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What is the main objective of PARK Applications?
The main objective of PARK applications is to stimulate entrepreneurial activity among academics in WestFocus institutions and in the local community and to fund the commercial development of early stage technology ventures. PARK seeks to provide a ‘kick-start’ for such ventures that will enable them to go on to conclude license agreements, attract follow-on funding (e.g. business angels, VCs etc.) or trade self-sufficiently so that they can develop into fruitful business ventures.
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What is the main difference between POC and PARK II?
The Proof of Concept Fund (POC) provides funding for very early stage commercial ventures where funding is required to assess the commercial potential of a technology. PARK funding normally follows on from POC funding in that it provides funds for taking the venture to the next stage in the commercialisation process.
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Who provides the funds for POC and PARK?
The funds for POC are provided by the LDA (London Development Agency). The funds for the PARK II Seed Fund are provided by the Higher Education and Innovation Fund. This is the third tranche of funding provided by the Higher Education and Innovation Fund. The fund has been established as a partnership between the Department of Trade and Industry/Office of Science and Innovation (DTI/OSI), HEFCE, and the Department for Education and Skills (DfES).
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Who is eligible to apply?
Although the funds are primarily targeted at commercialisation of ventures within the different WestFocus institutions, applications from external organisations are welcomed providing a partner university has a material interest in the business. In return for this, the partner university will support the business in a variety of different ways primarily by providing access to various levels of seed funding.
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What types of projects are suitable for funding?
Essentially we are looking for good quality, realistic commercial opportunities with a sound intellectual property underpinning, significant market potential and a real competitive advantage compared with incumbent technology. The WestFocus funds enable support of very early stage ventures.
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When can I apply?
There is no deadline for applications and they can be submitted at any time. In the first instance, talk with your Commercialisation Officer.
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Who will assess my application?
Your application will be discussed by the Commercialisation Teams representing all WestFocus institutions and subsequently assessed by members of the PARK Board. Meetings of the Board are held approximately once a month.
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Who makes the ultimate funding decision?
The ultimate decision will be made by the PARK Board.
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If successful, how soon can I start spending the money?
The outcome of your application will be communicated to you by your University Commercialisation manager following a PARK Board decison. If your application is successful, an offer letter will be generated. Once this has been signed by all parties involved, it will be passed to the Brunel Finance department to authorise payment of funds. This will take approximately 2-3 weeks. The monies are to be paid to the applicant's university.
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If unsuccessful, will I receive feedback on my application and can I repply for funding?
If your application is unsuccessful, your University’s Commercialisation manager will inform you of the reasons why. Suggestions for improvement to the original application will be given and you may then resubmit your application again. The Board may ask for revised milestones and objectives to be provided in the new application.
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How long do applications take to get processed and what is the procedure?
Applications typically take between 6-8 weeks to be prepared. The application form is normally completed by the university Commercialisation Office working closely with the applicant. Applications need to be sbmitted at least two weeks prior to a PARK board meeting.
After submission, the application is reviewed by the PARK board advisor. The board advisor will usually contact the applicant and discuss the application particularly in relation to market need and feasibility.
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How many times can I reapply for funding for the same project? (this means do I only get one round of funding or when I achieve the objectives of a particular round of funding, can I come back and ask for more money to take me to the next stage in funding?)
You can reapply for a second round of funding for the same project providing you have fulfilled the objectives and milestones stated in the original application. If you have failed to meet these objectives or if there has been a delay in project progress, a valid reason must be given.
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How can I protect the Intellectual Property rights relating to my invention?
It is important that you contact your University commercialisation manager as soon as possible to discuss how best to protect the intellectual property, particularly if you are considering publishing details of the invention or presenting it a conference.
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What does WestFocus expect in return?
WestFocus is a long-term strategic initiative. Any investment in your project by the Funds should have the potential to earn a return when successful exploitation has been achieved. The fund will ultimately benefit because, when PARK II or POC funding is awarded, your university commits to ploughing back into the PARK fund a proportion of any gain it makes from its equity holding, royalties or other stake in your successful venture. These terms are expressed clearly in the offer letter you would receive prior to the release of any funding.
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