Why is Midlands Medici needed?
In academic departments, there are many excellent ideas available that could be developed commercially. However, these ideas are often not followed through to commercial reality for a variety of reasons. Medici has encouraged the commercial exploitation of these ideas by the provision of training in business, entrepreneurship and technology transfer to those involved in research. These researchers are not only a knowledge source but they will also champion a culture change in the academic departments. In addition, the Medici programme has been useful for senior academics wishing to 'buy-out' time from teaching and/or research responsibilities in order to develop their commercial ideas.

How is Medici funded?
The Medici Programme is funded by the partner Universities themselves, with the University of Birmingham taking the role of lead partner.

How it does Medici operate?
A total of 17 fellowships were available through the partnership for 2006/7. We envisage a similar figure in 2007/8.

Medici Fellows undertake experiential learning to identify and develop a personal portfolio of commercial projects either from their own work, or through collaboration with colleagues. This involves interviewing research staff, undertaking technology audits and assessing the commercial potential of projects and ideas. These ideas are then taken forward and developed in the most commercially appropriate way; be they personal projects or those of others.

To support this, a taught course in business, commercialisation and intellectual property issues is provided. This is furthered by training in entrepreneurship and innovation with particular emphasis on aspects relating to the biosciences, medical, technology and engineering fields. Fellows put this knowledge to practical use during the course of their fellowship and conduct market research, write business plans, submit applications to funding bodies and prepare patent applications as appropriate. Fellows work in close liaison with mentors who provide extensive support at all stages of the process throughout the year.

Programme Outputs
The Fellows work closely with academic staff to determine the best route for research to be exploited commercially, whether this is by starting a spin-out company, setting up licensing agreements, undertaking contract research or providing consultancy. Targets have been set for an increase in all of these areas of commercial activity. Since its inception the Medici programme has been responsible for the formation of 35 companies, filing of 128 patents and 38 licenses. In general around the half the fellows continue with their academic career once their fellowship ends, whilst the other half move into roles including technology transfer within higher education or careers in industry, spin out companies and consultancy.

Culture Change
The underlying theme of Medici is one of fostering a culture change within academic departments. The level of appreciation of commercial issues within the University environment has been increasing in recent years, and programmes like Midlands Medici have accelerated this rate of change. After completing the training element of the programme, Fellows champion commercialisation issues and raise awareness of entrepreneurship and innovation within their own department. This helps create a more business-focused environment which benefits both the local business community and the Universities involved.

The Future
Medici operates at the very start of the commercialisation process, by identifying new ideas with commercial potential and enhancing the ability of academic researchers' to develop those ideas. The next step is to play an active role in the economic development of the British Midlands region through the encouragement of the formation of spin-out companies and through inward investment.

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