Initially PARK awards are typically £10k-£12k and are used to investigate the strength of Intellectual Property and carry out a market survey to understand the value creation possibilities of the invention. Subsequent awards of typically £50k can be made to pursue the idea through prototyping and/or developing a business plan from which to secure equity investment.
All Intellectual Property seeking investment by PARK must be owned by the applicant university. Any subsequent return on the investment is shared equally between the PARK fund and the University. The academic inventors receive a share of the University return in line with the College Code of Practice on Inventions and Discoveries.
The PARK Board meets six times per year and applications must be received by the Board secretary at least two weeks in advance of a meeting. A decision on funding will be given to the applicant on the day of the meeting. The PARK Board comprises representatives from all six WestFocus Universities plus an independent Chair and technical advisor. Board decisions on funding are made by majority voting with the Chair having the casting vote in the event of a tie.
Contact your Research & Business Development Manager prior to commencing an application.