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From research to company: ICURe, impact funds, spin-outs and the money along the way

The staged route from a disclosure to a funded spin-out, the money at each step, the equity terms investors now accept, and what North West researchers can use.

ResearchersResearch-led founders19 min readChecked 18 October 2026
On this page
  1. The reality
  2. The route and its money
    1. Test the customer before you build anything
    2. Prove the concept: IAAs, UKRI and university funds
    3. Fund the founder
    4. Licence or spin out
    5. Incorporate and agree the equity
    6. First money
  3. What TTOs and investors check before they back you
  4. In the North West
  5. Examples, and why they worked
  6. Pitfalls
  7. Checklist
  8. Questions
    1. What is ICURe and how much does it pay?
    2. How much equity does a UK university take in a spin-out?
    3. How long does it take to spin out a company from a UK university?
    4. Can a university spin-out apply for Innovate UK funding?
    5. Can I apply to UKRI for an Impact Acceleration Account?
    6. Should I license my research or spin out a company?
    7. What does Northern Gritstone invest in?
  9. Sources

This guide takes a result in the lab to a company an investor will back: the stages, the money at each one, the equity your university should now offer, and what technology transfer offices (TTOs) and investors check before they say yes.

  • Disclose, test the customer (ICURe), prove the concept (an Impact Acceleration Account or the UKRI proof-of-concept call), fund a founder (RAEng), choose licence or spin-out, incorporate, raise. Each stage has its own money.
  • ICURe Explore pays up to £35,000 for a 12 to 16 week customer-discovery sprint. In ten years ICURe's 1,450 projects produced 319 spin-outs, 90% of them still active (February 2025).
  • Universities should now take 10 to 25% in life-sciences spin-outs and 10% or less in software. Manchester's defaults are 20% and 10%; Liverpool cut its stake from 50% to 20% in April 2024. The 2025 average was 16%.
  • Expect 4 to 12 months from "let's spin out" to a company (mean 11). Investors want a commercial lead, a clean route to the IP, a discovery record and a cap table set right at foundation.
  • Northern Gritstone led first rounds of £2m to £5m in the year to March 2026. Only 28.3% of seed-funded spin-outs reach Series A, so plan grants between rounds.
  • Salford, Manchester Met, Lancashire and Cumbria hold no Impact Acceleration Account: use ICURe, the UKRI proof-of-concept call, RAEng and KTP instead.

The reality

  • 2,025 UK spin-outs since 2010; 845 VC-backed and still active (RAEng, June 2026)1
  • £1.3bn VC raised by UK spin-outs in 2025, the lowest since 20211
  • 28.3% of seed-funded spin-outs (2010 to 2020 cohort) reached Series A1
  • 16% average university stake in 2025, median 11%, down from 25% in 20231
  • 11 months mean time from agreeing to spin out to completing it; most take 4 to 122
  • 8% the North's share of UK spin-out VC in the first nine months of 2025, from 2% in 20193
When What changed What it means for you
November 2023 The independent spin-out review set 10 to 25% university equity in life sciences (the USIT guide) and 10% or less in software, with delegated approvals and stated timelines. Government accepted every recommendation and funded a £20m proof-of-concept programme24 Negotiate from these numbers, not the old 34% opening position
11 April 2024 Liverpool cut its default stake from 50% to 20%, and to 10% or less for less IP-intensive sectors5 USIT terms by default
1 April 2025 Manchester fixed defaults: 90/10 for software, 80/20 otherwise, plus 1 to 5% of net IP revenue6 No case-by-case haggling
2025 UKRI's proof-of-concept call ran for the first time, and again in 2026; HESA published the first Spin-out Register71 A national pot open to any UKRI-eligible institution
3 February 2026 The Hickson review for UKRI: 18 recommendations, including more pre-incorporation and pre-seed money and less "spinning out too soon"8 More pre-seed money, more scrutiny of timing
25 March 2026 UKRI's IP Strategic Statement lists universities "utilising the University Spin-out Investment Terms (USIT) Guide and USIT for Software" among "recognised best practices"9 A university above these ranges is outside its funder's stated expectations

The route and its money

The stages and their money (round bands from RAEng; scheme sources in the table below):1

