Many people might suggest that the term “academic entrepreneur” is an oxymoron, and that those who choose to enter the hallowed halls of university life are ill-suited to the business world.
From my own point of view, being the founding chairman and shareholder of a spin-off company from the University of Wales Bangor has been a real change from lecturing about entrepreneurship. Experiencing the ups and downs of business life has sometimes felt like a ride at Oakwood but I wouldn’t have changed it for the world.
Whilst there have been challenges during the last five years, I am extremely proud - along with my two fellow directors - that Outlook Expeditions now employs 24 full-time local people and over 150 part-timers in the unique environs of Snowdonia. We have also recently bought a profitable business in Scotland as part of the company’s future expansion plans and are confident that we can make a real difference in our marketplace. The progress of the company was recently recognised at the Gwynedd Business Awards, where we beat off challenges from established multi-million turnover companies to win the Investors in People award.
I also ran a research business last year which my wife has now taken over as my commitments to academe have increased since moving to Cardiff University. Whilst the venture turned over a six figure sum in the first year, the attractions of going back to research work meant that my better half will be the family entrepreneur for the foreseeable future.
I don’t think I am unusual in branching out from academia. My good friend Brian Morgan has, of course, excelled in this area through the development of Penderyn Whisky, and he continues his academic work at his centre at Cardiff University whilst serving as Chairman of the company. There have also been other examples of Welsh academics successfully being involved in business whilst still continuing with their academic work, especially in the areas of science and technology.
This movement between the two spheres of academe and business has certainly been helped by the Wales Spin Out programme, which is managed by Finance Wales. Since its inception six years ago, the project has established 123 spin-out companies from the thirteen academic institutions across Wales, with 103 still trading successfully.
I believe the relative success of the programme is due to its specific approach which combines an interest free loan of up to £25,000, with professional business counselling and mentoring provided by a Spinout Manager. The University also agrees to provide technical assistance and agreed rent-free space to start up the business. There are also specialised consultancy services to support management and marketing if required, including basic market research to assist in providing market intelligence.
For many academics and graduates, this approach helps them enormously in making the first tentative steps from the laboratory to the market-place, and a number of high profile businesses have emerged from the programme. These include Enfis Limited from the University of Wales Swansea, which has developed a number of highly innovative products based on its world class technology, with its devices used in various health and cosmetic applications such as the treatment of acne, psoriasis and dermatitis.
Whilst there can be tensions between academe and business, there can also be rewards for individuals who manage to straddle both worlds successfully, although the vast majority of academics will continue to concentrate solely on their research work. However, those entrepreneurial academics who want to make the step into the business arena should be given full encouragement to do so. Given the increasing emphasis on knowledge as the key driver within the global economy, the commercialisation of the research generated within Welsh academe – either through spin-offs or through licensing of the technology - remains an area that needs to be fully supported in the future.
From my own point of view, being the founding chairman and shareholder of a spin-off company from the University of Wales Bangor has been a real change from lecturing about entrepreneurship. Experiencing the ups and downs of business life has sometimes felt like a ride at Oakwood but I wouldn’t have changed it for the world.
Whilst there have been challenges during the last five years, I am extremely proud - along with my two fellow directors - that Outlook Expeditions now employs 24 full-time local people and over 150 part-timers in the unique environs of Snowdonia. We have also recently bought a profitable business in Scotland as part of the company’s future expansion plans and are confident that we can make a real difference in our marketplace. The progress of the company was recently recognised at the Gwynedd Business Awards, where we beat off challenges from established multi-million turnover companies to win the Investors in People award.
I also ran a research business last year which my wife has now taken over as my commitments to academe have increased since moving to Cardiff University. Whilst the venture turned over a six figure sum in the first year, the attractions of going back to research work meant that my better half will be the family entrepreneur for the foreseeable future.
I don’t think I am unusual in branching out from academia. My good friend Brian Morgan has, of course, excelled in this area through the development of Penderyn Whisky, and he continues his academic work at his centre at Cardiff University whilst serving as Chairman of the company. There have also been other examples of Welsh academics successfully being involved in business whilst still continuing with their academic work, especially in the areas of science and technology.
This movement between the two spheres of academe and business has certainly been helped by the Wales Spin Out programme, which is managed by Finance Wales. Since its inception six years ago, the project has established 123 spin-out companies from the thirteen academic institutions across Wales, with 103 still trading successfully.
I believe the relative success of the programme is due to its specific approach which combines an interest free loan of up to £25,000, with professional business counselling and mentoring provided by a Spinout Manager. The University also agrees to provide technical assistance and agreed rent-free space to start up the business. There are also specialised consultancy services to support management and marketing if required, including basic market research to assist in providing market intelligence.
For many academics and graduates, this approach helps them enormously in making the first tentative steps from the laboratory to the market-place, and a number of high profile businesses have emerged from the programme. These include Enfis Limited from the University of Wales Swansea, which has developed a number of highly innovative products based on its world class technology, with its devices used in various health and cosmetic applications such as the treatment of acne, psoriasis and dermatitis.
Whilst there can be tensions between academe and business, there can also be rewards for individuals who manage to straddle both worlds successfully, although the vast majority of academics will continue to concentrate solely on their research work. However, those entrepreneurial academics who want to make the step into the business arena should be given full encouragement to do so. Given the increasing emphasis on knowledge as the key driver within the global economy, the commercialisation of the research generated within Welsh academe – either through spin-offs or through licensing of the technology - remains an area that needs to be fully supported in the future.
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