The Rainbow Seed Fund has been awarded a £1.5m share of the government’s Public Sector Research Exploitation (PSRE) fund. The successful bid was lead by the Science and Technology Facilities council (STFC).
This award will assist early stage and high-risk ventures through the introduction of experienced entrepreneurs into spin-out companies, to shape and support the creation of small businesses in the
Set up in 2001, the fund has already invested £3.5m in helping to create 17 spin-out companies, which between them have raised well over £35m in additional capital. This £1.5m award takes its total asset base to £10m.
Rainbow Seed Fund’s advisory board chairman Bruce Smith said ‘Our progress to date is clear evidence that the science carried out in UK public research institutes has real commercial potential. Rainbow Seed Fund works hard to turn ideas into businesses, and this award will allow us to bring together experienced entrepreneurs and first class technology in an even more effective fashion.’
CLIK Knowledge Transfer chief executive Tim Bestwick added: ‘As a lead partner in Rainbow Seed Fund, STFC is delighted that its performance so far has been recognised by the PSRE fund with this award. Without such backing and support in the early stages, commercial opportunities arising from scientific discoveries and new technologies can easily be lost.’