StartupCafe

Following our post about support organisations, we thought we would highlight two upcoming programmes which people might be interested in. Unfortunately, both have the stipulation that you must be finishing a degree at Edinburgh University. Best of luck to all the applicants! Please contact either Rebecca.Difford@ed.ac.uk about Launch.ed and Michael.Clouser@gmail.com for the Prospeckt Fellows Programme.

£3000 LAUNCH Summer Company Formation Scholarships

Last chance to apply for the Company Formation Grant. This grant is suitable for recently graduated UG, MSc, MBA and Ph.D. students from the University of Edinburgh to pursue further research into the technical feasibility of a technology-related start-up idea. For 2-3 months over the summer, entrepreneurs will interact with Launch.ed and the host school, to further develop their technical ideas and assess the business opportunities. Entrepreneurs will be given office space and access to office facilities for up to 3 months. The entrepreneur is given a £3000 stipend, delivered in monthly at £1000 a month for three months. Launch.ed will offer strategic guidance in areas such as strategy, business planning and fundraising. The deadline for application is Monday 15 June 2009.

Prospekt Entrepreneurship Fellows Programme

The Prospekt Entrepreneurial Fellows Programme provides recently finished UG4, MSc, and Ph.D. students from the University of Edinburgh’s School of Informatics with three months compensation to pursue further research into the technical feasibility of a high-growth, technology-related start-up idea. The scheme is funded by Prospekt – a four year, SEEL funded programme to provide commercialisation infrastructure and best practice for and within the School of Informatics. Prospekt Entrepreneurial Fellows (PEFs) will be based on campus in Appleton Tower at the University of Edinburgh. PEF applicants should apply as individuals but the PEF committee will consider funding entire teams as it is recognized such is important to a start-up venture.

What are the terms of the PEF programme?

The PEF programme for Autumn of 2009 will commence at an agreed upon date in September and end three months hence. During these three months, PEFs will interact with the Prospekt team and other related parties to further develop their technical ideas and opportunities. The team will offer strategic guidance in areas such as technology, strategy, business planning and fundraising from both the public and private sector, and where appropriate arrange meetings. We will also facilitate access to relevant members of academic staff within the School of Informatics. The PEF scheme is open to 4th year UG, MSc, and Ph.D. students who will be finishing their studies in the School of Informatics on or by 1st September 2009.

Preference will be given to MSc and 4th year students who have successfully completed either of the entrepreneurship courses: Informatics Entrepreneurship or The Digital Marketplace.

Proposed ventures must be genuinely innovative and have the potential for high growth and job creation here in Scotland. Employment contracts will be with the University of Edinburgh, during which time any and all intellectual property created by PEFs will be owned by the University of Edinburgh, as is the case for all other University employees. You will not be asked to assign any existing intellectual property rights to the University, although there may be advantages in doing so under certain circumstances. It is expected, however, that successful PEFs will create new intellectual property during their three month tenure, and the potential for intellectual property creation will be part of the assessment criteria for applications. If a PEF goes on to form a company, the intellectual property created during the PEF period will be assigned over to the new company shortly after incorporation, in exchange for a small equity position, typically around 1% (one percent) of founding equity, although the University’s licensing team will take a flexible approach with regard to founders’ requirements. PEFs are responsible for ensuring their own working status is legal. Generally current non-UK and EU students will hold Student Visas that allow them to work in the UK through the end of December 2009 at least.

Compensation and Review

The contract will be at Salary level UE06 Spinal point 25 (currently £25,623 gross pay, pro-rata to 3 months), at a standard 35 hour working week. Also, the PEF will be granted 2.5 days of holiday per month, and be eligible for all University holidays as well. Finally, the PEF will have the option to join the Universities Pensions Scheme. Formal reviews of progress will be completed with the Prospekt on a monthly basis. Informal meetings will occur weekly. At the end of the three month employment period, the PEF will give a formal presentation and alsosubmit a formal written report.

What happens after the PEF programme?

There are various pre- and post- incorporation funding/support programmes PEFs may wish to pursue, such as The University of Edinburgh’s EPIS programme , the Royal Society of Edinburgh’s Enterprise Fellowship programme , the Scottish Government’s SMART:Scotland scheme , and private equity funding from business angel investors, private venture capital firms, and quasi-private venture capital firms such as 4ip. The Prospekt team can provide some assistance in applying for these sources of support, but each PEF should regularly monitor the websites for the schemes as most have cut-off dates for applications, are subject to change. Ultimately the PEF is responsible for his or her own destiny.

PEF application process:

To apply, please send the following via email:

Required: one page executive summary of the business venture whose technical viability you wish to further explore. Please describe technical development to date, technical plans, market opportunity, value proposition, features, advantages & enefits of your intended technology or commercial approach.

Required: a recent CV/Resume (with details of two referees, one of whom should be an academic supervisor or tutor). Please also ensure email and telephone contact details are up-to-date.

Required: 5 to 10 page slide pitch. All candidates will give a 10 minute pitch followed by feedback for a total of 30 minutes in a session at an agreed upon time. The date of this interview is yet to be determined but will most likely be the first week of August.

Required: a statement confirming that you are a current student at the University of Edinburgh and expect to finish on or before the 1st of September, 2009.

Optional: a business plan

The application is due by 17.00 on Monday 07 July 2009.

Applications should be sent to: Michael Clouser, Associate, School of Informatics . Candidates will be contacted by the 21st of July for an interview which will take the form of a pitch session to a panel, followed by a 10-15 minute presentation of their business idea to a panel. This presentation will be followed by 10-15 minutes of questions and answers, for a total session of 30 minutes.The exact date of this interview session is yet-to-be determined but will most likely be the first week of August 2009. Autumn 2009 PEFs will be informed of a decision by the Prospekt review committee on or before Wednesday, 19th of August, 2009. Candidates will have 14 days to accept or reject the offer thereafter, by Wednesday 02 September 2009. The Fellowship will start after the 2nd of September 2009 but before the 30th of September at a pre-agreed upon date within this time period.