Start Up and Spin Out Panel
TERMS OF REFERENCE
The University policy relating to company spin-outs includes the Start Up and Spin Out Panel which has the devolved authority of the University Court, via the Finance & Resources Committee (or its successors) with the following remit:
- To oversee the University's support for student and staff company creation activities;
- To provide support for meeting the University's five-year strategy under the Scottish Funding Council Knowledge Exchange and Innovation Fund;
- To make the final decisions surrounding the creation of, and ongoing investment in new spin-out companies;
- To make decisions regarding the appointment of Directors or Observers to the boards of spin-out companies;
- To be responsible for monitoring the University's investment in spin-out and subsidiary companies;
- To make the final decisions relating to any sale of equity in spin-out and subsidiary companies;
- To make decisions on loans or temporary financing in line with financial regulations where the sum involved exceeds £10,000 or when a loan of any value is converted to equity; and
- To recommend to the Senior Management Team of distribution of any Net Income generated as a result of the sale of equity, along with following principles:
- A proportion available for non-founding staff inventors as agreed at the time of forming the spin-out;
- A proportion available to the School(s) from where the activity arose, subject to approval of any proposed activity using the proceeds;
- The remainder to be retained and managed centrally for strategic purposes proposed by SUSOP, including support for further commercialisation activities.
In the event that a vote is required for a decision from SUSOP, the Chair will have a casting vote in a tie.
Decisions outside of this remit will be governed by the University's Financial Regulations.
MEMBERSHIP AND COMPOSITION
Membership
- Vice-Principal Regional Engagement & Innovation (Chair)
- Vice-Principal Research
- Chief Finance Officer (or nominee)
- Director of Research, Innovation & Enterprise
- Head of Enterprise & Innovation
- A Head of School preferably with experience of start up or spin out activity
- Up to two additional members with appropriate experience
- Dean for Enterprise & Innovation (in attendance)
- Clerk provided by Research, Innovation & Enterprise (in attendance)
Composition
- Heather May-Morgan, Vice Principal Regional Engagement & Innovation (Chair)
- Ben Tatler, Vice-Principal Research
- Mark White, Chief Finance Officer
- Lucy Leiper, Director of Research, Innovation & Enterprise
- Ann Lewendon, Head of Enterprise & Innovation
- Graeme Paton, Head of School, Biological Sciences
- A representative from Epidarex to be confirmed ahead of each meeting
In attendance:
- Israel Osofero, Dean for Enterprise & Innovation
- Craig Sherrit, Deputy Director of Finance: Financial Accounting
- Barbara Gorgoni, Technology Transfer Executive
- Officers, as appropriate
- Ruta Dekeryte, Technology Transfer Executive (Clerk)
FREQUENCY OF MEETINGS
The SUSOP meets three to four times per session and reports to the Enterprise and Innovation Committee.
Further information is available from :
Ruta Dekeryte - Clerk
Email: ruta.dekeryte@abdn.ac.uk
or
Ann Lewendon - Head of Enterprise & Innovation
Email: a.lewendon@abdn.ac.uk
Tel: 01224 272477