Wolverhampton innovation centre shortlisted for award
A PIONEERING innovation centre in Wolverhampton which provides support for independent inventors to bring their products to market has been shortlisted for a prestigious award.
The Caparo Innovation Centre (CIC) was set up in 2003 as a partnership between the Caparo Group of companies and the University of Wolverhampton.
The centre, based at Wolverhampton Science Park, has helped more than 800 inventors since opening in 2003. It assesses the viability of their ideas and has taken a number of different inventions through to market. It is staffed by a team of product and business development professionals covering a range of engineering, marketing, design and business skills.
Among the successful products to be developed through the centre is the Caparo Rightfuel, which prevents motorists filling up diesel cars with petrol.
The CIC has now been shortlisted in the Open Collaboration category in the Lord Stafford Awards, which recognise the best in collaboration between universities and businesses in the West Midlands.
John Wood, a Caparo director who has been involved in the CIC since the start, said: “The idea of the CIC was to create an imaginative new approach to turning product ideas into commercial opportunities.
“Working with the University of Wolverhampton we have been able to provide much-needed support to inventors by giving them access to a combination of practical business experience and advanced academic support.
“Through our combined expertise, we have been able not only to assess and develop product innovations, but also commercialise them in a manner that benefits all parties.”
He said the attraction for inventors was that the CIC provided more than guidance and signposting. It also dealt with prototype production, business plans and legal assistance.
“The beauty of the model is that inventors don’t even need to risk their own capital in commercialising the invention. Instead, the CIC will work for a share in the profits from the idea,” added Mr Wood.
“Meanwhile, Caparo or our other commercial partners can opt to take inventions to market, while the University of Wolverhampton benefits by being at the forefront of business engagement.”
Lord Stafford, Awards Patron, said: “For seven years, the CIC has been providing a vital service for inventors across the West Midlands.
“What most impresses me is the way the collaboration between Caparo and the university benefits both the partners and the inventors. This is a true academic and business collaboration which is helping to turn ideas into real wealth-generating products.”
The winners of the Lord Stafford Awards will be announced at a celebration dinner at Stoneleigh Park in Warwickshire on November 18.
