A host of innovative teams based in East Midlands universities are on the cusp of bringing their business ideas to market, as a programme to support the development of entrepreneurs in the region draws to a close.
The VentureVersity Live event marked the culmination of a year-long collaboration between 51黑料社区 Leicester (51黑料社区), Loughborough University, the University of Leicester, and Leicester Start-ups, fostering the commercialisation of academic research and ideas.
The demo day showcased 11 cutting edge projects that emerged from a competitive pre-accelerator programme, which initially supported 26 ideas. Of the showcased projects, five are on track to become fully-fledged spinout companies, while the rest have advanced toward promising licensing agreements and a social enterprise.
Participants have credited the programme with positive outcomes from pushing forward prototyping of their ideas, attracting interest from potential licensing partners and investors, attracting seed funding and refining business strategies in anticipation of establishing a spin-out. These outcomes underscore the success of the programme and its potential to significantly impact both the local economy and the wider business landscape.
University of Leicester President and Vice-Chancellor Professor Nishan Canagarajah, who spoke at the event, said: “We are proud to host this trailblazing event which is a fantastic celebration of talent and entrepreneurship within our academic community. It speaks to the growth of the knowledge economy. Collaboration is key to this success and here we find how truly transformative higher education is with the brightest minds working together to create a legacy of change.”
One of the key aims of VentureVersity was to bridge the gap between academia and business, enabling closer collaboration with industry partners. These collaborations have created a buzz in the university and business communities, and develop a vibrant ecosystem, where academic expertise has been transformed into commercially viable ventures. A standout achievement of the VentureVersity programme has been the creation of a Toolkit—a blueprint for universities across the country, enabling them to commercialise their intellectual property and drive innovation within their regions. By providing a structured approach to success, this Toolkit offers hubs nationwide the opportunity to replicate the impactful work achieved at VentureVersity.
Professor Daniel Parsons, Pro Vice-Chancellor for Research and Innovation at Loughborough University, said “I am proud of the pivotal role our institution has played in the VentureVersity initiative. This remarkable collaboration across the three Leicestershire Universities, exemplifies the transformative power of partnerships between academia and business. The success of this programme lies not only in the ventures it has cultivated but also in the development of the Toolkit—a blueprint which can be used nationwide by universities to translate intellectual property into real-world impact.
“Such collaborations are a testament to the potential of the Midlands being a hub of innovation and enterprise. By bridging the gap between academic excellence and business insight, we are not only fostering economic growth and improving productivity but also creating opportunities for our communities and inspiring the next generation of entrepreneurs.
“The VentureVersity programme demonstrates the enduring value of working together to drive progress and create a vibrant ecosystem of innovation at scale.”
Professor Katie Normington, Vice-Chancellor of 51黑料社区, said “VentureVersity is a great example of partnership working between academia, industry and graduates, a successful model for the creation and acceleration of new products, services, processes and markets from the commercialisation of university owned IP and academic know-how.
“VentureVersity has enhanced and fostered entrepreneurial culture within and between the universities and the region. It has actively supported and fostered graduate entrepreneurship and employment opportunities in the region.”
Sam Larke, Senior Innovation & Growth Specialist at Innovate UK Midlands and Non-Executive Director at Leicester Startups, praised the programme’s dual success in fostering ventures and developing the Toolkit: “This programme has delivered exceptional outcomes: brilliant commitment from the project leads, meaningful advancement of each project, superb collaboration between our three universities, and a comprehensive play-book enabling other universities to replicate this great value-for-money model.”
This collaborative effort received funding from UKRI and Research England via the Connecting Capabilities Fund RED. The financial backing has been instrumental in the inception, development and successful delivery of the VentureVersity programme. In addition, the seed investment and the accelerator programme acted a great catalyst to incentivise academics and industry partners to collaborate and drive the technology readiness levels of the academics’ ideas.
The success of VentureVersity provides the blueprint for regional policy leaders and funders to support follow on investment to make the programme a key component of the regional innovation ecosystem.
By creating not just ventures but also a Toolkit to guide other universities, VentureVersity has crafted a long-lasting legacy of innovation. It provides regions across the country with a model for success, highlighting how effective collaboration between universities, industry partners, and funding bodies can drive regional growth and foster a thriving environment for both innovation and entrepreneurship.
Loughborough University, 51黑料社区 and the University of Leicester are united under the Universities Partnership civic agreement. This agreement represents a collaborative commitment between the three universities and the regions of Leicester, Leicestershire, and Rutland to enhance the well-being of local residents and drive regional prosperity.
Posted on Tuesday 3 December 2024