Innovative University of Surrey graduate start-up company wins Technology Strategy Board grant to drive NHS cost savings

19thSep 2011

Thoughtified Limited, a SETsquared start-up company created by graduates of the Department of Computing, University of Surrey has won a major grant from the Technology Strategy Board.

The grant will enable the Surrey Research Park-based company to work in the development of a participatory sensing system that will improve the management of NHS patient records in remote patient treatment. The web and smartphone hybrid system will enable significant cost savings for the NHS, through improved utilisation of resources and reducing the inefficiencies that are typically incurred in the treatment of patients at home. The total finance raised for the project amounts to £94,000.

Thoughtified Ltd founders Aaron Mason and Georgios Michalakidis said: "We are delighted to have won this grant which recognises how our proposed system will meet a defined need within the NHS for better maintenance of patient records, saving them time and money."

Keith Robson, Director of Research and Enterprise Support at the University of Surrey and chairman of SETsquared Partnership, said: "I am delighted that the entrepreneurial efforts of Thoughtified have been supported by the Technology Strategy Board to help them in this important work. SETsquared and the University seek to help student enterprise through our research park and the SETsquared business support network and Georgios and Aaron have set high standards in launching what is potentially a very successful business."

SETsquared is the enterprise collaboration between five universities: Bath, Bristol, Exeter, Southampton and Surrey. It supports new businesses – both university spin-outs and from the wider community – through its business incubation and acceleration centres, as well as supporting student entrepreneurship. Over the last five years, it has supported around 650 companies and raised nearly £0.75bn in capital.

Earlier this year Thoughtified won the SETsquared Best Graduate Start-Up Award in recognition of ManagePlaces, a remote asset management solution that uses Cloud technology and real-time spatial information to help people in their work.

The coalition Government sees student enterprise as an important part of its campaign to help inspire and support new businesses in the UK. See http://www.bis.gov.uk/news/topstories/2011/Mar/start-up-britain#Enterprise 

 

About the SETsquared Partnership - www.setsquared.co.uk

The SETsquared Partnership is the enterprise collaboration of the Universities of Bath, Bristol, Exeter, Southampton and Surrey. Together, the universities employ 7,400 academic staff; earn nearly 10% of the UK’s higher education research budget; and produce 11% of all UK university patents.

The partnership has a 10-year track record of supporting companies through its business acceleration centres, which provide access to industry specialists, investors and experienced entrepreneurs. SETsquared currently supports over 250 early stage high-tech, high growth potential businesses, and 88% of its incubated companies are still in business three years on. In the past five years, nearly £0.75bn in investment funding has been raised by spin outs and incubated companies.

SETsquared supports student enterprise including an annual showcase and a global scholars program. It provides opportunities for industry to access academic ideas with commercial potential and seeks to promote the impact, economically and socially, of its institutions’ research and enterprise activities.

 

About the project and its application - http://www.thoughtified.com  

The project was formed following a long, careful planning process, during which time we sought input from NHS Trusts in an effort to apply PhD study research and expertise to identify ways to reduce their costs and improve their service and quality of care. Thoughtified developed a complete business proposition based upon this research. It was during this process that Thoughtified recognised that the Technology Strategy Board grant for research and development, and the proof of concept category, would be an ideal option. Applications to the Technology Strategy Board are highly competitive and the process is quite detailed covering a wide range of criteria. Forming our application was a demanding process, which required completing market research, identifying external collaborators, sourcing a team of experts in their fields and of course a realistic commercialisation plan as well as the recognition of societal, environmental and economic benefits.

The Technology Strategy Board grant is a matched funding award, and the amount raised has been through contributions from Thoughtified, Central Surrey Health, University of Surrey EPSRC KTA and the Technology Strategy Board.

The directors are looking forward to starting the project in October and turning thought into action.

 

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Nick Daines, Lumen PR

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