New $10 million fund for IP commercialisation

university-of-canterbury

Thu Sep 20 2007 12:00:00 GMT+1200 (New Zealand Standard Time)

New $10 million fund for IP commercialisation

Thursday, 20 September 2007, 9:44 am
Press Release: University of Canterbury

Leading venture capital company Endeavour Capital is committing $10 million for investment in the commercialisation of intellectual property developed at the University of Canterbury, through an arrangement with the University’s commercial arm, Canterprise.

The announcement comes a week after Canterprise was awarded the Service Small Enterprise category prize and The Press Supreme Award for Small Enterprise in the annual Champion Canterbury Awards.

Under the arrangement, Endeavour Capital will set aside $10 million to what will be known as the University of Canterbury Dedicated Fund (UCDF). It represents the largest investment of its type in New Zealand and will give Endeavour first rights to take intellectual property developed at the University to the marketplace.

Endeavour Capital and Canterprise have jointly invested in new ventures previously. Last year Endeavour i-Cap and Ngai Tahu Equities entered into an agreement with Canterprise to take hand-held technology capable of detecting anthrax spores and other bacterial spores within minutes to the international marketplace.

Canterprise CEO Dr John Chang says that and another investment planned for later this year will raise Endeavour’s venture capital investment in UC projects in 2006 and 2007 to nearly $4 million.

“This new fund is over and above that investment which reflects Endeavour Capital’s confidence in Canterprise and the research capability at the University of Canterbury.

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“Canterpise has been working very hard with university senior management to provide a clear pathway for staff and postgraduate students to protect and commercialise their IP and this initiative adds another key enabler.”

Neville Jordan, the Chair of Endeavour Capital and President of the Royal Society, says intellectual property developed at UC is of a consistently high standard worthy of investment. He says the University is particularly strong in science and technology and believes the relationship with Canterprise will ensure that evaluation and investment proceeds in an effective manner.

“After the successes of our first VC fund, our second venture capital fund will again invest primarily in New Zealand intellectual property. The fundamental purpose is to commercialise New Zealand ideas in the world marketplace,” he says.

UC Vice Chancellor Professor Roy Sharp is welcoming the creation of the University of Canterbury Dedicated Fund. He says the task of transforming an idea into a commercial product can be fraught with difficulty, particularly in relation to funding.

“This arrangement will see Endeavour bridging that funding gap with projects that meet its investment criteria. We are very grateful for this huge vote of confidence in the intellectual property developed here and the work done by Canterprise.

“We are delighted too to have such support from Neville, who is a University of Canterbury alumnus.”

ENDS

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