SETsquared Partnership

Universities of Bath, Bristol, Southampton and Surrey

Four leading UK research universities (6,500 academics, 7% of UK’s research budget) partnering in enterprise and collectively supporting the growth and success of new business opportunities through spin-outs, licensing and incubation.

The SETsquared Partnership:

• develops new businesses from university research (“spin-outs”) and supports early stage, high-growth potential technology companies from the wider business community;
• supports access to UK and US markets through international collaborations

The Management Team:

The Management Group comprises the four Directors responsible for Enterprise (encompassing knowledge transfer and the exploitation of research) at each institution, currently:-

• Keith Robson, Director of Research and Enterprise Support, University of Surrey - Chairman
• Ronald Humphreys, Director, Bath Ventures, University of Bath
• Neil Bradshaw, Director of Enterprise, University of Bristol
• Tony Raven, Director of Research and Innovation Services, University of Southampton

They are responsible for the day-to-day activity of the Partnership and for integrating activity at each institution.

Executive Board:

The Executive Board comprises individuals with oversight of Enterprise, Innovation and Knowledge Transfer activities at the four institutions. Current Board members are:-

• Jane Millar, Pro-Vice Chancellor (Research), University of Bath
• Guy Orpen, Pro Vice-Chancellor (Research & Enterprise, University of Bristol
• Phil Nelson, Deputy Vice-Chancellor, University of Southampton
• Steve Williamson, Deputy Vice-Chancellor, Research & Innovation, University of Surrey

Our Activities:

Business Acceleration Centres

• Four centres support early-stage, high-growth potential technology ventures, both from within and outside the universities;
• Each centre provides entrepreneurs with access to industry specialists, investors, business mentoring (through our network of mentors) and guidance from centre-based experts and panels together with physical office space;
• Currently supporting over 100 companies;
• Over £120m of early stage funding raised in last four years and 1000 jobs created.

Investor Showcase

• Annual Investment Showcase in London for 20 SETsquared Partnership companies, attracting a high quality audience of over 120 investors - venture capitalists, business angels, high net worth individuals and government funding bodies;
• Associated intensive investor-readiness programme;
• Over £100m funding raised in the last 5 years by showcased companies along with significant customer orders.

Business Creation & Technology Transfer

• Technology Transfer professionals have fostered close working relationships with academics, bridging the gap between complex academic research, its commercial application and business creation;
• 37 spinouts in last four years; 5 IPO’s in last five years > £230m in value;
• Over £180m capital raised and £30m of captive seed funding awarded.

US/UK Science Bridges Progamme

Two year program with £1.5m of funding has already delivered a five times return on investment.

Applied Research

• Develop strong relationships with the University of California San Diego and the University of California Irvine and identify areas of collaboration for research in stem cell and regenerative medicine, wireless and sustainable environment technology.
• Over 250 academics engaged and 19 new cross border research collaborations created with a further 23 follow-on projects and over £30m applied research bids in the pipeline.

Start-ups

• Accelerate the development of technology startups into US or UK markets through established networks and processes in southern California and southern England.
• 40 new technology companies supported into international markets creating jobs and wealth for the UK;
• Over 150 UK companies assessed, including companies from Oxford, Cambridge, London, Reading and NESTA; 21 substantively assisted; 5 UK companies bridged into Southern California;
• 4 US companies introduced to the UK and one already valued at $10m, with research contract in UK, one receiving UK VC investment;
• Mirifice, a Bath incubated company, stated that the knowledge gained through US introductions saved them £2m and two man-years of work. They also gained over £500k in initial contracts following their visit.

Evolution of SETsquared

The development of the Partnership has been catalysed and funded through a range of Government programmes:-

1999 University Challenge Fund

Bid led by Bath to establish the Sulis Seedcorn fund with Bristol to invest in spin-out companies. The Fund was extended in 2001 to bring Southampton into the Limited Partnership, raising the Fund to £9m (Surrey is part of the Cascade Seed Fund consortium);

2001 - Science Enterprise Challenge - second round

Wessex Enterprise Centre bid with Southampton and Bath, led by Bristol. Value of bid: £2.85m;

2002 - Higher Education Innovation Fund - HEIF 1

£5m bid led by Southampton to establish SETsquared (incubation) with Bath, Bristol and Surrey;

2004 - HEIF 2

Successful collaborative bid secured £13m, integrating all HEIF activity under the SETsquared Partnership banner;

2006 - DTI Science Bridges Programme

SETsquared Partnership awarded £1.5m for a programme to support applied research and US market access with Southern California;

2006 & 2008 - HEIF 3 & HEIF 4

Under the institutional HEIF 3 & 4 programmes, Partner Universities continue to support enterprise activities of the Partnership.