Wolverhampton University has joined forces with Caparo to create a fund aimed at facilitating research commercialisation.
Wolverhampton University and steel engineering company Caparo revealed a £400,000 ($500,000) last week to commercialise research conducted at the institution.
The CIC Investment Fund follows an ongoing collaboration between the two partners, which previously resulted in the £1.1m Caparo Innovation Centre (CIC), based at the university’s Science Park.
The fund will back spinouts emerging from Wolverhampton University. Representatives from the university and Caparo will take seats on portfolio companies’ board of directors to support an efficient exploitation of intellectual property.
The vehicle is headed by Andrew Pollard, who also leads the Caparo Innovation Centre. CIC offers new product development services to businesses and independent inventors.
Lord Paul of Marylebone, chancellor of Wolverhampton University and founder of Caparo, said: “This is a £400,000 technology investment fund, which will be a great opportunity for university researchers and will be extremely positive for the economic development of the region, through the support it will provide to new companies specialising in the science and technology sectors.
“Interestingly, the idea for this venture originally initiated during my time studying at the MIT in America and I hope it will act as an exemplar in how new innovation and technological development can help drive business development and growth; particularly at a time when there is so much uncertainty arising from the recent EU Referendum decision.”
