University’s Discovery fund raises first £1m
The new University of Cambridge Discovery Fund has raised its first £1m of a £5m target to help bring researchers' and academics' science-based ideas to life.
The Discovery Fund, part of the University's 800th Anniversary Campaign, was launched in mid May and is the latest evergreen seed fund held by the University.
It is managed by the University's commercialisation office, Cambridge Enterprise Ltd, as part of its seed funds and will provide pre-licence, pre-seed and seed investment for high tech ventures.
The fund can be used for PathFinder funding which provides up to £10k to carry out market and IP assessments, plan marketing strategies, and develop the business plan, or Concept funding of up to £80k for applied development and demonstration of a concept.
Sir David Walker, Senior Advisor to Morgan Stanley and a Cambridge alumnus, said: "In this current difficult economic climate it is even more important to support the efforts of innovators, and there is no more exciting place to do so than in Cambridge."
Cambridge Enterprise Seed Funds has enjoyed particular success over the last ten years in supporting new University companies. On average, every pound invested by the Seed Funds has attracted follow-on funding of £45 and funded companies employ over 1,700 people.
