Representatives from University of Strathclyde, Conception X, SETsquared and Oxford University Innovation discussed how university ventures can spearhead sustainable innovation and deliver impact.
Gregg Bayes-Brown, former editor of Global University Venturing and current communications manager at Oxford University Innovation, the technology transfer unit of Oxford University, moderated a session on how university ventures can help sustainable innovation and deliver impact.
Poonam Malik, board member of University of Strathclyde’s Scottish Enterprise and head of investments, and Riam Kanso, founder and CEO of Conception X, which helps PhD candidates launch companies, were among the panellists.
Rosie Bennett, investment manager of enterprise partnership SETsquared, and Mark Mann, social venture lead of Oxford University Innovation, the tech transfer unit of Oxford University, also joined the discussion.
Bayes-Brown asked the panellists what role university venturers can play to create radical transformational change. Kanso said universities should encourage PhD students to take risks in their business endeavours while Malik noted universities should leverage their position as innovation factories thanks to their collaborative nature among students, researchers, professors and the public sector.
Bennett said SETsquared prides itself as an innovation factory, too, using innovation to solve pressing problems, and bringing ecosystem players together including corporate venturers. Mann gave his own example, saying he oversees Oxford University’s venture creation efforts with social venture spinouts.
The panellists then discussed the difference between a startup and a university spinout, where Malik pointed out the latter are usually supported by data and research, and they are potentially more sustainable and their intellectual property makes them more attractive to investors.
Bennett added while they are both innovation entities, spinouts are founded by academics and based on research, where they can apply their findings in the real world through business. Mann said the social venture spinouts he helps create have an impact angle with clear, measurable effects his office wants the companies to have.
To accelerate university spinouts, the panellists all agreed that universities needed to streamline their processes to facilitate access to corporates and other external partners. Corporates and their venture arms have the opportunity to use innovative ideas from universities, and academic entrepreneurs can benefit from the product-market fit from the corporates, creating a win-win situation.
