The Iceni Fund is fully invested and currently closed for applications.
Pathfinder awards - up to £25,000
This is usually the first step in seeking funding for a full application but does not necessarily lead to one. Pathfinder awards are grants made to the Partner Institution and can cover any of the following activities:
- External services, such as market research, technical evaluation or business planning
- Patent consolidation research, such as exemplification/reduction to practice
- Pre-commercial demonstration and/or prototype development
In the event the pathfinder project does not proceed to the next stage, the award is not repayable.
Full awards - up to £500,000
Full awards are equity or convertible loan investments into a spin-out company. If the pathfinder award leads to a full award, the pathfinder will also be converted to equity on the same terms at the first round of investment. Iceni will typically seek to take a significant minority equity shareholding in the company.
Iceni can invest up to £500,000 per project but most investments are around £200,000, usually in tranches against technology or commercial development milestones.
Licensing awards - up to £200,000
Licensing awards are made to the Partner Institution where licensing is the chosen commercialisation route. Iceni will typically take a share of licensing revenues from the project.