Oxford University has won a £3m award to help it turn its research into real business opportunities, writes Chris Koenig.

The money has come from the University Challenge Fund, set up in July last year, with £20m from the Government, £18m from the Wellcome Trust, and £2m from the Gatsby Charitable Foundation.

Winning projects were required to produce additional money totalling £10m from their own resources.

The money for Oxford will go to Isis Innovation to help it exploit ideas that have good commercial potential.

It will also fund more development work and lead to the establishment of more new hi-tech spin-off companies.

Isis Innovation, founded in 1988, is a wholly owned subsidiary of Oxford University. During the past year it has filed about 50 new patents and signed up a number of licence deals.

It has also helped four groups of researchers set up new companies. The value of the University's equity in these firms is at least £2m.

A spokeswoman for the University said that one aim of IsHis was to ensure a fair return on commercial ideas for researchers.

In most cases the financial gains are realised up to ten years after start-up, when companies float on the stock exchange.

Managing director of Isis, Dr Tim Cook, received the award at a ceremony at the Wellcome Foundation in London.

He said: "The University has given increasing support to Isis over the last two years and this additional funding for our activities will enable us significantly to expand the services we offer researchers seeking to promote the commercial development of their research results."

Story date: Monday 15 March

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