From disclosure to a funded company
  1. 1. Disclosedisclosure form, prior art, who funded what, FTO check; small IAA studies
  2. 2. Test the customerICURe Discover (up to £2,500), then Explore (up to £35,000)
  3. 3. Prove the conceptUKRI proof of concept, £100,000 to £250,000; IAA sums vary
  4. 4. Fund the founderRAEng (up to £75,000) or Royal Society (£25,000 a year to £168,000)
  5. 5. Chooselicence for a fee and royalties, or spin out for shares, decided with the TTO
  6. 6. Incorporateterm sheet, licence or assignment, cap table, founder split; costs money
  7. 7. First moneypre-seed up to £1m, seed £1m to £4m, Series A £4m to £15m
  8. 8. GrowInnovate UK competitions, Investor Partnerships (company only), KTP

The pots, as they stood on 18 October 2026:

Scheme How much Who When Status at 18 October 2026
ICURe Engage and Discover1011 Engage: no grant. Discover: up to £2,500 Engage: master's students, first and second year PhDs, postdocs, technicians; no idea needed. Discover: a defined idea and TTO support Engage: 4 weeks part-time. Discover: 75 hours, over 8 to 11 weeks or a 3-week sprint Engage cohorts to March 2027. Discover January 2027 cohort: applications 19 October to 17 December 2026
ICURe Explore and Exploit1213 Explore: up to £35,000, of which up to £20,000 is the Entrepreneurial Lead's salary. Exploit: no grant figure published Explore: Discover graduates at prototype stage. Exploit: Explore teams recommended for spin-out or licensing Explore: 12 to 16 weeks full-time. Exploit: up to 12 weeks November 2026 Explore cohort (Midlands Innovation): applications 7 September to 22 October 2026. Women's and BBSRC Explore: January 2027
IAA1415 Over £117m across five councils, 2022 to 2025 Staff at a holding university, applying internally The university's own calendar MRC Impact Acceleration Awards (£50,000 to £300,000): closing date 11 November 2026
UKRI proof of concept716 £9m a round; £100,000 to £250,000 Any UKRI-eligible organisation Annual, spring 2026 round closed 13 May 2026. MRC stage one: closing date 18 November 2026. AHRC (up to £150,000): open, no closing date
RAEng Enterprise Fellowship20 Up to £75,000; "no fees, no equity, and no claim on your IP" A researcher who will be CEO; TRL 4 or above; under £500,000 raised; about 20% accepted 12 months 2026 Stage 1 closed 25 August 2026; awards start 1 January 2027
Royal Society2122 Entrepreneur in Residence: up to £25,000 a year. Industry Fellowship: up to £168,000 EiR: an experienced entrepreneur, a day a week at your university. Fellowship: researchers in a permanent post, either direction Two years each Both 2026 rounds closed; decisions by 30 November 2026 (EiR) and 31 March 2027 (Fellowship)
Manchester, Daresbury and Liverpool City Region pots171819 Manchester Founders Fund: £10m target, £3m secured. DeepTech Catalyst: up to £50,000 plus a £10,000 voucher. ESA BIC UK: over £40,000 plus a £10,000 voucher. LCR Health and Life Sciences Proof of Concept Fund: up to £55,000 Manchester spin-outs; early-stage biotech, health-tech, quantum and space firms at Sci-Tech Daresbury; business-led LCR health projects Not published Founders Fund announced 2026; Daresbury's 2026-27 windows not published; LCR fund shows no closing date
LYVA Labs Incubator and LCR Seed Fund2324 Incubator: up to £25,000 on day one by advance subscription agreement. Seed Fund: £250,000 to £2m Incubator: incorporated LCR start-ups and spin-outs at TRL 2 to 5. Seed Fund: firms in or moving to the city region Incubator cohort March to September 2027 Incubator closing date 5pm, 29 October 2026. Seed Fund investing until 2030
Innovate UK Investor Partnerships2526 A grant beside private finance of "at least 1-2x the amount of grant funding"; current rounds ask for at least twice UK-registered SMEs with an approved investor partner (Northern Gritstone, LYVA Labs, GC Angels, DSW and Praetura are on the March 2025 list) Sector rounds Engineering Biology round 1 (up to £8m): closing date 2 December 2026. Battery Innovation (£5m): 25 November 2026
KTP2728 67% of project costs for an SME partner, 50% for a large one A firm that wants your research embedded; the university leads 12 to 36 months Round four of 2026-27 expected to open 19 October 2026

