The initial brief of the executive will be to:

Phase 1 – Write an ambitious business plan in line with ambitions and market opportunities

Phase 2 – Obtain IP Spin Out Committee Approval

Phase 3 – Complete spin-out legal process and act as company representative in legal formation of the company

Phase 4 – Prepare investment pitch deck and due diligence documents

Phase 5 – Initial negotiations to secure angel, seed or capital funding

Stage (5) will produce the funds by which the new start-up company can consider employing the executive going forward.

Newcastle, Sunderland, Northumbria, Durham, Teesside universities together with the University of Bath on behalf of the SETsquared Partnership (the Enterprise collaboration of the Universities of Bath, Bristol, Exeter, Southampton and Surrey) and any other HE Institution that wishes to join this DPS, as detailed in the Office for Students Register, https://www.officeforstudents.org.uk/advice-and-guidance/the-register/the-ofs-register/ will engage suitably qualified and experienced executives through the DPS as and when required over the DPS period. The specific requirements will be detailed in each individual further competition. The typical brief of an executive will be to: (a) Produce a viable business plan; (b) Obtain university approval for the venture; (c) Act for the company in the spin-out legal process and address all company formation matters; (d) Provide to the appropriate university all matters necessary for Research England and ESIF reporting requirements; (e) Secure (venture capital and/or other) funding in accordance with the business plan. This will be a cyclical process throughout the entire Research England, and potential ESIF project along with any additional funding streams.