ICL will restore internal tech transfer activities from its Imperial White City Incubator, in the process ending its arrangement with commercialisation firm IP Group.
Imperial College London (ICL) on Friday revealed plans to return to an internal structure for tech transfer services currently offered under its Imperial Innovations partnership with commercialisation firm IP Group.
The move is intended to account for the expanding entrepreneurial and commercial landscape, offering investors strong access to ICL spinouts and the academic research community.
Following the transition, ICL will provide tech transfer clients with commercialisation services including incubation, accelerator programs and co-working space from its existing Imperial White City Incubator, which will adopt the Imperial Innovations brand.
ICL will find roles for members of Imperial Innovations’ tech transfer team among others as it looks to cement its position as a leading European centre for innovation and entrepreneurship.
Ian Walmsley, provost of ICL, said: “Entrepreneurial activity has always been core to our academic mission and this move enables us to build on two decades of unrivalled expertise and knowledge to ensure the wider world benefits from the very best ideas we have to offer.
“I am grateful to IP Group for their careful stewardship of the brand and the staff.”
The number of ICL spinouts has doubled over the past five years, together luring approximately £1bn ($1.3bn) of capital and supporting 1,300 jobs.
Imperial Innovations became the first commercialisation unit of a UK university to spin off from its home institution in 2005 before rebranding as Touchstone Innovations in early 2017 to reflect the broadening supply base of its intellectual property opportunities.
The Imperial Innovations brand was maintained, initially as part of Touchstone Innovations and then of IP Group following its hostile takeover of Touchstone later in 2017.
Spinouts based on ICL technologies include remote monitoring company Permasense, acquired by engineering firm Emerson Electric in 2016 for up to $51.8m, and graphics diagnostics company GraphicsFuzz, bought in August 2018 by Google, the internet subsidiary of diversified conglomerate Alphabet.