Test the customer before you build anything

ICURe is Innovate UK's pre-accelerator for researchers, delivered by Innovate UK Business Connect with regional partners (NxNW Partners appears to cover the North West).29 The grant is small; the asset is the forced sprint: three months of customer interviews, an investor panel at the end of Discover and Explore (about 20 minutes a team), and a platform where investors see your "cap tables, IP license status and founding team progress".30

Ten years of ICURe (February 2025): £52m of funding, £625m of exits, and the funnel below; the 157 that raised equity are 49% of spin-outs.31 Of 641 evaluated projects, 40% were recommended for spin-out through Exploit, 8% for a private spin-out, 17% for licensing and 32% to carry on researching.31 One project in three is told it is not yet a company.

ICURe after ten years (February 2025)
1,450Projects
319Spin-outs
287Still active90% of spin-outs
157Raised private equity£349m in total

Do this this term

Ask your TTO to sign off an ICURe Discover application; the January 2027 cohort's applications run to 17 December 2026.11 Discover is the prerequisite for Explore, and Explore wants a prototype.1231 Take an interview plan: guides/prove-the-business.

Prove the concept: IAAs, UKRI and university funds

IAAs are "strategic awards" covering proof of concept, commercialisation and market validation. Sixty-four institutions hold them, and individuals apply through their own institution, never to UKRI.14 In the North West: Manchester (AHRC, BBSRC, EPSRC, MRC, STFC), Liverpool (AHRC, BBSRC, EPSRC, MRC), Lancaster (AHRC, EPSRC) and the Liverpool School of Tropical Medicine (MRC).14 UKRI's IAA page has not been updated since November 2023: your research office has the internal call dates.

The cross-UKRI proof-of-concept call grew from the review's £20m commitment.4 It ran at £9m with awards of £100,000 to £250,000 in 2025 and 2026; the first round funded 48 projects.716 The 2026 round closed on 13 May 2026, so draft for spring 2027 and watch the council strands in the table.7

Manchester adds the Founders Fund, the eight-week IAA-funded "Research to Reality" programme and the Ideas with Impact Awards (£350,000 shared by ten finalists, July 2026).17

Fund the founder

The RAEng Enterprise Fellowship is the cleanest exit from the lab: up to £75,000 for 12 months, plus training, coaching and a year of mentoring.20 You must be the person who will be CEO; the technology must be at TRL 4 or above (technology readiness level: proven in the lab); you need "a clear route to access the necessary intellectual property rights"; the Fellowship must be your only work commitment (PhD supervision is allowed); and the business must have raised less than £500,000. "Around 20% of applicants are accepted." Reviewers comment on the applicant, technology, team, market entry plan and business plan, then interview six to seven weeks after the deadline.20

Not CEO material? The Royal Society's Entrepreneur in Residence brings an entrepreneur into your department a day a week for two years; its Industry Fellowship funds a two-year move between university and company.2122

Licence or spin out

The review: "The TTO and academic will then jointly decide whether to licence the IP to an existing company for a licensing fee or use it as the basis for a spin-out."2

Choose Licence Spin out
The technology is an improvement an existing company can absorb and sell a platform that needs its own company to reach customers
Who sells it the licensee's sales force you, after you hire one
What you get a share of the fee and royalties (Manchester: 40% to creators outside spin-outs)6 shares, a salary once funded, and dilution
ICURe base rate (641 projects)31 17% recommended 48% recommended (40% via Exploit, 8% private)
Time to money months 4 to 12 months to incorporate, then about six months to close a round232

USIT's detailed terms and UK royalty rates sit behind TenU's download form: ask the TTO for its ranges.33 For ownership, background IP and FTO, see guides/intellectual-property.

