Financial assistance to commercialise emerging life sciences and bio-science technologies and research from the Genomia Consortium of research organisations (Scotland).
The funding for any single project will not exceed £250,000.
Investment may be made as a reimbursable grant (repayable plus interest and other financial returns once commercialisation is achieved), unsecured loan or equity investment.
The Genomia Fund is provided by Genomia Management Ltd to support the commercialisation of research and technology emerging from the Genomia Consortium of publicly-funded research organisations in Scotland. Investment funding is made alongside business start-up and development support, mentoring and knowledge transfer assistance to optimise the commercial exploitation of proven research with commercial potential.
Investments are made in three areas:
Proof of Principle
Support for initial investigation of ideas, which may still be at a conceptual stage with no clear assessment of market demand or prospects. Assistance is available for proof of concept studies, initial market research and early-stage patent advice or application. Following the Proof of Principle stage, projects should be able to demonstrate good commercial prospects and be ready for the next stage of development.
Funding at this stage is typically used for:
- Assessment of ideas and proof of concept studies.
- Development of mock-ups and working models.
- Development of technical specifications.
- Initial market assessments and identifying technology niches.
- Assessing IPR protection requirements, forming IPR strategies and filing preliminary patent applications.
- Downstream R&D collaborations with external partners.
- Drafting outline business plans.
Technology and Business Development Investment
Support to further broaden the technology definition and continue the development towards prototyping and business plan formation for ideas or technologies that have passed the Proof of Principle stage.
Investment funding is made to support:
- The further development both of the core technology and plans for commercialisation following positive assessment of market prospects arising from the Proof of Principle stage or
- The development of early stage technology demonstrations and formulation of commercialisation strategies where proof of concept has been demonstrate.
Following Technology and Business Development Investment, successful projects will move onto the next stage or be in a position to approach third parties to pursue commercialisation under licensing or joint venture agreements. Funding will typically be used for ongoing R&D to refine and improve the technology (including personnel costs, consumables, specialist equipment and other direct costs), to collate market information and prepare more extensive business plans, and carry out activities to secure expressions of interest for sales and potential licensees.
Activities eligible for support include:
- Early stage product/process research.
- Expanding the technology definition.
- Second stage research work to advance technology into pre-production prototyping.
- Pre-clinical trial testing.
- Developing full business plans.
- Developing IPR portfolio.
- Employing business development managers.
Technology Transfer and Commercialisation Investments
Following the Technology and Business Development Phase, support is available to optimise the exploitation strategy and raise the profile of the technology among the target groups. Projects will typically be at an advanced stage and be seeking significant investment to come to market and achieve commercial reality. Funding is provided to implement product or technology commercialisation plans following the demonstration of technical and market feasibility, covering expenditure such as professional fees, production of prototypes, travel, testing programmes, attendance at trade shows etc., including:
- Preparation of marketing materials, attendance at trade shows etc.
- Development of exploitation strategies for technologies that have already been funded through the programme.
- Preparations for partner negotiations.
- Costs of setting up spin-out companies.
- Strengthening the management and covering of IPR arrangements.
Investment is not available for well-established companies, although early-stage companies which have been established by a consortium member may receive support for the further commercialisation of an emerging product, process or technology.
Assistance is available to commercialise life sciences and bio-science orientated research and technologies emerging from the Genomia Consortium group of research institutions. Investment is targeted at the earliest stages of development where the scientific and business case may not yet be proven.
The Genomia Consortium partner institutions include:
- Forestry Research.
- Moredun Research Institute.
- Royal Botanic Gardens of Edinburgh.
- Scottish Association of Marine Sciences.
- Pirbright Institute.
- James Hutton Institute.
- Scottish Rural College.
Maximum funding limits for each project stage are:
- Proof of Principle between £5,000 and £25,000.
- Technology and Business Development between £50,000 and £100,000 per year, over a maximum of three years. Match funding requirement increases per year, according to:
- Year 1: 25%.
- Year 2: 35%.
- Year 3: 50%.
- Technology Transfer and Commercialisation:
- Maximum investment of 50%.
- £5,000 to £10,000 for licensing.
- From £50,000 for start-up companies.
Costs associated with eligible projects.