discussion and could take many forms. Examples range from the transfer into the business of the university's intellectual property, to the enterprise becoming the subject of SME research by the Glyndwr Business School.
- Is established as a new company limited by shares (or is an existing company less than 3 years old working on a new development) and
- Is based in Wales.
Early during the application process, the business idea will be vetted by the academic School involved and a risk assessment undertaken. If the link is deemed suitable, the university will fully support the application. In exchange for this support, the university will expect to take a 5% equity stake in the business.
If you have an idea what do you do?
If you have an idea which you think may be suitable for support you should contact our Commercial Manager.
What do we offer?
Support for Specialised Consultancy
The Commercial Manager has a support consultancy budget which may be spent on specialised support for the new business. This is intended to assist with due diligence activities such as, investigate markets, investigate intellectual property (IP) and generally develop the business to become investment ready. It may also be used to pay for incorporation of the company. Specialist help is available with finance, technical and/or business issues to enable you to develop a business plan. Once established there may even be assistance with incubator accommodation for the first 12 months.
Mentoring Support
Throughout the development of the business, before and after start-up, support will be available from the Spinout manager. Help can be given with business planning, including financial planning, marketing, legal, personnel issues and funding sources.
Spinout Funding
Tier 1: Starter loan
A loan of between £5,000 and £25,000 can be made to early stage businesses, based on needs identified in the business plan and the business’s ability to repay. The loan is repayable over 5 years and is interest bearing (please enquire for current interest rates).
Tier 2: Post proof of concept funding
From £10,000 to £100,000 as a loan or equity, or combination of both, is available for technology development and market validation. This funding can be used to support the development of product demonstrations or pre-clinical trials, develop partners or collaborators, refine the technology or strengthen management and IP portfolios.
Tier 3: Scaling funding
From £10,000 to £500,000 as a loan or equity, or combination of both, is available to fund product/business development and a move towards full commercialisation.
For further information and details of the application process please contact Suzanne Riley, Commercial Manager on 01978 293491 or solutions@glyndwr.ac.uk