Incorporate and agree the equity

Founders lose most value by starting from the wrong number. The review found negotiations "start at an average of 34%", while "many of the top UK universities are doing most deals at 5-15% equity" and US universities "typically take 3-10% equity stakes".2

Stakes compared:2561

University equity in a spin-out
Liverpool default before 11 April 202450%
Average opening position (review, 2023)34%
Manchester and Liverpool default now20%
2025 average, UK16%
2025 median, UK11%
Software guidance and Manchester's software default10%
Who Life sciences or IP-heavy Software or less IP-intensive Also
Spin-out review (November 2023)2 10 to 25% (USIT) 10% or less deals "on market terms, avoiding unnecessary negotiations"
UKRI (March 2026)9 USIT USIT for Software IP "identified, recorded and catalogued"
Manchester (from 1 April 2025)6 20% 10% plus 1 to 5% of net IP revenue; any option pool comes out of the creators' share
Liverpool (from 11 April 2024)5 20%, down from 50% 10% or less follows the USIT Guide
Lancaster34 in a 2019 policy; ask ipr@lancaster.ac.uk same process published
Observed, RAEng1 2024-25: life sciences 20%, hardware 14% 2024-25: 17%, "above the recommended range" 2025 mean 16%, median 11%

What the stake does to you

Take a seed round that sells 15%, SeedLegals' common figure.35 With the university at 20%, founders and staff hold 0.80 × 0.85 = 68% after seed. At 34%, 0.66 × 0.85 = 56%. At 10% (software), 0.90 × 0.85 = 76.5%. Below, set "Founders start with" to 100 minus the university's stake (80 at Manchester), seed to 15, and add the option pool, which at Manchester comes out of the creators' share.6

After a 15% seed round, university at 20% (hypothetical)
  • Founders and staff 68%
  • University 17%
  • Seed investor 15%

From the review's investor evidence: "large stakes make spin-outs less attractive for investment", especially at later rounds and for international investors, and "A much better outcome would be to set-up cap tables at foundation so they do not require fixing later."2 Northern Gritstone's published criteria are "strong intellectual property", "visionary teams", technology with global potential and "business models that deliver both profit and purpose".36

Licence terms to ask for, from a university case study in the review: patent assignment triggers, royalty buy-out options and sufficient sub-licensing rights, added "in response to founder and investor requests".2 Founder split: reward "those individuals who will commit considerable effort in taking the company forward"; 63% of successful spin-outs have unequal founder splits.237

Timeline: most spin-outs take 4 to 12 months from agreeing to spin out to completion, mean 11. The delays are finding co-founders, securing investment, agreeing staff involvement and conflicts of interest, and patent due diligence. The review asked for stated timelines and approvals "delegated to trusted individuals and not taken by committees that meet infrequently": ask for both in writing.2

First money

UKRI-enabled spin-outs that raised equity took a median of £2.3m in total over about three rounds (an executive-summary line says £2.7m); 65% raised over £1m.38

Northern Gritstone sets the pattern in the North. In the year to 31 March 2026 it led pre-seed rounds of £3.5m (December 2025) and £2m (March 2026) and seed rounds of £3m (Cytotrait), £4m (PhovIR) and £5m (March 2026); its write-ups pair the academic founder with an experienced executive chair or CEO.3 At 31 March 2026 it had £283m of committed ordinary capital plus £100m of preference capital (Annual Report 2026), about 50 investments (33 at seed or beyond), £33.4m deployed in the year and £450m invested with co-investors since 2022.3 NG Studios, its pre-seed programmes, took 17 participants in the year; those who then raise seed with NG "typically raise above the UK average seed round".336

What TTOs and investors check before they back you

Check What they want to see Get it ready by
A commercial lead RAEng funds only the researcher who will be CEO; Northern Gritstone pairs academic founders with an experienced chair or CEO203 Deciding who runs it before the term sheet; if not you, search during Discover
A route to the IP "a clear route to access the necessary intellectual property rights"; ICURe's investor platform shows "IP license status"2030 A note of who funded what, background IP and third-party rights, plus heads of terms
A protectable step RAEng: "there must be an inventive step which is protectable"; combining existing technologies in a new area "does not count as sufficient innovation"20 A prior-art search and FTO check: guides/intellectual-property
A discovery record ICURe's recommendation, interview counts, quantified pain, a named first market guides/prove-the-business and guides/market-and-route-to-market
A clean cap table Set up "at foundation so they do not require fixing later"2 Modelling the first two rounds before you sign
A team that names its gaps "Be upfront about the gaps and explain your plan to fill them"46 guides/team
Not too much, too soon RAEng wants under £500,000 raised; Hickson wants less "spinning out too soon"208 Fellowship, then pre-seed, then seed

