The University of Manchester Innovation Factory (UoMIF) has announced promising end-of-year results for the 2022/2023 financial year despite challenging market conditions.
UoMIF has met or exceeded several key performance targets, reinforcing its commitment to fostering innovation in Manchester and supporting the commercialisation of cutting-edge research to benefit society.
Innovation Factory is The University of Manchester's commercialisation arm, dedicated to translating research into commercial opportunities while working closely with academics, industry partners and investors to create and support spinout companies and license cutting-edge technologies.
Over the past year, UoMIF successfully launched seven new spinout companies which span a diverse range of sectors, showcasing the breadth of innovative research emerging from The University of Manchester. These include: Haliogen Power Limited, Plant Organelle Technologies Limited, Oncodrug Limited, VariantValidator Limited, CASA Space Technologies Limited, Kavarney Limited - with CGSkin recently acquired by Skin Diary Limited as well.
In addition to success in setting up spinouts, UoMIF secured £2.3million in licensing income. Future growth in this space looks positive too, with ongoing negotiations and potential deals progressing.
UoMIF has also secured £9.2million in first investments for new University spinouts, significantly exceeding its target of £5million. This success reflects the growth of investor confidence in high-potential technologies developed within the University.
Commenting on the year-end results, Catherine Headley, CEO of the University of Manchester Innovation Factory, said: "This year's performance is a testament to the dedication and hard work of our team and the remarkable talent within The University of Manchester.
"The successful launch of seven new spinouts and the exceptional level of investment secured are clear indicators that our innovation ecosystem is thriving. While there is room for growth in our licensing income, we are confident that the foundations laid this year will lead to significant future opportunities. We remain committed to supporting our researchers in transforming their groundbreaking ideas into impactful, real-world solutions."
Luke Georghiou, Deputy President and Deputy Vice-Chancellor of The University of Manchester, said: "The Innovation Factory plays a crucial role in transforming our academic breakthroughs into tangible societal benefits. The success of this year's spinouts and the remarkable level of investment secured are clear evidence of the impact the Innovation Factory is having.
"These results demonstrate the University's continued commitment to driving technology and entrepreneurship and it highlights the vital place that Manchester has in leading the world's innovations. I commend the entire team at UoMIF for their outstanding achievements this year ensuring that The University of Manchester remains at the forefront of research commercialisation."
