Investment process

The White Rose Technology Seedcorn Fund invests in first class commercialisation opportunities originating from the research of the White Rose Universities of York, Leeds and Sheffield, with the objectives of ensuring these opportunities are effectively exploited and that the Fund makes a return. It will invest at an early stage in exciting opportunities emerging from the three Universities.

The Fund invests up to £500,000 in new opportunities but can invest more in exceptional cases. The Fund typically invests as a mixture of equity, loan and convertible loan.

The Fund normally appoints a Non-Executive Director to the Board of each investee company; typically the Director will have significant commercial experience and industry contacts and will provide advice and strategic input.

Each proposal will go through the following phases:

Internal development

Opportunities are introduced to the Fund Manager by the University Technology Transfer Offices. Further details of the relevant contacts for each university can be found on the contacts page.

Application to the White Rose Technology Seedcorn Fund

Outline of the White Rose Technology Seedcorn Fund investment process is as follows:

1. Initial assessment		An informal meeting between the applicant and the Fund Manager which will provide an overview of the Fund and outline the potential opportunity.
2. Formal application		Download our application form for submission to the Board along with supporting documents.
3. Due diligence		Typically includes an independent review of the Intellectual Property, market due diligence and referencing of key individuals.
4. WR Board decision		Approvals process with the Board and the Fund Manager. This will require a presentation to the Board by the applicant.
5. Legal & completion		Agreement of terms and completion of legal documentation.

Selection criteria

The White Rose Technology Seedcorn Fund is looking for opportunities that meet the following criteria:

• a spin-out company or project based on high quality research or development at one or more of the Universities of York, Leeds and Sheffield;
• technology which is already, or is capable of being protected, normally in the form of Patents, Copyright and/or protectable know-how;
• a clear commercial opportunity with demonstrable market need and growth potential; where the Fund can make a return on its investment;
• a convincing commercial plan (including key defined milestones), which would take the company to being self financing or attractive to third party investors; and
  
• the Fund will look at opportunities in the form of spin-out companies or in the form of projects provided it is clear how the project will be commercialised.

Other factors the Fund considers in assessing each opportunity:

• a track record of previous commercial exploitation;
• the Fund is actively seeking to invest alongside co-investors - applications with potential co-investors (whether from banks, venture capitalists or private investors) will be favoured;
• the potential for the opportunity to generate early revenues;
• whether follow-on funding is required and how this may be achieved; and
• personal commitment from the founders to the success of the business.