Isis’ role in fostering growth highlighted by Minister
06 January 2012
In a major speech on January 4th David Willetts, Universities and Science Minister, addressed the UK Government’s strategy for long-term growth, particularly in high technology fields. In his speech he outlined ways of nurturing new technologies with the potential to fuel new industries and applications – bringing together government, researchers and businesses, and encouraging open innovation. “There is still untapped potential in universities that can be drawn out by organisations like Isis Innovation”, according to the Minister. Tom Hockaday, Managing Director of Isis, agrees, “We have a well-established process for assisting researchers at the University of Oxford to commercialise their work, and are increasingly being engaged by other universities in the UK and elsewhere to assist them to bridge the gap between academia and industry”.
The Isis Software Incubator, established last year, is already showing its worth with two companies, Pilio and TheySay, having developed sufficiently to attract external funding and become independent ventures. Pilio, the first company to graduate from the Incubator, offers energy monitoring services for SMEs. As reported, “…CEO Catherine Bottrill puts the total amount of support that she has received through being involved in the incubator at £500,000, taking in grants, services gained, contracts won and salaries paid...”. Isis expects several more fledgling companies to emerge from the Incubator this year, which will establish it as a key contributor to growth in the local and national economy.
Five new spin-out companies from Oxford in the last year have joined the list of 65 companies spun-out by Isis since 2000, which have between them attracted over £300m of external investment.
- David Willetts speech to Policy Exchange, 4th January 2012
- Isis Software Incubator
- “The Need for Seed”, published on www.growthbusiness.co.uk, 4th January 2012