Development of verification (VFT-1): Application for funding of the innovation office at Uppsala University 2016
| Reference number | |
| Coordinator | Uppsala universitets Projekt Aktiebolag |
| Funding from Vinnova | SEK 5 455 234 |
| Project duration | December 2015 - September 2018 |
| Status | Completed |
| Venture | Universitets och högskolors strategiska utveckling av samverkan |
Important results from the project
The program verification for growth (VFT1) is handled by the innovation offices to build commercial value in research based ideas from universities to make impact in society. UU Innovation has a goal to support 35 innovation projects with commercial risk reducing activities via VFT1. During 2017 we supported 32 ideas with funding within the program. In total, 48 activities (verification of market, technical aspects, IP, feasibility, regulatory and legal).
Expected long term effects
Since the start of the VFT1 program UU Innovation has approved funding for 132 unique ideas. Until the beginning of 2017 these ideas had in total received funding from VFT1 up to a sum of 8,7MSEK. 47 of the ideas have resulted in startups that in total show 42 employees and a turnover of 65MSEK. In 2017, 32 projects (in total 48 activities) received VFT1 funding of total 2,27MSEK.
Approach and implementation
UU Innovation handle VFT1 funding in a well documented process that involves review of new ideas by business- and IP-advisors. The review includes novelty search, preliminary market survey via market reports and feasibility assessment of the project. Decisions to fund projects are made in meetings every other week with external expertise from UU Holding AB and Uppsala Innovation Centre present. Approved projects are followed up via meetings with business advisers and a Value Creation Forum (VCF), where the project owner account for implementation of results.