In the North West

Who has what, and where to meet people

Manchester. The Innovation Factory formed 11 spin-outs in 2025/26 and reports "over £65m raised across a portfolio of 82 spinouts now valued at over £500m"; it is in the HESA Spinout Register's top five for formation, and Manchester ranks eighth nationally with 30 VC-backed spin-outs since 2010. Routes in: Research to Reality, the Founders Fund, the Northern Triangle Mentor Network.171 Liverpool. "29 spin-outs supported in the last seven years" (REF 2021); one of Northern Gritstone's four partner universities; IP enquiries to lip@liverpool.ac.uk. Around it sit the £160m Life Sciences Innovation Zone, LYVA Labs and the LCR Seed Fund.4136518 Lancaster. A published process: disclosure with a brief prior-art search, checks on the "Ownership Position" and FTO, value-proposition testing through ICURe, the ARC Accelerator or Cyber ASAP, protection only "where a market and commercial value are likely", then a term sheet.34 Salford, Manchester Met, Lancashire and Cumbria. None holds an IAA or publishes a proof-of-concept fund or equity policy.14 Your routes are ICURe, UKRI proof of concept, RAEng and KTP; the review's shared-TTO pilot has funded 13 projects, so ask whether yours is in one.21

Rooms. Venture Café Manchester: free, Thursdays 17:00 to 20:00, researchers named as an audience.40 Sci-Tech Daresbury's Business Breakfast Networking: ten a year, 100 to 150 people, investors among them.43 Sciontec's free funding clinics in Liverpool: 5 and 26 November 2026.42 Knowledge Exchange UK (formerly PraxisAuril), where TTO staff gather: "Recruiting Commercialisation Talent" (21 October 2026, 20 January and 21 April 2027), "What Makes University-Industry Collaboration Work?" (5 November 2026), conference 24 May 2027.44 Knowledge Transfer Advisers: Jonathan Abra (Lancashire and Cumbria), Susan Suttle (Liverpool, Manchester, East Lancashire and Salford), Mick Card (North Wales, Merseyside and West Cheshire).28

Examples, and why they worked

Versarien, University of Liverpool spin-out (2015 case study)

Founded at the end of 2010 to commercialise a Liverpool metallic-foam process, Versarien won an early Innovate UK grant (amount not given), grew "from 2 people working out of a garage" to a £5m business on four sites, listed on AIM in June 2013 and employed 105 people by 2015.45 Founder Neil Ricketts: the grant "took the risk out for our shareholders and created a huge amount of validation". The case study says nothing about the company since 2015.

PhovIR, University of Manchester spin-out (2025)

Northern Gritstone led a £4m seed round in August 2025 and brought in an executive chair with scaling experience alongside the academic founder.3 No scoring is published. The round matches NG's stated pattern: strong IP, commercial leadership, a seed round inside its £2m to £5m band.

Liverpool and Manchester proof-of-concept awards (2025)

The first UKRI proof-of-concept round (£9m, 48 projects, 23 September 2025) funded Liverpool's "Advanced detection of opioids and emerging illicit drugs" and Manchester's "WILD-imaging: next-generation digital pathology tools, proof of concept in lung cancer management".16 Each title names an application and a user, not a field of research, the shape UKRI's "Prove your concept" route asks for.7

Manchester first rounds (2025 to 2026)

Wull Technologies, £300,000 from the Innovation Factory and GMCA's GM Advance (May 2025); Apini, a £1.8m Northern Gritstone commitment in milestone tranches after Syncona's Slingshot accelerator backed it (2025); Spotlight Pathology, £1.4m co-led by the UK Innovation & Science Seed Fund and the LCR Seed Fund (March 2026); Cytotrait, £3m seed led by Northern Gritstone (March 2026); Imperagen, £5m seed led by PXN Ventures with Northern Gritstone (May 2026).173 Reasons are not published. The spread, £300,000 to £5m, is the realistic range for a North West first round.

Pitfalls

Pitfall Why it hurts Instead
Negotiating from 34% Large stakes make spin-outs "less attractive for investment"; the 2025 mean is 16%21 Open with the review norms and your university's defaults
Building before discovery Innovate UK reads a badly defined market as "technology push"; 32% of ICURe projects are told to keep researching3931 Discover, then Explore, before a prototype budget
No commercial lead RAEng will not fund a team without a CEO; Northern Gritstone installs one203 Decide who runs it during Discover; use an Entrepreneur in Residence if not you
IP not assigned or licensed No "clear route" fails RAEng's eligibility, and the investor platform shows it2030 Heads of terms with the TTO before you pitch
Missing the internal IAA call IAAs run on the university's own calendar14 Get the call dates now
Treating a grant as the business Innovate UK wants work "market driven, rather than predominantly a research project"39 Each grant buys a milestone an investor asked for
Spinning out too soon Hickson: "reduce spinning out too soon"; a company has costs a project does not8 Incorporate when there is a lead and a first customer
Applying as an academic to company-only schemes Investor Partnerships are for UK-registered SMEs25 Incorporate and secure the investor first

Checklist

Questions

What is ICURe and how much does it pay?

