Joint Proof of Concept Fund
The Higher Education Funding Council for England (HEFCE) provided the College with funds to support knowledge exchange from Institutions to Business. Imperial Innovations were the technology commercialisation partner for Imperial College London.
The College is partnered with Imperial Innovations combining part of the HEIF allocation with Innovations strategic funds to provide a £500,000 Innovation, Market and Impact Fund to support further development of research outcomes generated at the College. Projects were supported that could demonstrate that they could advance sufficiently with the requested funds in order to able to attract additional appropriate support to permit further progress.
The fund supported development of innovations that had arisen from College research. HEIF proof of concept funds were able to support activities that:
- Have progressed research outcomes beyond the stage where it is applicable to be supported by either RCUK funded Impact Acceleration Accounts or Confidence in Concept funds;
- Have not been able to apply to the above either Impact Acceleration Accounts or Confidence in Concept funds due to eligibility requirements, i.e. exploitable outcomes that have arisen from sources not funded by RCUK;
- Early stage market assessments to determine the scope and applicability of research outcomes, previously supported directly by Imperial Innovations.
Funding was able to support activities including:
1) Development of the project such that it addresses a specific barrier that is preventing the attainment of translational funds or will run in parallel to existing translational funds adding value to the overall development of the project;
2) Further develop existing technology/acquire new data in order to identify additional avenues for exploitation or acquire additional data in order to prove a specific potential;
3) Translational activities that are not currently provisioned for among existing internal College funding;
4) Focussed market assessment to provide guidance on how to refine the position of a technology;
5) General early market assessment activities to understand a technology position and determine possible routes for exploitation.
The call is now closed for applications, there are currently no available funds to support further rounds.
For further information contact:
Dr Mark Bambury, Funding Strategy Manager (firstname.lastname@example.org)