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University of Warwick?s EFS programme spreads across West Midlands
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Topic R&D, Standards and Certifications
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EXPANDING WEST MIDLANDS SCHEME IS ?CHANCE OF A LIFETIME? FOR ENTREPRENEURS
University of Warwick?s EFS programme spreads across West Midlands universities with target to create 70 businesses inside three years
Sheffield, UK and Worldwide, November 6, 2003 /Wi-Fi Technology News/-An innovative new business scheme pioneered by the University of Warwick in Coventry was described as ?the chance of a lifetime? as it was formally launched across the West Midlands this week in front of a packed audience of more than 200 business leaders, key influencers and investors.
The EFS (Enterprise Fellowship Scheme) was the first of its kind in England when launched by The University of Warwick and Coventry University in 1999. Designed to encourage staff, students, and alumni to turn technology ideas into real businesses, it grew rapidly and at The Belfry Golf and Conference Centre near Birmingham its expansion to cover the Universities of Central England (Birmingham), Keele, Staffordshire and Wolverhampton was confirmed.
?The EFS programme has grown immeasurably over the last year and I have no doubt it represents the chance of a lifetime for the fellows who are chosen,? said David Rowe, Director of the University of Warwick Science Park, as he opened the EFS New VentureFest celebration evening.
?The scheme members have an enormous opportunity with all kinds of support to turn their ideas into reality. They should work it for all it is worth.?
Mr Rowe revealed that other universities in the United Kingdom ? including York, Edinburgh, Cranfield and the University of Oxford ? were already modelling their schemes on what has been created in Coventry. He said that discussions with Cambridge University were also taking place.
EFS Director Isabell Majewsky told the audience that the aim was to create 113 enterprise fellows across the six West Midlands universities over the next three years. Based on an estimated success rate of 65% that would create 73 new West Midlands located technology, science or engineering based businesses.
?The EFS programme gives people the chance to turn their ideas, vision and enthusiasm into a thriving, well planned business and I am very proud that it all started from the University of Warwick and Coventry University,? she said.
New companies created through the EFS programme which were highlighted during the evening included: -
? PIXELearning: Providing games-based e-learning solutions to the training and education industry.
? MembraSense: Dealing with the development of biosensors based on bilayer lipid membranes, which behave very much like those of biological cells but with a lifetime of many months. The principle is widely applicable in pharmaceutical development and in clinical diagnostic medicine.
? Musit UK: The promotion of creative music making via the internet and/or e-mail for people regardless of their prior experience of music or technology.
? Seventh Form: Software/web development and associated services using innovative software working in partnership with clients to identify, co-develop and market new software products for their market sector.
? Fordax: An IT business solutions company that will deliver efficient, functional solutions for Mobile Data Collection providing a complete end-to-end solution.
Many of the presenters acknowledged the part the EFS programme had played in their success. Only six fellows are selected from each university per year and one successful fellow told the audience that the selection panel was ?more difficult than pop idol!?
Following the business presentations the evening was concluded with a dinner, where the guest speaker was Trevor Baylis, the inventor of the famous clockwork radio.
The University of Warwick?s introduction of the Enterprise Fellowship Scheme in England followed the pilot of similar schemes in parts of mainland Europe, particularly The Netherlands. It works by offering support to staff, students and alumni from participating universities in assessing the feasibility of their business idea and then providing an environment and tailored help to create viable commercial businesses.
Applicants need to prove they have the time and commitment to develop their idea, which must be innovative and technology based. They must be able to demonstrate the potential of their plan and must be willing to set up any future business in the West Midlands. They are assessed by an expert panel before being offered a place on the EFS programme.
Once approved, the newly appointed EFS ?fellow? is offered a unique package of support. This includes: -
? Access to an interest-free loan of up to ?10,000, repayable after the second year, over a five-year period
? Hot desk accommodation at a science park or equivalent
? Tailored business development seminars to aid business planning
? Personal development and training programmes
? Business mentoring to access specialist commercial expertise
? Networking opportunities and benefits
? Connect Midlands membership
? Academic mentoring to support the R&D elements of the business development process
? Dedicated extranet resource facility with on-line business advice
? Placement in a host department at a university which will offer access to facilities
? Enterprise fellows status at his/her university
Mentors for the scheme are welcome, from all business disciplines. People interested in getting involved should either contact Ms Majewsky on 024 7632 3316 or the EFS Business Development Manager at the participating university.
The EFS programme is funded by the European Regional Development Fund, Mercia Institute of Enterprise and in association with HSBC.
Further information from Brian Dolby or Rebecca Southern at GBCS Public Relations on 0115 9508399
Or
Sue Heath at Warwick Ventures on 024 7632 3329.
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