Royal Society launches £40,000 scheme to place entrepreneurs into universities

The Royal Society is today launching a new scheme for industrial scientists and entrepreneurs to spend time working at a University.

The Entrepreneur in Residence scheme will help forge closer links between universities – where academic research takes place – and industry, where research is essential for transforming innovative ideas into commercially successful products and services.

This scheme will help address current barriers to collaboration essential to research and innovation by enabling the successful translation of university research into industry; grow an entrepreneurial culture within universities; and address the skills needs of industry by developing curricula that produce industry-ready graduates.

Successful applicants may develop courses for students with cutting-edge industrial science, or provide mentoring and careers advice for students interested in working in industry. They may also mentor or advise students and academics interested in setting up a company or use their industry knowledge to evaluate the commercial potential of a university’s research.

10 successful Entrepreneur in Residence scheme applicants will receive up to £40,000 for a two year period. The list of successful applicants will be announced at the Royal Society annual ‘Labs to Riches’ event on 20 March 2018. The Entrepreneur in Residence is expected to then spend 20% of their time working in residence at the University over the two year period.

Dr Hermann Hauser KBE FREng FRS, science entrepreneur and co-chair of the Royal Society’s Science, Industry and Translation Committee, said:

“The UK has an outstanding track record of industry innovation. To ensure we continue to have world-class industrial research in our knowledge-driven economy, we must stimulate the flow of ideas and skills between academic research, industry, businesses and the wider community is crucial to future prosperity. We are delighted to announce the Entrepreneur in Residence scheme and we are looking forward to supporting talent that can transform innovative ideas into commercially successful products and services.”