The Faraday Institution aims to maximise the benefit of the new technologies and knowledge developed through our programmes. With this in mind, we are offering financial and business support to members of research teams that have made progress on a technology to accelerate its commercialisation.
Faraday Institution Entrepreneurial Fellowships are intended to facilitate the creation of new business opportunities that have emerged from Faraday Institution research programmes or other closely related activities. The fellowship will provide seed funding, business support and mentoring to maximise the potential of success and accelerate the spin-out process. The Faraday Institution will work closely with other technology transfer offices and funders throughout the period of the Fellowship.
Entrepreneurial Fellowships are offered with funding in the range of £50,000 to £100,000 initially. Faraday Institution expects to award approximately 5 Fellowships per year but this will be reviewed in light of demand.
Fellowships are available for a period of 3-12 months to reflect the needs of each opportunity.
Applicants must be UK researchers who wish to create or investigate the possibility of creating businesses through spinning out technology from Faraday Institution research projects. We will also consider applications from recent spin-outs or research teams from technology related to The Faraday Institution scope of energy storage and conversion.
- Applicants will complete a short application form which is essentially the contents of an outline business plan. We are not looking for great detail at this stage but would like to know how progressed your ideas are so that we can ascertain what sort of assistance should be offered. Applications may be submitted at any time by email using the application template to firstname.lastname@example.org.
- Periodically Faraday Institution will convene an assessment panel to review applications. Panel dates will be published on The Faraday Institution web-site. Applicants may be invited to discuss their application with member of the panel. The panel will treat the applications and any discussions as confidential. The first review is planned for March 2019, for which the deadline has passed. Subject to budget constraints, the next review will be in June 2019 and the deadline for applications is 1 June 2019.
- The applications will be judged on the potential for creating a successful business in support of Faraday Institution mission taking into account factors such as:
- The likelihood of there being a market and the market size
- The technical potential of the innovation
- The strength of the team and support from their home institution
- For successful applications, an offer of funding will be made which may be conditional on satisfactory progress. The Faraday Institution will offer additional support such as publicity and introductions to funders, customers and providers of business support. For example, the Advanced Propulsion Centre has offered that Faraday Entrepreneurial Fellows will have access to some of the SME programme from their Technology Demonstrator Accelerator Programme (TDAP).
- Note that the amount of funding offered may be different to the amount requested and that Faraday Institution will wish to influence the scope of work included for financing.
- The Faraday Institution will endeavour to give unsuccessful applications feedback on the outcome of the assessment. As a minimum there will be a summary of panel results. The Faraday Institution is not obliged to enter any further discussions with any applicant.