Innovate UK's pre-accelerator for researchers: Discover pays up to £2,500 for 75 hours of market discovery; Explore up to £35,000 (up to £20,000 of it salary) for 12 to 16 weeks full-time; Exploit gives up to 12 weeks of spin-out or licence readiness.111213

How much equity does a UK university take in a spin-out?

The 2023 review set 10 to 25% for life sciences and 10% or less for software. In 2025 the average was 16%, the median 11%. Manchester and Liverpool default to 20% (10% for software).2165

How long does it take to spin out a company from a UK university?

Most take 4 to 12 months from the academic and TTO agreeing to spin out; the mean is 11.2

Can a university spin-out apply for Innovate UK funding?

Yes, once it is a UK-registered company: sector competitions, KTPs and Investor Partnerships, which need private finance led by an approved investor partner. Academics cannot apply to Investor Partnerships directly.2527

Can I apply to UKRI for an Impact Acceleration Account?

No. IAAs are block awards: apply through your university. In the North West only Manchester, Liverpool, Lancaster and the Liverpool School of Tropical Medicine hold them.14

Should I license my research or spin out a company?

License when an existing company can absorb and sell the improvement; spin out when the technology needs its own company and you have a commercial lead. The TTO decides with you.2

What does Northern Gritstone invest in?

IP-rich deep tech and life sciences in the North of England, from pre-seed (NG Studios) to seed rounds it leads of £2m to £5m, with Leeds, Manchester, Sheffield and Liverpool as partner universities.336

Sources

  1. Royal Academy of Engineering, Spotlight on Spinouts 2026 (PDF), 3 June 2026. https://raeng.org.uk/media/0kybrz3v/01_spotlight_report_final_-for-publication.pdf ↩↩↩↩↩↩↩↩↩↩↩↩↩

  2. Independent Review of University Spin-out Companies (Tracey and Williamson), 21 November 2023. https://assets.publishing.service.gov.uk/media/6549fcb23ff5770013a88131/independent_review_of_university_spin-out_companies.pdf ↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩

  3. Northern Gritstone, Annual Report 2026 (PDF), 11 June 2026. https://www.northern-gritstone.com/s/NG-AnnualReport-26-SCREEN.pdf ↩↩↩↩↩↩↩↩↩↩

  4. Government response to the Independent Review of University Spin-out Companies, 22 November 2023. https://assets.publishing.service.gov.uk/media/655e0bf7046ed400148b9e34/independent_review_of_university_spin-out_companies_government_response.pdf ↩↩

  5. University of Liverpool, Enterprise: Licensing & Ventures, statement on adopting the spin-out review's best practice (read 18 October 2026). https://www.liverpool.ac.uk/collaborate/enterprise/adoption-statement/ ↩↩↩↩↩

  6. University of Manchester, Intellectual Property Policy (DocID 24420), effective 1 April 2025. https://documents.manchester.ac.uk/display.aspx?DocID=24420 ↩↩↩↩↩↩

  7. UKRI funding finder, proof-of-concept opportunities, open and closed lists (read 18 October 2026), and UKRI, "Prove your concept" (updated 11 May 2026). https://www.ukri.org/opportunity/?keywords=proof+of+concept and https://www.ukri.org/what-we-do/commercialisation/prove-your-concept/ ↩↩↩↩↩

  8. UKRI, "Deepening university-investor links" (independent review by Tony Hickson), 3 February 2026. https://www.ukri.org/publications/deepening-university-investor-links/ ↩↩↩

  9. UKRI, Intellectual Property Strategic Statement, 25 March 2026. https://www.ukri.org/publications/ukri-sets-expectations-for-effective-ip-management-and-use/ukri-intellectual-property-strategic-statement/ ↩↩

