Called the Strathclyde Innovation Fund (SIF), it is first of its kind in a UK higher education institution. It will have the exclusive right of first refusal to fund all commercial investment opportunities that arise in respect of intellectual property emanating from the University.
Geoffrey Thomson, chief executive of Braveheart, said: “As far as we are aware, this agreement is the first between a fund manager and a university under which both parties will genuinely share in the successful commercialisation of intellectual property generated by the university. We are delighted that our close relationship with the University of Strathclyde has lead to this unique partnership. We believe this model will form the basis for other deals between academia and business.”
Braveheart will take the fund to market this summer, acting as both fund manager and co-investor. The firm hopes to attract investment from the University’s entrepreneurial alumni, particularly the Strathclyde 100 – a group of successful entrepreneurs and business experts who have attended the University.
The VC, which is headquartered in Perth, Scotland will pool resources and expertise with the University’s research and innovation department to aid in the commercialisation of the technology, using Braveheart’s network of business angel investors to act as non-executive directors to companies that are spun-out as a result of SIF investments, providing them with advice on their corporate development.