Record number of inventions at Manchester University
THE company responsible for helping University of Manchester spin-out firms take their first steps into the commercial world said it enjoyed a “highly rewarding year” last year.
In its latest accounts UMi3, formerly UMIP, said it had a record number of invention disclosures in the year to July, up 7% to 397.
Chairman Krishnamurthy Rajagopal said: “Whilst a more moderate increase compared to that in previous years, it is an oustanding achievement and reflects the flourishing pipeline of projects coming through from the university’s research.
“We concluded 31 royalty bearing licences or assignments in the year and our licensing income once again exceeded £1m at £1.03m.”
During the year the university received £2.3m from selling its stakes in businesses and the existing portfolio attracted £26m in venture capital investment.
The UMIP Premier Fund, which invests in the university’s spin-outs, completed its investment stage during the year, investing in 12 spinouts and 30 proof of principle projects. UMi3 also struck a commercialisation deal with the London-based IP Group which agreed to invest an initial £5m into new spin-out businesses, in return for an equity stake. The deal will last for up to five years.
During the period UMi3 recorded sales of £4.9m, up from £4.6m, and made a small pre-tax profit of £18,000, down from £190,457 last time.