  10. Innovate UK Business Connect, ICURe Engage (read 18 October 2026). https://iuk-business-connect.org.uk/opportunities/icure-engage/ ↩

  11. Innovate UK Business Connect, ICURe Discover (read 18 October 2026). https://iuk-business-connect.org.uk/opportunities/icure-discover/ ↩↩↩

  12. Innovate UK Business Connect, ICURe Explore (read 18 October 2026). https://iuk-business-connect.org.uk/opportunities/icure-explore/ ↩↩↩

  13. Innovate UK Business Connect, ICURe Exploit (read 18 October 2026). https://iuk-business-connect.org.uk/opportunities/icure-exploit/ ↩↩

  14. UKRI, Impact Acceleration Accounts (page last updated 27 November 2023). https://www.ukri.org/what-we-do/browse-our-areas-of-investment-and-support/ukri-impact-acceleration-accounts/ ↩↩↩↩↩↩

  15. UKRI funding finder, "UKRI Translation: MRC Impact Acceleration Awards" listing (read 18 October 2026). https://www.ukri.org/opportunity/?keywords=impact+acceleration+accounts ↩

  16. UKRI, "48 projects backed to turn cutting-edge research into businesses", 23 September 2025. https://www.ukri.org/news/48-projects-backed-to-turn-cutting-edge-research-into-businesses/ ↩↩↩

  17. University of Manchester Innovation Factory, news (read 18 October 2026). https://www.uominnovationfactory.com/news/ ↩↩↩↩

  18. Growth Platform, Liverpool City Region Life Sciences Innovation Zone (read 18 October 2026). https://growthplatform.org/liverpool-city-region-life-sciences-innovation-zone/ ↩↩

  19. Sci-Tech Daresbury, Collaboration programmes (page updated 4 September 2026). https://sci-techdaresbury.com/science-technology/collaboration-programmes/ ↩

  20. Royal Academy of Engineering, Enterprise Fellowships: programme page, eligibility, applicant guidance and FAQ (read 18 October 2026). https://raeng.org.uk/programmes/enterprise-fellowships/ and https://enterprisehub.raeng.org.uk/programmes/enterprise-fellowships/eligibility/ ↩↩↩↩↩↩↩↩↩

  21. Royal Society, Entrepreneur in Residence (read 18 October 2026). https://royalsociety.org/grants/entrepreneur-in-residence ↩↩

  22. Royal Society, Industry Fellowships (read 18 October 2026). https://royalsociety.org/grants/industry-fellowships ↩↩

  23. LYVA Labs, Incubator 2026-27 (read 18 October 2026). https://lyvalabs.com/incubator/ ↩

  24. Growth Platform, Liverpool City Region Seed Fund (read 18 October 2026). https://growthplatform.org/liverpool-city-region-seed-fund/ ↩

  25. UKRI, Engineering Biology Investor Partnerships round 1 (read 18 October 2026), and Innovate UK Business Connect, Investor Partnerships programme page. https://www.ukri.org/opportunity/engineering-biology-investor-partnerships-round-1/ and https://iuk-business-connect.org.uk/programme/investor-partnerships/ ↩↩↩↩

  26. UKRI, Innovate UK Investor Partners directory, March 2025 edition (published 14 March 2023, updated 8 May 2025). https://www.ukri.org/publications/innovate-uk-investor-partners/ ↩

  27. Innovate UK KTP, "Discover" (grant rates and duration), and the KTP 2026-27 Round 2 competition page (£8,500 a month typical costs). https://iuk-ktp.org.uk/discover/ and https://apply-for-innovation-funding.service.gov.uk/competition/2398/overview/318a8834-930f-4577-9069-26459a0def93 ↩↩↩

  28. Innovate UK Business Connect, Knowledge Transfer Partnerships: North West Knowledge Transfer Advisers and round four date (read 18 October 2026). https://iuk-business-connect.org.uk/programme/knowledge-transfer-partnerships/ ↩↩

  29. Innovate UK Business Connect, ICURe programme page (read 18 October 2026). https://iuk-business-connect.org.uk/programme/icure/ ↩

  30. Innovate UK, ICURe Investor Engagement Guide (PDF), October 2025. https://iuk-business-connect.org.uk/wp-content/uploads/2025/10/Innovate-UK-ICURe-Investor-Engagement-Guide.pdf ↩↩↩

