Posted on 17/06/2011
Yazan Mufti, Science and Technology Investments chairman and Honorary Fellow, invests £125,000 in a new fund.
As Universities Week celebrates Big Ideas for the Future, Royal Holloway, University of London has announced new funding to help academics investigate the commercial opportunities of their research.
The new “Gateway Fund” will establish the commercial viability of an idea through activities such as market reports, patent analysis, intellectual property protection and the building of prototypes.
The funding was announced to coincide with Universities Week, which yesterday celebrated the innovative research that universities carry out in its Big Ideas for the Future day.
It has been possible thanks to a contribution of £125,000 from Science and Technology Investments chaired by Honorary Fellow, Yazan Mufti. The College has matched this to create a fund of a quarter of a million pounds. Yazan is an entrepreneur with business interests in the United States, Europe and the Middle East who is keen to support the talented researchers he has met at Royal Holloway over the eight years he has been associated with the College.
The new Gateway Fund significantly enhances the capacity of the College to support entrepreneurial ventures and encourages staff to consider and develop the potential social and commercial impact of their work by not only providing funds to explore ideas but by giving them an opportunity to shape the development and have a significant stake in the outcome. It is expected to make awards typically of £30-£40k in staged payments as project milestones are reached.
The fund will be managed by the College’s Research & Enterprise team and the application process will be announced in the next couple of weeks. The application process will be rigorous but designed to be as straight forward as possible with decisions on funding being made within two weeks.
Yazan said: “I have come across exceptional thinking in the arts and sciences at the College with powerful ideas to advance humanity. This extends to the research and enterprise team who managed to bring their concept of investment in ideas to reality in record time and impressive professionalism. As an Honorary Fellow of the College I am honored to help in advancing the talented thinkers in our outstanding College. I am confident that some will succeed in making the world a better place.”
Professor Paul Layzell, Principal of Royal Holloway, added: “This is fantastic news for our academics and the pioneering research that they carry out. The College is grateful for the financial support that Yazan Mufti is providing."