Guidance Notes - Royal Academy of Engineering

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Evidence of previous attempts at commercialisation or involvement with technology transfer is not a prerequisite, but any such information should be stated in the application if relevant. The Enterprise Fellow will be expected to play a leading (though not necessarily the leading) role in the development of a new business, and can work with others in a team. The Fellowship will not fund further research work. It should be the intention of the Fellow to remain with the business in a full-time capacity following the Fellowship. Funding Package Funding is for 12 months of financial support of up to £85,000 to enable the Enterprise Fellow to commercialise their research. Up to £35,000 of funding can be used for salary support of the Enterprise Fellow. Please note that funding does not cover income tax, pensions, national insurance or the salary of other members of staff. Allowable costs directly related to the Fellowship may include: Travel, equipment, business consultancy, project specific consumables, legal costs, specific business courses and attending conferences and seminars directly related to the Enterprise Fellowship. The costs will need to be justified in the application. Full economic costs (fEC) are not payable under this scheme. Selection of Enterprise Fellow A Selection Panel composed of Royal Academy of Engineering Fellows will rank the applications and selected candidates will be invited for interview. The interview will require each candidate to present their business idea to the panel. The initial pitch should last no more than five minutes and will be followed by a Question and Answer session. Interviews are expected to take place in late October/early November. Applicants must be available to attend or they will not be considered. A date will be provided nearer the time. Assessment criteria for Enterprise Fellowships All applications for Enterprise Fellowships will be assessed against the following selection criteria: o Quality and vision of the Applicant o Effectiveness of technology, product or service o Market potential of proposed technology, product or service o Commercial credibility of the Business Plan o Entrepreneurial potential and business awareness of applicant or team o Expected benefits to UK economy Monitoring/evaluation Enterprise Fellows must provide a 3, 6 and 9 month progress update to the Scheme Manager At the end of the Fellowship, Enterprise Fellows will be required to submit a Final Report which should include: o Description of the business idea and how the Fellowship has assisted in its progression 2
o Description of the progress made against the Gantt chart submitted with the application o A full product specification (where appropriate) o Development plan showing timescales and costs required to reach a final production model o Description of how the business idea will be progressed after the end of the Enterprise Fellowship Enterprise Fellows will also be required to present their work to the Selection Panel and invited audience at the end of the Fellowship. The Enterprise Fellow must provide a brief annual update, on request, on the on-going commercialisation process for a minimum of 5 years after the completion of the award. This will be used to monitor the success of the scheme, as required by the Department for Business, Innovation & Skills. Any transfer of IPR to a commercialising company must include an explicit condition that this information is to continue to be made available to the Academy. Enterprise Fellows will be provided with a Mentor, usually a Fellow of the Academy who will provide support and advice throughout the Fellowship. The Academy Mentor will not make or take business decisions, perform the functions of a consultant, or take the role of an executive or non-executive director of the company. The role of the Mentor is to monitor the Incumbent to ensure that the Academy’s funds are well spent while also providing advice and guidance to ensure a viable business is in operation at the end of the Fellowship. The Mentor will be required to submit quarterly reports to the Academy. The Mentor will also review the Enterprise Fellow’s reports and assess their progress. Application Documents The application should contain the following documents: The Application Form Letter of Support from the Head of Department Letter of Support from the Commercialisation Office CV of the applicant (maximum 4 pages) Please see the following pages for guidance on each of the required documents. Once these documents have been completed, the Application Form, Letters of Support and CV should be collated as a single PDF file, in that order, and submitted to research@raeng.org.uk. The Diversity Monitoring Form should be submitted as a separate document. All applications must be received by 17:00 on Monday 9 September 2013. Late applications or applications that exceed the word/page limits will not be considered. Please note that the maximum size email we can receive is 10Mb. Please do not change the font, the font size or margin settings when completing the application form. Selected applicants will be contacted to attend interviews, due to be held at the end of October/early November. Enterprise Fellowship applicants will be notified of the outcome of the application in writing by the end of November. Enterprise Fellows are expected to start on or before 1 April 2014. 3
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Guidance Notes - Royal Academy of Engineering

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