  31. Innovate UK Business Connect, ICURe 10 Year Impact Report (PDF), February 2025. https://iuk-business-connect.org.uk/wp-content/uploads/2025/02/ICURe-10-Year-Impact-Report.pdf ↩↩↩↩↩

  32. SeedLegals, "How to value your company" ("takes about six months before money arrives"), updated 26 July 2022. https://seedlegals.com/resources/how-to-value-your-company/ ↩

  33. TenU, University Spin-out Investment Terms (USIT) Guide and USIT for Software (download form). https://ten-u.org/usit ↩

  34. Lancaster University, Intellectual property and commercialisation for Lancaster University staff (read 18 October 2026). https://www.lancaster.ac.uk/business-and-innovation/intellectual-property-and-commercialisation/intellectual-property-and-commercialisation-for-lancaster-university-staff/ ↩↩

  35. SeedLegals, "Term Sheets explained" (startups "commonly give away 15% of equity in each round"), updated 25 July 2026. https://seedlegals.com/resources/uk-term-sheet-explained/ ↩

  36. Northern Gritstone, home page and NG Studios (read 18 October 2026). https://www.northern-gritstone.com/ and https://www.northern-gritstone.com/ng-studios ↩↩↩↩

  37. Royal Academy of Engineering, "Spotlight on Spinouts 2026" news summary, 3 June 2026. https://raeng.org.uk/news/spotlight-on-spinouts-2026/ ↩

  38. UKRI, Understanding the impacts of spin-out companies from UKRI investments (PDF), 19 May 2025 (data to April 2023). https://www.ukri.org/wp-content/uploads/2025/05/UKRI-190525-SpinOuts-Analysis-2023.pdf ↩

  39. Innovate UK Business Connect, Good Application Guide 2024. https://iuk-business-connect.org.uk/wp-content/uploads/2024/03/Business-Connect-Good-Application-Guide_2024.pdf ↩↩

  40. Venture Café Manchester (read 18 October 2026). https://venturecafemanchester.org/ ↩

  41. University of Liverpool, Our spin-out companies (read 18 October 2026). https://www.liverpool.ac.uk/collaborate/enterprise/spin-out-companies/ ↩

  42. Sciontec, Events (read 18 October 2026). https://www.sciontec.co.uk/events/ ↩

  43. Sci-Tech Daresbury, NetworkHub and Business Breakfast Networking (read 18 October 2026). https://networkhub.sci-techdaresbury.com/ ↩

  44. Knowledge Exchange UK (formerly PraxisAuril), Events (read 18 October 2026). https://ke.org.uk/events ↩

  45. GOV.UK case study, "Versarien: pre-revenue to £5 million in 3 years", 17 June 2015. https://www.gov.uk/government/case-studies/versarien-pre-revenue-to-5-million-in-3-years ↩

  46. KTN (now Innovate UK Business Connect), Good Application Guide, 2020. https://iuk-business-connect.org.uk/wp-content/uploads/2020/10/KTN-Good-Application-Guide.pdf ↩

Written for businesses, founders and researchers in the North West of England and checked against the sources listed above on 18 October 2026. Funders change their rules, so always read the current call before you apply. Spotted something out of date? Tell us.

Prove the businessProve the business, not just the product: evidence that convinces assessors and investorsA 12-week workbook for proving people will pay: desk research, Mom Test interviews, letters that count, paid pilots, and where each funder lets you show it.21 min readProve the businessIntellectual property: what funders and investors need to seeWhat to file, when and for how much at the fees from 1 April 2026; what each funder asks; what an investor's lawyer checks; and the money that pays for it.25 min readResearch fundingWinning research grants: UKRI, Future Leaders, Horizon Europe, ERC and NIHRUKRI's real odds by council, the 1 to 6 scale reviewers use, word limits, Horizon Europe and ERC thresholds, and the five failures that lose marks everywhere.25 min readInvestmentInvestors: who they are, what each one needs, and how to find the right oneAngels, crowdfunding, VCs, spin-out funds, NPIF II, loans and grants: what each needs from you, UK benchmarks, and the North West routes as of October 2026.21 min readPeople and relationshipsThe team: what funders and investors look for, and why naming your gaps winsWhat every assessor, reviewer and investor tests in a team, quoted from their own scoring bands, and a team answer to copy. Naming your gaps scores higher than hiding them.14 min read

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